IONQ, INC., 10-Q filed on 5/7/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
Apr. 30, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Entity Registrant Name IONQ, INC.  
Entity Central Index Key 0001824920  
Current Fiscal Year End Date --12-31  
Document Quarterly Report true  
Document Transition Report false  
Entity Incorporation, State or Country Code DE  
Entity File Number 001-39694  
Entity Tax Identification Number 85-2992192  
Entity Address, Address Line One 4505 Campus Drive  
Entity Address, City or Town College Park  
Entity Address, State or Province MD  
Entity Address, Postal Zip Code 20740  
City Area Code 301  
Local Phone Number 298-7997  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   247,783,086
Warrant [Member]    
Entity Information [Line Items]    
Trading Symbol IONQ WS  
Title of 12(b) Security Warrants, each exercisable for one share of common stock for $11.50 per share  
Security Exchange Name NYSE  
Common Stock [Member]    
Entity Information [Line Items]    
Trading Symbol IONQ  
Title of 12(b) Security Common stock, par value $0.0001 per share  
Security Exchange Name NYSE  
v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 159,681 $ 54,393
Short-term investments 428,605 285,896
Accounts receivable 9,471 10,188
Prepaid expenses and other current assets 39,227 28,325
Total current assets 636,984 378,802
Long-term investments 108,861 23,545
Property and equipment, net 51,644 52,761
Operating lease right-of-use assets 9,232 9,470
Intangible assets, net 28,216 29,469
Goodwill 10,669 9,904
Other noncurrent assets 4,468 4,437
Total Assets 850,074 508,388
Current liabilities:    
Accounts payable 8,752 5,230
Accrued expenses and other current liabilities 23,595 16,424
Current portion of operating lease liabilities 3,621 3,366
Unearned revenue 12,061 10,678
Current portion of stock option early exercise liabilities 350 387
Total current liabilities 48,379 36,085
Operating lease liabilities, net of current portion 13,739 14,359
Warrant liabilities 21,241 70,688
Other noncurrent liabilities 1,667 3,394
Total liabilities 85,026 124,526
Commitments and contingencies (see Note 8)
Stockholders' Equity:    
Common stock $0.0001 par value; 1,000,000,000 shares authorized; 43,068,917 and 221,919,191 shares issued and outstanding as of March 31, 2025 and December31, 2024, respectively 24 22
Additional paid-in capital 1,481,007 1,067,403
Accumulated deficit (715,972) (683,720)
Accumulated other comprehensive income (loss) (11) 157
Total stockholders' equity 765,048 383,862
Total Liabilities and Stockholders' Equity $ 850,074 $ 508,388
v3.25.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2025
Dec. 31, 2024
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, shares issued 243,068,917 221,919,191
Common stock, shares outstanding 243,068,917 221,919,191
v3.25.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue $ 7,566 $ 7,582
Costs and expenses:    
Cost of revenue (excluding depreciation and amortization) 4,315 3,414
Research and development 39,953 32,368
Sales and marketing 8,610 6,701
General and administrative 23,806 14,020
Depreciation and amortization 6,561 3,955
Total operating costs and expenses 83,245 60,458
Loss from operations (75,679) (52,876)
Gain (loss) on change in fair value of warrant liabilities 38,494 8,627
Interest income, net 4,894 4,799
Other income (expense), net 51 (134)
Loss before income tax expense (32,240) (39,584)
Income tax benefit (expense) (12) (8)
Net loss $ (32,252) $ (39,592)
Net loss per share attributable to common stockholders—basic $ (0.14) $ (0.19)
Net loss per share attributable to common stockholders—diluted $ (0.14) $ (0.19)
Weighted average shares used in computing net loss per share attributable to common stockholders—basic 228,759,209 208,159,439
Weighted average shares used in computing net loss per share attributable to common stockholders—diluted 228,759,209 208,159,439
v3.25.1
Condensed Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net loss $ (32,252) $ (39,592)
Other comprehensive income (loss), net of reclassification adjustments:    
Change in unrealized gain (loss) on available-for-sale securities, net (167) 222
Currency translation adjustments (1) 25
Total other comprehensive income (loss) (168) 247
Total comprehensive loss $ (32,420) $ (39,345)
v3.25.1
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-In Capital [Member]
Accumulated Deficit [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2023 $ 484,994 $ 20 $ 839,014 $ (352,073) $ (1,967)
Balance (in shares) at Dec. 31, 2023   206,611,704      
Net loss (39,592) $ 0 0 (39,592) 0
Other comprehensive income (loss) 247 0 0 0 247
Issuance of common stock from equity incentive plans 11,929 $ 1 11,928 0 0
Issuance of common stock from equity incentive plans (in shares)   4,184,593      
Vesting of restricted common stock 98 $ 0 98 0 0
Vesting of restricted common stock (in shares)   48,145      
Stock-based compensation 22,093 $ 0 22,093 0 0
Balance at Mar. 31, 2024 479,769 $ 21 873,133 (391,665) (1,720)
Balance (in shares) at Mar. 31, 2024   210,844,442      
Balance at Dec. 31, 2024 383,862 $ 22 1,067,403 (683,720) 157
Balance (in shares) at Dec. 31, 2024   221,919,191      
Net loss (32,252) $ 0 0 (32,252) 0
Other comprehensive income (loss) (168) $ 0 0 0 (168)
Issuance of common stock in connection with at-the-market offering, net of issuance costs (in shares)   16,038,460      
Issuance of common stock in connection with at-the-market offering, net of issuance costs 358,255 $ 2 358,253 0 0
Issuance of common stock from equity incentive plans 8,181 $ 0 8,181 0 0
Issuance of common stock from equity incentive plans (in shares)   4,654,283      
Vesting of restricted common stock 98 $ 0 98 0 0
Vesting of restricted common stock (in shares)   48,145      
Stock-based compensation 31,417 $ 0 31,417 0 0
Warrants exercised shares   408,838      
Warrants exercised 15,655 $ 0 15,655 0  
Balance at Mar. 31, 2025 $ 765,048 $ 24 $ 1,481,007 $ (715,972) $ (11)
Balance (in shares) at Mar. 31, 2025   243,068,917      
v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (32,252) $ (39,592)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 6,561 3,955
Stock-based compensation 33,253 22,061
(Gain) loss on change in fair value of warrant liabilities (38,494) (8,627)
Amortization of premiums and accretion of discounts on available-for-sale securities (1,409) (2,302)
Other, net 825 939
Changes in operating assets and liabilities:    
Accounts receivable 748 1,897
Prepaid expenses and other current assets (12,471) (4,656)
Accounts payable 3,272 (521)
Accrued expenses and other current liabilities 6,123 (554)
Unearned revenue 1,299 4,389
Other assets and liabilities (480) 2,546
Net cash provided by (used in) operating activities (33,025) (20,465)
Cash flows from investing activities:    
Purchases of property and equipment (2,308) (3,140)
Capitalized software development costs (882) (1,400)
Intangible asset acquisition costs (220) (357)
Purchases of available-for-sale securities (320,571) (66,619)
Maturities of available-for-sale securities 93,805 115,045
Net cash provided by (used in) investing activities (230,176) 43,529
Cash flows from financing activities:    
Proceeds from at-the-market offering, net of issuance costs 362,303  
Proceeds from stock options exercised 1,213 486
Proceeds from public warrants exercised 4,702  
Tax withholding receipts (payments) related to vested and released RSUs, net 516 873
Net cash provided by (used in) financing activities 368,734 1,359
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (13) 4
Net change in cash, cash equivalents and restricted cash 105,520 24,427
Cash, cash equivalents and restricted cash at the beginning of the period 56,840 38,081
Cash, cash equivalents and restricted cash at the end of the period 162,360 62,508
Supplemental disclosures of non-cash investing and financing transactions    
Property and equipment purchases in accounts payable and accrued expenses 152 3,043
Intangible asset purchases in accounts payable and accrued expenses 257 391
Operating lease right-of-use assets subject to lease liability   5,021
Noncash reclassification of warrant liabilities to equity upon exercise 10,953  
Bonus settled in restricted stock units 6,969 11,443
Net share settled stock option exercises   $ 1,016
At-the-market offering issuance costs in accounts payable and accured expenses $ 4,049  
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ (32,252) $ (39,592)
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

Securities Trading Plans of Directors and Executive Officers

During the three months ended March 31, 2025, the following directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated or modified the amount, pricing or timing provisions of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(c) of Regulation S-K:

 

Name

 

Title

 

Action Taken

 

Effective Date

 

Duration(1)

 

Aggregate Number of Shares to be Sold

 

Rima Alameddine

 

Chief Revenue Officer

 

Adoption

 

March 14, 2025

 

March 14, 2025 - June 26, 2026

 

 

200,000

 

Robert Cardillo

 

Director

 

Adoption

 

March 12, 2025

 

March 12, 2025 - June 19, 2026

 

 

12,723

 

Peter Chapman

 

Executive Chair, Director

 

Adoption

 

March 14, 2025

 

March 14, 2025 - June 15, 2026

 

 

5,989,244

 

Kathryn Chou

 

Director

 

Adoption

 

March 12, 2025

 

March 12, 2025 - April 30, 2026

 

 

37,485

 

Niccolo de Masi(2)

 

President & Chief Executive Officer, Director

 

Adoption

 

March 12, 2025

 

March 12, 2025 - March 12, 2027

 

 

2,597,500

 

Thomas Kramer

 

Chief Financial Officer

 

Adoption

 

March 14, 2025

 

March 14, 2025 - February 27, 2026

 

 

720,000

 

Inder Singh

 

Director

 

Adoption

 

March 13, 2025

 

March 13, 2025 - April 30, 2026

 

 

80,481

 

Wendy Thomas

 

Director

 

Adoption

 

March 13, 2025

 

March 13, 2025 - June 19, 2026

 

 

23,323

 

Gabrielle Toledano

 

Director

 

Adoption

 

March 12, 2025

 

March 12, 2025 - June 19, 2026

 

 

792

 

 

(1)
Sales under the trading arrangement will not commence until completion of the required cooling off period under Rule 10b5-1. Subject to the compliance with Rule 10b5-1, duration could cease earlier than the final date shown above to the extent that the aggregate number of shares to be sold under the trading arrangement have been sold.
(2)
Adopted by Isalea Investments LP (the "Partnership"). The reporting person is the managing member of the Partnership.
Rule 10b5-1 Arrangement Adopted true
Non-Rule 10b5-1 Arrangement Adopted true
Adoption Date March 12, 2025
Rule 10b5-1 Arrangement Terminated true
Non-Rule 10b5-1 Arrangement Terminated true
Termination Date June 19, 2026
Rule 10b5-1 Arrangement Modified true
Non-Rule 10b5-1 Arrangement Modified true
Rima Alameddine [Member]  
Trading Arrangements, by Individual  
Name Rima Alameddine
Title Chief Revenue Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 14, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date June 26, 2026
Arrangement Duration 469 days
Aggregate Available 200,000
Robert Cardillo [Member]  
Trading Arrangements, by Individual  
Name Robert Cardillo
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 12, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date June 19, 2026
Arrangement Duration 464 days
Aggregate Available 12,723
Peter Chapman [Member]  
Trading Arrangements, by Individual  
Name Peter Chapman
Title Executive Chair, Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 14, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date June 15, 2026
Arrangement Duration 458 days
Aggregate Available 5,989,244
Kathryn Chou [Member]  
Trading Arrangements, by Individual  
Name Kathryn Chou
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 12, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date April 30, 2026
Arrangement Duration 414 days
Aggregate Available 37,485
Niccolo de Masi [Member]  
Trading Arrangements, by Individual  
Name Niccolo de Masi
Title President & Chief Executive Officer, Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 12, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date March 12, 2027
Arrangement Duration 730 days
Aggregate Available 2,597,500
Thomas Kramer [Member]  
Trading Arrangements, by Individual  
Name Thomas Kramer
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 14, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date February 27, 2026
Arrangement Duration 350 days
Aggregate Available 720,000
Inder Singh [Member]  
Trading Arrangements, by Individual  
Name Inder Singh
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 13, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date April 30, 2026
Arrangement Duration 413 days
Aggregate Available 80,481
Wendy Thomas [Member]  
Trading Arrangements, by Individual  
Name Wendy Thomas
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 13, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date June 19, 2026
Arrangement Duration 463 days
Aggregate Available 23,323
Gabrielle Toledano [Member]  
Trading Arrangements, by Individual  
Name Gabrielle Toledano
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 12, 2025
Rule 10b5-1 Arrangement Terminated true
Termination Date June 19, 2026
Arrangement Duration 464 days
Aggregate Available 792
v3.25.1
Description of Business
 3 Months Ended
Mar. 31, 2025
Description of Business

1. DESCRIPTION OF BUSINESS

IonQ, Inc. (“IonQ” or the “Company”), formerly known as dMY Technology Group, Inc. III (“dMY”), was incorporated in the state of Delaware in September 2020 and formed as a special purpose acquisition company for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. IonQ Quantum, Inc. (formerly known as IonQ, Inc., and referred to as “Legacy IonQ” herein), was incorporated in the state of Delaware in September 2015 and is headquartered in College Park, Maryland.

On March 7, 2021, Legacy IonQ entered into an Agreement and Plan of Merger (the “Merger Agreement”) with dMY and Ion Trap Acquisition Inc. (“Merger Sub”), a direct, wholly owned subsidiary of dMY. Pursuant to the Merger Agreement, on September 30, 2021 (“the Closing Date”), the Merger Sub was merged with and into Legacy IonQ with Legacy IonQ continuing as the surviving corporation following the merger, becoming a wholly owned subsidiary of dMY and the separate corporate existence of the Merger Sub ceased (the “Business Combination”). Contemporaneously with the Business Combination, dMY changed its name to IonQ, Inc. and Legacy IonQ changed its name to IonQ Quantum, Inc.

IonQ develops quantum computers and networks designed to solve some of the world’s most complex problems, and transform business, society, and the planet for the better. To operate the quantum computers and networks, the Company has developed custom hardware, custom firmware, and an operating system to orchestrate the quantum computers.

v3.25.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Significant Accounting Policies

The Company’s significant accounting policies, which are disclosed in the audited financial statements for the year ended December 31, 2024, and the notes thereto are included in the Company’s Annual Report on Form 10-K (the “Annual Report”) that was filed with the Securities and Exchange Commission (“SEC”) on February 26, 2025. Since the date of that filing, there have been no material changes to the Company’s significant accounting policies except as noted below.

Basis of Preparation

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") as determined by the Financial Accounting Standards Board (“FASB”). Such condensed consolidated financial statements include the accounts of IonQ and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Unaudited Interim Financial Information

The interim condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared by the Company and are unaudited, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures contained in this Quarterly Report on Form 10-Q comply with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for a quarterly report and are adequate to make the information presented not misleading. The interim condensed consolidated financial statements included herein reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. These interim condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2024, included in the Annual Report. The condensed consolidated statements of operations and the condensed consolidated statements of comprehensive loss for the three months ended March 31, 2025, are not necessarily indicative of the results to be anticipated for the entire year ending December 31, 2025, or thereafter. All references to March 31, 2025 and 2024, in the notes to the condensed consolidated financial statements are unaudited.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP and the rules and regulations of the SEC require management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes.

Significant estimates and assumptions are inherent in the analysis and measurement of items including, but not limited to: total expected costs for revenue arrangements recognized over time, capitalization of quantum computing system costs, useful lives for quantum computing systems, estimates of the fair value of intangible assets acquired in business combinations, and stock-based compensation for awards with performance and market conditions. Management bases its estimates and assumptions on historical experience, expectations, forecasts, and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ and be affected by changes in those estimates.

Foreign Currency

The reporting currency of the Company is the U.S. dollar. Financial statements of subsidiaries whose functional currency is not the U.S. dollar are translated at exchange rates in effect at the balance sheet date for assets and liabilities and at average exchange rates for revenues and expenses for the respective periods. Translation adjustments are recorded in accumulated other comprehensive income (loss) in the condensed consolidated balance sheets.

The Company is exposed to foreign currency risk to the extent that it enters into transactions denominated in currencies other than its subsidiaries’ respective functional currencies. Transactions denominated in currencies other than subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded in the Company’s condensed consolidated balance sheets related to these items will result in unrealized foreign currency transaction gains and losses based upon period-end exchange rates. The Company also records realized foreign currency transaction gains and losses upon settlement of the transactions. Foreign currency transaction gains and losses resulting from the conversion of the transaction currency to functional currency are included in other income (expense), net in the condensed consolidated statements of operations.

Fair Value Measurements

The Company evaluates the fair value of certain assets and liabilities using the fair value hierarchy. Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

•
Level 1—Observable inputs, which include quoted prices in active markets;
•
Level 2—Observable inputs other than the quoted prices in active markets that are observable either directly or indirectly, such as quoted prices in markets that are not active, or other inputs such as broker quotes, benchmark yield curves, credit spreads and market interest rates for similar securities that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities;
•
Level 3—Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined using pricing models, discounted cash flow methodologies or similar techniques.

The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.

For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability.

Assets and liabilities that are measured at fair value on a non-recurring basis include property and equipment, intangible assets, and goodwill. The Company recognizes these items at fair value upon initial recognition when acquired through a business combination or an asset acquisition or when they are considered to be impaired. The fair value of these assets and liabilities are determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models.

Due to their short-term nature, the carrying amounts reported in the Company’s condensed consolidated financial statements approximate the fair value for cash and cash equivalents, accounts receivable, accounts payable and accrued expenses.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include cash and checking deposits, money market funds, and U.S. government and agency securities. The Company considers all short-term highly liquid investments with an original maturity at the date of purchase of three months or less to be cash

equivalents. Restricted cash for collateralizing letters of credit and corporate credit cards is included in other noncurrent assets in the condensed consolidated balance sheets. The Company issues letters of credit in the ordinary course of business, including for lease arrangements. Letters of credit totaling $2.3 million and $2.1 million were outstanding as of March 31, 2025 and December 31, 2024, respectively.

The following table provides a reconciliation of cash, cash equivalents and restricted cash included in the condensed consolidated balance sheets to the amounts included in the condensed consolidated statements of cash flows (in thousands):

 

 

March 31,

 

 

December 31,

 

 

2025

 

 

2024

 

Cash and cash equivalents

 

$

159,681

 

 

$

54,393

 

Restricted cash

 

 

2,679

 

 

 

2,447

 

Total cash, cash equivalents and restricted cash in the
   condensed consolidated statements of cash flows

 

$

162,360

 

 

$

56,840

 

Accounts Receivable and Allowance for Credit Losses

Accounts receivable are non-interest bearing and represent amounts billed and currently due from customers at the gross invoiced amount as well as unbilled amounts related to unconditional rights for consideration to be received for services performed but not yet invoiced. A receivable is recorded when the Company has an unconditional right to receive payment. Accounts receivable consists of the following (in thousands):

 

 

March 31,

 

 

December 31,

 

 

2025

 

 

2024

 

Billed accounts receivable

 

$

6,909

 

 

$

6,516

 

Unbilled accounts receivable

 

 

2,562

 

 

 

3,672

 

Total accounts receivable

 

$

9,471

 

 

$

10,188

 

 

On a periodic basis, management evaluates its accounts receivable and determines whether to provide an allowance for credit losses. This assessment is based on management’s evaluation of relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the receivable.

The Company did not have any allowance for credit losses as of either March 31, 2025 or December 31, 2024.

Materials and Supplies, Net

Materials and supplies, including spare parts, are carried at average cost and recorded in prepaid expenses and other current assets in the condensed consolidated balance sheets. Materials and supplies used in the production of quantum computing systems to be made commercially available are capitalized to property and equipment when installed. Materials and supplies used to support customer contracts, for maintenance, or for research and development efforts are expensed when consumed. The Company capitalized $2.1 million and $1.0 million of materials and supplies to property and equipment for the three months ended March 31, 2025 and 2024, respectively.

Materials and supplies are evaluated regularly for excess quantities and obsolescence. This evaluation includes analysis of the Company's current and future strategic plans, risk of technological obsolescence, and general market conditions. During each of the three months ended March 31, 2025 and 2024, excess and obsolescence charges were less than $0.1 million.

Investments

Management determines the appropriate classification of investments at the time of purchase based upon management’s intent with regard to such investments. The Company primarily invests in debt securities and classifies its investments as available-for-sale at the time of purchase if they are available to support either current or future operations. This classification is re-evaluated at each balance sheet date. Investments not considered cash equivalents, with remaining contractual maturities of one year or less from the balance sheet date are classified as short-term investments, and those with remaining contractual maturities greater than one year from the balance sheet date are classified as long-term investments. All investments are recorded at their estimated fair value, and any unrealized gains and losses are recorded in the condensed consolidated balance sheets in accumulated other comprehensive loss. Realized gains and losses on sales and maturities of investments are determined based on the specific identification method and are recognized in the condensed consolidated statements of operations in other income (expense), net. Accrued interest receivable on available-for-sale investments is recorded in the condensed consolidated balance sheets in prepaid expenses and other current assets.

The Company performs periodic evaluations to determine whether any declines in the fair value of investments below amortized cost are credit losses or impairments. The evaluation consists of qualitative and quantitative factors regarding the severity of the unrealized loss, as well as the Company’s ability and intent to hold the investments until a forecasted recovery occurs. Declines in fair value are considered to be credit losses if they are related to deterioration in credit risk or are considered impairments if it is likely that the underlying securities will be sold prior to a full recovery of their cost basis. Credit losses and impairments are determined based on the specific identification method and are reported in other income (expense), net in the condensed consolidated statements of operations.

Property and Equipment, Net

Property and equipment, net is stated at cost less accumulated depreciation. Historical cost of fixed assets is the cost as of the date acquired. Hardware and labor costs associated with the building of quantum computing systems and supporting equipment are capitalized in the period the costs are incurred when it is probable that such costs will provide future economic benefit. The costs of quantum computing systems and supporting equipment that are used in research and development activities and have alternative future uses are capitalized. Costs to maintain quantum computing systems are expensed as incurred.

Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Useful lives are as follows:

 

Computer equipment and acquired computer software

 

3 – 5 years

Machinery, equipment, furniture and fixtures

 

4 – 7 years

Quantum computing systems

 

3 years

Leasehold improvements

 

Shorter of the lease term or the estimated useful life of the related asset

 

The Company evaluates the useful life of its assets periodically and whenever events or changes in circumstances indicate that the useful life may have changed. In assessing useful lives, the Company considers, among other factors, the use of the asset, changes in technology, and the competitive environment.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and current operating lease liabilities and operating lease liabilities, net of current portion on the Company’s condensed consolidated balance sheets. As of March 31, 2025, the Company has no financing lease arrangements. The Company recognizes lease expense for its operating leases on a straight-line basis over the term of the lease.

The Company records a ROU asset and lease liability in connection with its operating leases. The Company’s lease portfolio is comprised primarily of real estate leases, which are accounted for as operating leases. The Company elected the practical expedient to not separate lease and non-lease components for all leases.

ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future minimum lease payments, including the impact of any lease incentives, as applicable, over the lease term. An amendment to a lease is assessed to determine if it represents a lease modification or a separate contract. Lease modifications are reassessed as of the effective date of the modification using an incremental borrowing rate based on the information available at the commencement date. For modified leases the Company also reassesses the lease classification as of the effective date of the modification.

The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate, because the interest rate implicit in the Company’s leases is not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located.

The Company’s lease terms include periods under options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company considers contractual-based factors such as the nature and terms of the renewal or termination, asset-based factors such as physical location of the asset and entity-based factors such as the importance of the leased asset to the Company’s operations to determine the lease term. The Company generally uses the base non-cancelable lease term when determining the ROU assets and lease liabilities.

Software Development Costs

The Company incurs software development costs for internal-use software, which the Company primarily uses to provide services to its customers, as well as for external-use software that will be part of a product to be sold, leased, or marketed.

Internal-Use Software

The costs to purchase and develop internal-use software are capitalized from the time that the preliminary project stage is completed, and it is considered probable that the software will be used to perform the function intended, until the time the software is placed in service for its intended use. Any costs incurred during subsequent efforts to upgrade and enhance the functionality of the software are also capitalized. Once this software is ready for its intended use, these costs are amortized on a straight-line basis over the estimated useful life of the software, which is typically assessed to be three years. Capitalized internal-use software is recorded within intangible assets, net, in the condensed consolidated balance sheets. During the three months ended March 31, 2025 and 2024, the Company capitalized $1.5 million and $2.6 million, respectively. The Company amortized $1.5 million and $1.1 million of capitalized internal-use software costs during the three months ended March 31, 2025 and 2024, respectively.

External-Use Software

Costs incurred in researching and developing external-use software are expensed as incurred until technological feasibility is established. Once technological feasibility is established, software costs are capitalized until the product is available for general release to customers. Judgment is required in determining when technological feasibility of a product is established. Generally, this occurs shortly before the products are released to production. No external-use software costs were capitalized during any of the three months ended March 31, 2025 and 2024.

Business Combinations

The Company recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date. Goodwill as of the acquisition date represents the excess of the purchase consideration of an acquired business over the fair value of the underlying net tangible and intangible assets acquired net of liabilities assumed. The purchase consideration is determined based on the fair value of the assets transferred and liabilities assumed after considering any transactions that are separate from the business combination. Any adjustments to provisional amounts that are identified during the measurement period, not to exceed one year from the date of acquisition, are recorded in the reporting period in which the adjustment amounts are determined. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in the Company’s condensed consolidated statements of operations.

Impairment of Long-Lived Assets

Long-lived assets, such as property and equipment and other long-term assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent the carrying amount of the underlying asset exceeds its fair value. Impairment losses were not material for the three months ended March 31, 2025 and 2024.

Warrant Liabilities

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued upon exercise or at each reporting date for the unexercised warrants, with changes in the fair value reported in the condensed consolidated statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. The warrants of dMY assumed in the Business Combination are classified as liabilities and remeasured at each reporting period. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.

Revenue Recognition

The Company derives revenue from the design, development, construction and sale of specialized quantum computing hardware together with related maintenance and support, from providing access to its quantum-computing-as-a-service (“QCaaS” or “Platform” services), and from consulting services related to co-developing algorithms on the quantum computing systems. The Company applies the provisions of the FASB Accounting Standards Update (“ASU”), Revenue from Contracts with Customers (“ASC 606”), and all related applicable guidance. The core principle of ASC 606 is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

To support this core principle, the Company applies the following five step approach:

1.
Identify the contract with the customer
2.
Identify the performance obligations
3.
Determine the transaction price
4.
Allocate the transaction price to the performance obligations
5.
Recognize revenue when (or as) the entity satisfies a performance obligation

Certain of the Company’s contracts contain multiple performance obligations, most commonly in contracts for the sale of specialized quantum computing hardware together with related maintenance and support. Such contracts may also include access to the Company’s QCaaS. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. When there are multiple performance obligations in a contract, the Company allocates the transaction price to each performance obligation based on its standalone selling price when available. The Company determines standalone selling price based on the observable price of a product or service when it sells the products or services separately in similar circumstances and to similar customers. Certain products and services have limited or no history of being sold on a standalone basis, requiring the Company to estimate the standalone selling price. The Company estimates the standalone selling price based on other contracts for similar products and services adjusted for differing terms than the contract being evaluated, as well as internal pricing guidelines and market factors. In addition, the Company takes into consideration the estimated costs to be incurred to satisfy the performance obligation plus an appropriate profit margin.

Performance obligations are satisfied over time if the customer receives the benefits as the Company performs the work, if the customer controls the asset as it is being produced (continuous transfer of control), or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment for performance to date. For performance obligations related to specialized quantum computing hardware and consulting services, revenue is recognized over time based on the efforts incurred to date relative to the total expected effort, primarily based on a cost-to-cost input measure. The Company applies judgment to determine a reasonable method to measure progress and to estimate total expected effort. Factors considered in these estimates include the Company's historical performance, the availability, productivity and cost of labor, the nature and complexity of work to be performed, the effect of change orders, availability and cost of materials, and the effect of any delays in performance.

The Company has determined that its QCaaS contracts represent a combined, stand-ready performance obligation to provide access to its quantum computing systems together with related maintenance and support. The transaction price generally consists of a fixed fee for a minimum volume of usage to be made available over a defined period of access. Fixed fee arrangements may also include a variable component whereby customers pay an amount for usage over contractual minimums contained in the contracts. For performance obligations related to providing QCaaS access, fixed fees are recognized on a straight-line basis over the access period. Variable usage fees are recognized in the period they occur. The Company has determined that contracts that contain consulting services related to co-developing quantum computing algorithms and the ability to use its quantum computing systems to run such algorithms represent a combined performance obligation that is satisfied over-time.

For the three months ended March 31, 2025 and 2024, substantially all revenue was recognized based on transfer of service over time. Revenues recognized at a point in time were not material. In arrangements with cloud service providers, the cloud service provider is considered the customer and IonQ does not have any contractual relationships with the cloud service providers’ end users. For these arrangements, revenue is recognized at the amount charged to the cloud service provider and does not reflect any mark-up to the end user.

The Company may enter into multiple contracts with a single counterparty at or near the same time. The Company will combine contracts and account for them as a single contract when one or more of the following criteria are met: (i) the contracts are negotiated as a package with a single commercial objective; (ii) consideration to be paid in one contract depends on the price or performance of the other contract; and (iii) goods or services promised are a single performance obligation. Consideration payable to a customer includes cash amounts that an entity pays, or expects to pay, to the customer. For arrangements that contain consideration payable to a customer, the Company uses judgment in determining whether such payments are a reduction of the transaction price or a payment to the customer for a distinct good or service.

The variable fees associated with the QCaaS are generally billed a month in arrears. Customers also have the ability to make advance payments. Advance payments are recorded as a contract liability until services are delivered or obligations are met and revenue is earned. Contract liabilities to be recognized in the succeeding 12-month period are classified as current and the remaining amounts are classified as non-current liabilities in the Company’s condensed consolidated balance sheets.

Assets Recognized from Costs to Obtain a Contract

Sales commissions paid to employees and third parties are considered incremental costs to obtain a contract with a customer. These costs are capitalized in the period a customer contract is executed and are amortized as an expense consistent with the transfer of the goods or services

to the customer. Capitalized costs are recorded in prepaid expenses and other current assets and other noncurrent assets in the condensed consolidated balance sheets. Applying the practical expedient, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets is one year or less. As of March 31, 2025 and December 31, 2024, total capitalized costs were $2.2 million and $2.4 million, respectively. Amortization expense was $0.3 million and $0.4 million for the three months ended March 31, 2025 and 2024, respectively, and is included in sales and marketing in the condensed consolidated statements of operations.

Research and Development

Research and development expenses consist of personnel-related costs, including salaries, benefits and stock-based compensation, and allocated overhead costs for the Company’s research and development function. Unlike a standard computer, design and development efforts continue throughout the useful life of the Company’s quantum computing systems to ensure proper calibration and optimal functionality. Research and development expenses also include purchased hardware and software costs related to quantum computing systems constructed for research purposes that are not probable of providing future economic benefit and have no alternate future use, as well as costs associated with third-party research and development arrangements.

Under an agreement with Duke University (“Duke”), the Company issued common shares to Duke in consideration for research and development services through July 15, 2026. The agreement is considered a research and development service arrangement and is recorded as a prepayment based on the fair value of the common stock issued and is amortized over the term of the arrangement as services are received and is recognized in research and development in the condensed consolidated statements of operations. Following the departure of the Company's Chief Technology Officer, Duke is no longer considered a related party as of July 1, 2024. Transactions with Duke under the agreement are not material to the Company's condensed consolidated financial position and results of operations.

Stock-Based Compensation

The Company measures and records the expense related to stock-based awards based on the fair value of those awards as determined on the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period and uses the straight-line method to recognize stock-based compensation. The Company uses the Black-Scholes-Merton (“Black-Scholes”) option-pricing model to determine the estimated fair value for stock options. The Black-Scholes option-pricing model requires the use of subjective assumptions, which determine the fair value of stock option awards, including the option’s expected term, the price volatility of the underlying common stock, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the stock options represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The Company records forfeitures as they occur.

Stock-based compensation cost for restricted stock units and performance-based restricted stock units is measured based on the fair value of the Company’s common stock on the grant date. The fair value of performance-based restricted stock units with a market condition is estimated on the date of grant using the Monte Carlo simulation model. The Monte Carlo simulation model requires the use of subjective assumptions, which determine the fair value of these awards, including price volatility, contractual term, discount rate, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the performance-based restricted stock awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. For awards with a performance-based vesting condition, including those with a market condition, the Company records stock-based compensation cost if it is probable that the performance conditions will be achieved. Stock-based compensation cost will be recognized if the performance condition is satisfied, even if the market condition is not met and the award does not vest. At each reporting period, the Company reassesses the probability of the achievement of the performance conditions and any change in expense resulting from an adjustment in the estimated shares to be released is treated as a cumulative catch-up in the period of the adjustment.

The Company records stock-based compensation expense for incentive compensation liabilities based on estimated payments to employees for which the Company expects to settle the liability by granting restricted stock units. For these awards, stock-based compensation expense is accrued commencing at the service inception date, which generally precedes the grant date, through the end of the requisite service period.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, investments, and trade accounts receivable. The Company maintains the majority of its cash, cash equivalents, restricted cash and investments with three financial institutions. The Company’s deposits routinely exceed amounts guaranteed by the Federal Deposit Insurance Corporation.

The Company’s accounts receivable are derived from customers primarily located in the U.S., including the U.S. government. The Company performs periodic evaluations of its customers’ financial condition and generally does not require its customers to provide collateral or other security to support accounts receivable and maintains an allowance for credit losses. Credit losses historically have not been material.

Significant customers are those that represent more than 10% of the Company’s total revenue. For the three months ended March 31, 2025, the Company had two significant customers that accounted for 70% of total revenue. For the three months ended March 31, 2024, the Company had two significant customers that accounted for 69% of total revenue.

Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average number of shares of common stock during the period, plus common stock equivalents, outstanding during the period. If the Company reports a net loss, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be antidilutive.

The following table sets forth the computation of basic and diluted loss per share attributable to common stockholders (in thousands, except share and per share data):

 

 

Three Months Ended
March 31,

 

Numerator:

 

2025

 

 

2024

 

Net loss attributable to common stockholders

 

$

(32,252

)

 

$

(39,592

)

Denominator:

 

 

 

 

 

 

Weighted average shares used in computing net loss
   per share attributable to common stockholders—
   basic and diluted

 

 

228,759,209

 

 

 

208,159,439

 

Net loss per share attributable to common
   stockholders—basic and diluted

 

$

(0.14

)

 

$

(0.19

)

 

In periods with a reported net loss, the effect of stock options, warrants, unvested restricted stock units, unvested performance-based restricted stock units, and unvested common stock (including unvested restricted common stock) are excluded and diluted loss per share is equal to basic loss per share. The following is a summary of the weighted average common stock equivalents for the securities outstanding during the respective periods that have been excluded from the computation of diluted net loss per common share:

 

 

Three Months Ended
March 31,

 

 

2025

 

 

2024

 

Common stock options outstanding

 

 

15,390,920

 

 

 

20,753,133

 

Warrants to purchase common stock

 

 

543,152

 

 

 

8,301,202

 

Public warrants

 

 

1,985,157

 

 

 

5,228,253

 

Unvested restricted stock units

 

 

14,873,452

 

 

 

16,221,026

 

Unvested performance-based restricted stock units

 

 

1,939,821

 

 

 

2,030,526

 

Unvested common stock

 

 

187,110

 

 

 

379,691

 

Total

 

 

34,919,612

 

 

 

52,913,831

 

Recently Issued Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on a prospective basis, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement -- Reporting Comprehensive Income -- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional expense disclosures by public business entities in the notes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update on its financial statement disclosures.
v3.25.1
Business Combinations
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Combinations

3. BUSINESS COMBINATIONS

Qubitekk Federal, LLC

On December 27, 2024, the Company acquired Qubitekk Federal, LLC (“Qubitekk”) for total consideration of approximately $22.1 million of cash consideration, of which $15.5 million was paid at closing, with the remainder to be paid over the eighteen months following the acquisition date, subject to reductions for indemnities, working capital adjustments, and certain other conditions that existed at the acquisition date. The holdback liabilities are recorded in accrued expenses and other current liabilities and other noncurrent liabilities on the condensed consolidated balance sheets. The acquisition supports the Company’s quantum networking capabilities by expanding its quantum networking expertise and technology portfolio. The Company incurred approximately $1.5 million in acquisition costs, which were primarily related to fees associated with financial and legal advisors and were recorded in general and administrative expenses in the condensed consolidated statements of operations for the year ended December 31, 2024.

The purchase price allocation is preliminary and subject to change. Upon completion of the final purchase price allocation, the final fair values of assets acquired and liabilities assumed and resulting goodwill may differ materially from the preliminary assessment. The Company has estimated the preliminary fair values of Qubitekk assets acquired and liabilities assumed based on information currently available and will continue to adjust those estimates as additional information pertaining to events or circumstances present at the acquisition date becomes available during the measurement period. The current period adjustments were $0.8 million, primarily related intangible assets, with an offset to goodwill. The following table summarizes the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, including measurement period adjustments, as of the acquisition date (in thousands):

 

 

 

Preliminary Fair Value

 

 

Measurement Period Adjustments

 

 

Updated Preliminary Fair Value

 

Accounts receivable

 

$

400

 

 

$

32

 

 

$

432

 

Prepaid expenses and other current assets

 

 

531

 

 

 

279

 

 

 

810

 

Intangible assets

 

 

11,900

 

 

 

(1,050

)

 

 

10,850

 

Goodwill

 

 

9,220

 

 

 

764

 

 

 

9,984

 

Other noncurrent assets

 

 

3

 

 

 

—

 

 

 

3

 

Unearned revenue

 

 

—

 

 

 

(25

)

 

 

(25

)

Total fair value of net assets acquired

 

$

22,054

 

 

$

—

 

 

$

22,054

 

 

The goodwill of $10.0 million is primarily attributable to Qubitekk's specialized assembled workforce and expected future synergies from combining operations. We expect the goodwill from this acquisition will be deductible for income tax purposes. Identifiable intangibles recognized consists of $5.9 million in customer relationships, $4.0 million in developed technology, $0.8 million in trademarks, each with estimated useful lives of 5 years, and $0.2 million in backlog with an estimated useful life of 1 year. Fair values of intangible assets were determined using income approaches, include the relief from royalty and multi-period excess earnings methods.

The Company has included the revenue and expenses of Qubitekk in its condensed consolidated financial statements from the date of acquisition. No summarized unaudited pro forma results are provided for the Qubitekk acquisition due to the immateriality of this acquisition relative to the Company's condensed consolidated financial position and results of operations.
v3.25.1
Cash, Cash Equivalents, Restricted Cash And Investments
 3 Months Ended
Mar. 31, 2025
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, Restricted Cash and Investments . CASH, CASH EQUIVALENTS, RESTRICTED CASH AND INVESTMENTS

The following table summarizes the Company’s unrealized gains and losses and estimated fair value of cash, cash equivalents, restricted cash and investments in available-for-sale securities recorded in the condensed consolidated balance sheets (in thousands):

 

 

As of March 31, 2025

 

 

As of December 31, 2024

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

Cash and money market funds

 

$

24,871

 

 

$

—

 

 

$

—

 

 

$

24,871

 

 

$

33,204

 

 

$

—

 

 

$

—

 

 

$

33,204

 

Corporate notes and bonds

 

 

13,923

 

 

 

14

 

 

 

(5

)

 

 

13,932

 

 

 

45,823

 

 

 

22

 

 

 

(53

)

 

 

45,792

 

US government and agency

 

 

661,029

 

 

 

210

 

 

 

(216

)

 

 

661,023

 

 

 

287,084

 

 

 

319

 

 

 

(118

)

 

 

287,285

 

Total cash, cash equivalents,
   restricted cash and
   investments

 

$

699,823

 

 

$

224

 

 

$

(221

)

 

$

699,826

 

 

$

366,111

 

 

$

341

 

 

$

(171

)

 

$

366,281

 

 

Unrealized losses related to investments were primarily a result of interest rate fluctuations. The following tables present information about the Company’s investments in available-for-sale securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position (in thousands):

 

 

As of March 31, 2025

 

 

Less than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

Fair Value

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

 

Gross Unrealized
Loses

 

Corporate notes and bonds

 

$

—

 

 

$

—

 

 

$

3,985

 

 

$

(5

)

 

$

3,985

 

 

$

(5

)

US government and agency

 

 

425,697

 

 

 

(211

)

 

 

1,995

 

 

 

(5

)

 

 

427,692

 

 

 

(216

)

Total

 

$

425,697

 

 

$

(211

)

 

$

5,980

 

 

$

(10

)

 

$

431,677

 

 

$

(221

)

 

 

As of December 31, 2024

 

 

Less than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

Fair Value

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

 

Gross Unrealized
Loses

 

Corporate notes and bonds

 

$

—

 

 

$

—

 

 

$

24,396

 

 

$

(53

)

 

$

24,396

 

 

$

(53

)

US government and agency

 

 

67,600

 

 

 

(111

)

 

 

3,987

 

 

 

(7

)

 

 

71,587

 

 

 

(118

)

Total

 

$

67,600

 

 

$

(111

)

 

$

28,383

 

 

$

(60

)

 

$

95,983

 

 

$

(171

)

 

The Company did not have any allowance for credit losses as of either March 31, 2025 or December 31, 2024. The Company neither intends to nor believes that it is more likely than not that it will be required to sell the investments in an unrealized loss position before the recovery of the associated amortized cost basis.

The estimated fair value of the Company’s cash, cash equivalents, restricted cash and investments in available-for-sale securities as of March 31, 2025, aggregated by investment category and classified by contractual maturity date, is as follows (in thousands):

 

 

1 Year
or Less

 

 

Greater than
1 Year

 

 

Total

 

Cash and money market funds

 

$

22,262

 

 

$

2,609

 

 

$

24,871

 

Corporate notes and bonds

 

 

13,932

 

 

 

—

 

 

 

13,932

 

US government and agency

 

 

552,162

 

 

 

108,861

 

 

 

661,023

 

Total

 

$

588,356

 

 

$

111,470

 

 

$

699,826

 
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Fair Value Measurements . FAIR VALUE MEASUREMENTS

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):

 

 

Fair Value Measured as of

 

 

 

March 31, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds(1)

 

$

24,871

 

 

$

—

 

 

$

—

 

 

$

24,871

 

US government and agency

 

 

—

 

 

 

137,489

 

 

 

—

 

 

 

137,489

 

Total cash, cash equivalents and restricted cash

 

$

24,871

 

 

$

137,489

 

 

$

—

 

 

$

162,360

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

13,932

 

 

 

—

 

 

 

13,932

 

US government and agency

 

 

—

 

 

 

414,673

 

 

 

—

 

 

 

414,673

 

Total short-term investments

 

$

—

 

 

$

428,605

 

 

$

—

 

 

$

428,605

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

US government and agency

 

 

—

 

 

 

108,861

 

 

 

—

 

 

 

108,861

 

Total long-term investments

 

$

—

 

 

$

108,861

 

 

$

—

 

 

$

108,861

 

Total assets

 

$

24,871

 

 

$

674,955

 

 

$

—

 

 

$

699,826

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Public warrants

 

$

21,241

 

 

$

—

 

 

$

—

 

 

$

21,241

 

 

 

Fair Value Measured as of

 

 

 

December 31, 2024

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds(1)

 

$

33,204

 

 

$

—

 

 

$

—

 

 

$

33,204

 

US government and agency

 

 

—

 

 

 

23,636

 

 

 

—

 

 

 

23,636

 

Total cash, cash equivalents and restricted cash

 

$

33,204

 

 

$

23,636

 

 

$

—

 

 

$

56,840

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

43,868

 

 

 

—

 

 

 

43,868

 

US government and agency

 

 

—

 

 

 

242,028

 

 

 

—

 

 

 

242,028

 

Total short-term investments

 

$

—

 

 

$

285,896

 

 

$

—

 

 

$

285,896

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

1,924

 

 

 

—

 

 

 

1,924

 

US government and agency

 

 

—

 

 

 

21,621

 

 

 

—

 

 

 

21,621

 

Total long-term investments

 

$

—

 

 

$

23,545

 

 

$

—

 

 

$

23,545

 

Total assets

 

$

33,204

 

 

$

333,077

 

 

$

—

 

 

$

366,281

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Public warrants

 

$

70,688

 

 

$

—

 

 

$

—

 

 

$

70,688

 

 

(1)
Includes money market funds associated with the Company’s overnight investment sweep account and cash collateralizing the Company's letters of credit and corporate credit cards.

Transfers to/from Levels 1, 2 and 3 are recognized at the beginning of the reporting period. There were no transfers between levels during the current period. On March 31, 2025, the closing trading price of the public warrants was $11.11 per warrant.

v3.25.1
Property And Equipment, Net
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Property And Equipment, Net . PROPERTY AND EQUIPMENT, NET

Property and equipment, net is composed of the following (in thousands):

 

 

March 31,

 

 

December 31,

 

 

2025

 

 

2024

 

Quantum computing systems

 

$

39,153

 

 

$

38,374

 

Leasehold improvements

 

 

18,003

 

 

 

17,921

 

Machinery, equipment, furniture and fixtures

 

 

19,420

 

 

 

16,683

 

Computer equipment and acquired computer software

 

 

7,096

 

 

 

7,395

 

Gross property and equipment

 

 

83,672

 

 

 

80,373

 

Less: accumulated depreciation

 

 

(32,028

)

 

 

(27,612

)

Total property and equipment, net

 

$

51,644

 

 

$

52,761

 

 

Depreciation expense for the three months ended March 31, 2025 and 2024, was $4.4 million and $2.7 million, respectively.
v3.25.1
Other Balance Sheet Accounts
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Balance Sheet Accounts . OTHER BALANCE SHEET ACCOUNTS

Prepaid expenses and other current assets are composed of the following (in thousands):

 

 

March 31,

 

 

December 31,

 

 

2025

 

 

2024

 

Materials and supplies

 

$

23,967

 

 

$

18,658

 

Prepaid expenses

 

 

4,452

 

 

 

4,890

 

Accrued interest receivable

 

 

4,151

 

 

 

2,221

 

Other current assets

 

 

6,657

 

 

 

2,556

 

Total prepaid expenses and other current assets

 

$

39,227

 

 

$

28,325

 

 

Accrued expenses and other current liabilities are composed of the following (in thousands):

 

 

March 31,

 

 

December 31,

 

 

2025

 

 

2024

 

Accrued salaries and other payroll liabilities

 

$

8,741

 

 

$

10,368

 

Accrued professional services

 

 

6,638

 

 

 

936

 

Acquisition holdback liabilities

 

 

4,950

 

 

 

3,300

 

Accrued equipment and services liabilities for research and development

 

 

785

 

 

 

534

 

Accrued expenses—other

 

 

2,481

 

 

 

1,286

 

Total accrued expenses and other current liabilities

 

$

23,595

 

 

$

16,424

 
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies . COMMITMENTS AND CONTINGENCIES

Warranties and Indemnification

The Company’s commercial services are typically warranted to perform in a manner consistent with general industry standards that are reasonably applicable and materially in accordance with the Company’s documentation under normal use and circumstances.

The Company’s arrangements generally include certain provisions for indemnifying customers against liabilities if its products or services infringe third-party intellectual property rights. To date, the Company has not incurred any material costs as a result of such obligations and has not accrued any liabilities related to such obligations in the accompanying condensed consolidated financial statements.

Stockholder Lawsuit

In May 2022, a securities class action complaint captioned Leacock v. IonQ, Inc. et al., Case No. 8:22-cv-01306, was filed by a stockholder of the Company in the United States District Court for the District of Maryland (the “Leacock Litigation”) against the Company and certain of the Company’s current officers. In June 2022, a securities class action complaint captioned Fisher v. IonQ, Inc., Case No. 8:22-cv-01306-DLB (the “Fisher Litigation”) was filed by a stockholder against the Company and certain of the Company’s current officers (“IonQ Defendants”). Both the Leacock Litigation and Fisher Litigation, which have been consolidated into a single action, allege violations of Section 10(b) of the Exchange Act, and Rule 10b-5 promulgated thereunder, and Section 20(a) of the Exchange Act and seek damages. In September 2022, the Court appointed lead plaintiffs and counsel for lead plaintiffs, and ordered lead plaintiffs to file a consolidated amended complaint. The

consolidated amended complaint was filed on November 22, 2022. As part of the consolidated amended complaint, certain members of the Company’s board of directors as well as other dMY-related defendants (“Additional Defendants”) have been added as defendants to the case. On February 7, 2023, the IonQ Defendants and the Additional Defendants each filed a motion to dismiss the consolidated amended complaint. On March 23, 2023, lead plaintiffs filed their omnibus opposition to the motions to dismiss. On April 26, 2023, the IonQ Defendants and the Additional Defendants each filed a reply in support of the motions to dismiss. On September 28, 2023, the District Court of Maryland issued an order dismissing plaintiffs' claims against the IonQ Defendants and the Additional Defendants with prejudice and directed the clerk to close the case. On October 26, 2023, the plaintiffs filed a motion for post-judgment relief, seeking to amend their consolidated amended complaint. The IonQ Defendants and Additional Defendants filed oppositions to plaintiffs’ motion on December 1, 2023, and plaintiffs filed their reply on January 8, 2024. On July 10, 2024, the plaintiffs' motion for post-judgment relief was denied and the District Court of Maryland directed the clerk to close the case. On July 26, 2024, the plaintiffs filed a Notice of Appeal with the Fourth Circuit Court of Appeals seeking to review the trial court's decision. Plaintiffs filed their Opening Brief in the Fourth Circuit on September 9, 2024. A response brief by IonQ Defendants was filed on October 8, 2024 and plaintiffs’ reply brief was filed on October 29, 2024. Oral argument in the Fourth Circuit occurred on January 31, 2025. On April 8, 2025, the Fourth Circuit held for the IonQ Defendants in a published opinion. Given the uncertainty of litigation and the legal standards that must be met for, among other things, success on the case merits, the Company cannot reasonably estimate the possible loss or range of loss, if any, that may result from the associated suit.

v3.25.1
Warrants
 3 Months Ended
Mar. 31, 2025
Warrants [Abstract]  
Warrants . WARRANTS

In November 2019, contemporaneously with a revenue arrangement, the Company entered into a contract, pursuant to which the Company agreed to issue warrants to acquire shares of Legacy IonQ Series B-1 preferred stock (the “Warrant Shares”) to a customer, subject to certain vesting events. Upon closing of the Business Combination, these warrants exercisable for Legacy IonQ Series B-1 preferred stock were assumed by the Company and converted into a warrant to purchase shares of common stock. In August 2020, 543,152 of the Warrant Shares vested and became immediately exercisable. The exercise price for the vested Warrant Shares is $1.38 per share and the warrant is exercisable through November 2029. Effective November 2024, no additional Warrant Shares can vest pursuant to the terms of the warrant agreement.

As part of the Business Combination, the Company assumed 7,500,000 public warrants on September 30, 2021. As of March 31, 2025, there were 1,911,858 public warrants to purchase common stock outstanding. Each warrant entitles the registered holder to purchase one share of common stock at a price of $11.50 per share. The public warrants are classified as liabilities and remeasured at each reporting period. No public warrants have been redeemed by the Company as of March 31, 2025.
v3.25.1
At-The-Market Offering
 3 Months Ended
Mar. 31, 2025
At The Market Offering [Abstract]  
At-The-Market-Offering

10. AT-THE-MARKET OFFERING

In February 2025, in connection with the commencement of an "at the market" offering program, the Company entered into an Equity Distribution Agreement (the "Equity Distribution Agreement") with Morgan Stanley & Co. LLC and Needham & Company, LLC, as sales agents ("the Sales Agents"), pursuant to which the Company could offer and sell, from time to time, through or to the Sales Agents, shares of the Company's common stock, par value $0.0001 per share (the "Shares"), having an aggregate gross offering price of up to $500 million ("2025 ATM Offering Program"). The Sales Agents were entitled to a commission of up to 3.25% of the gross proceeds of all shares sold under the Equity Distribution Agreement. On March 10, 2025, the Company terminated the Equity Distribution Agreement, after which no further Shares could be sold through the 2025 ATM Offering Program.

During the three months ended March 31, 2025, the Company sold a total of 16,038,460 shares of common stock through the 2025 ATM Offering Program for an aggregate purchase prices of $358.3 million, net of issuance costs of $14.3 million.

v3.25.1
Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue . REVENUE

Disaggregated Revenue

The Company's revenues disaggregated by revenue source is as follows (in thousands):

 

 

Three Months Ended
March 31,

 

 

2025

 

 

2024

 

Specialized quantum computing hardware

 

$

3,063

 

 

$

3,619

 

Platform, consulting and support services

 

 

4,503

 

 

 

3,963

 

Total revenue

 

$

7,566

 

 

$

7,582

 

 

The Company's revenues disaggregated by customer location is as follows (in thousands):

 

 

Three Months Ended
March 31,

 

 

2025

 

 

2024

 

United States

 

$

5,289

 

 

$

7,062

 

International

 

 

2,277

 

 

 

520

 

Total revenue

 

$

7,566

 

 

$

7,582

 

Remaining Performance Obligations

As of March 31, 2025, approximately $71.9 million of revenue is expected to be recognized from remaining performance obligations that are unsatisfied (or partially unsatisfied), including both funded (firm orders for which funding has been both authorized and appropriated by the customer) and unfunded (firm orders for which funding has not been appropriated) orders. Unexercised contract options are not included in remaining performance obligations until the time the option is exercised. The Company expects approximately 40% of the remaining performance obligations to be recognized as revenue within the next twelve months.

Unearned Revenue

The following table summarizes the changes in unearned revenue for the three months ended March 31, 2025 (in thousands):

 

Total

 

Balance as of December 31, 2024

 

$

10,678

 

Revenue recognized

 

 

(4,047

)

New deferrals, net

 

 

5,430

 

Balance as of March 31, 2025

 

$

12,061

 
v3.25.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]  
Stock-Based Compensation

12. STOCK-BASED COMPENSATION

Equity Incentive Plans

The Company has a 2015 Equity Incentive Plan (the “2015 Plan”), which provided for the grant of share-based compensation to certain officers, directors, employees, consultants, and advisors. Upon the closing of the Business Combination, no further awards were made pursuant to the 2015 Plan and all outstanding Legacy IonQ stock options under the 2015 Plan were assumed by the Company. Such stock options granted under the 2015 Plan will continue to be governed by the terms of the 2015 Plan and the stock option agreements thereunder, until such outstanding options are exercised or until they terminate or expire by their terms. For awards granted under the 2015 Plan, vesting generally occurs over four to five years from the date of grant.

In August 2021, the Company’s board of directors adopted the 2021 Equity Incentive Plan (the “2021 Plan”), which was subsequently approved by the Company’s stockholders in September 2021, and became effective upon the closing of the Business Combination. The 2021 Plan provides for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards (“RSU”), performance awards and other forms of awards to employees, directors, and consultants. The number of shares of the Company’s common stock reserved for issuance under the 2021 Plan automatically increases on January 1 of each year, through and including January 1, 2031, by 5% of the Fully Diluted Common Stock (as defined in the 2021 Plan) outstanding on December 31 of the preceding year, or a lesser number of shares determined by the Company’s board of directors prior to such increase. As of January 1, 2025, the number of shares reserved for issuance under the 2021 Plan increased by 14,532,010. For awards granted under the 2021 Plan, vesting terms range from one to four years from the date of grant. As of March 31, 2025, the Company had 33,470,867 shares available for grant under the 2021 Plan.

Under both equity incentive plans, all options granted have a contractual term of 10 years.

Stock Options

The stock option activity is summarized in the following table:

 

 

 

Number of
Option
Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

Outstanding as of December 31, 2024

 

 

16,687,129

 

 

$

2.40

 

 

 

 

 

 

 

Exercised

 

 

(2,822,394

)

 

 

0.43

 

 

 

 

 

 

 

Cancelled/ Forfeited

 

 

(410,638

)

 

 

2.58

 

 

 

 

 

 

 

Outstanding as of March 31, 2025

 

 

13,454,097

 

 

$

2.81

 

 

 

5.35

 

 

$

259.16

 

Exercisable as of March 31, 2025

 

 

11,380,024

 

 

$

2.31

 

 

 

5.08

 

 

$

224.83

 

Exercisable and expected to vest as of March 31, 2025

 

 

13,454,097

 

 

$

2.81

 

 

 

5.35

 

 

$

259.16

 

Early Exercised Stock Options

As of March 31, 2025 and December 31, 2024, there were 163,039 and 211,184 shares, respectively, subject to repurchase related to stock options early exercised and unvested. As of both March 31, 2025 and December 31, 2024, the Company recorded a liability related to these shares subject to repurchase in the amount of $0.4 million in its condensed consolidated balance sheets.

Restricted Stock Units

The RSU activity is summarized in the following table:

 

 

 

Number of
RSUs

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

Outstanding as of December 31, 2024

 

 

14,509,717

 

 

$

9.54

 

 

 

 

Granted

 

 

2,447,244

 

 

 

32.01

 

 

 

 

Vested

 

 

(1,771,714

)

 

 

12.68

 

 

 

 

Forfeited

 

 

(420,752

)

 

 

9.62

 

 

 

 

Outstanding as of March 31, 2025

 

 

14,764,495

 

 

$

12.87

 

 

 

2.51

 

Expected to vest after March 31, 2025

 

 

14,743,995

 

 

$

12.87

 

 

 

2.51

 

 

During the three months ended March 31, 2025 and 2024, the Company released 206,316 and 1,064,518 RSUs, respectively, related to the settlement of an accrued bonus liability.

Performance-Based Restricted Stock Units

The Company grants performance-based restricted stock unit awards (“PSU”) to certain officers, employees, and consultants, which vest over approximately two to four years. The number of shares that can be earned will range from 0% to 300% of the target number of shares, based on the Company's achievement of certain financial and technical goals, as well as a stock price hurdle requirement for a portion of the awards. In the event that the stock price hurdle is not met at the time the PSUs vest, the maximum PSU opportunity shall be limited to target (100%) performance.

In February 2025, the Company granted a PSU award to its President and Chief Executive Officer, which vests over three years. The number of shares that can be earned will range from 0% to 200% of the target number of shares based on the Company's achievement of certain performance goals.

The number of PSUs expected to vest and for which compensation cost has been recognized is based on the number of awards that the Company believes are probable of vesting as of March 31, 2025.

For the portion of the PSUs subject to the stock price hurdle, the fair value was determined using a Monte Carlo simulation model. The Monte Carlo simulation model requires estimates of subjective assumptions, which affect the fair value of each PSU. For PSUs granted during the three months ended March 31, 2025 and 2024, the assumptions for the Monte Carlo simulation model were developed as follows:

Expected Volatility—The expected volatility was determined based on the Company's historical and implied stock price volatility.

Contractual Term—The Company utilizes the remaining performance period on the date of grant as the contractual term, which represents the period that the PSUs are expected to be outstanding.

Risk-Free Interest Rate—The Company estimates its risk-free interest rate by using the yield on actively traded non-inflation-indexed U.S. treasury securities with contract maturities equal to the expected term.

Dividend Yield—The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend yield has been estimated to be zero.

Fair Value of Underlying Common Stock—The Company utilizes the closing stock price on the date of grant as the fair value of the common stock underlying such PSUs in the Monte Carlo simulation model.

The assumptions used to estimate the fair value of PSUs subject to the stock price hurdle are as follows:

 

Three Months Ended
March 31,

 

 

2025

 

 

2024

 

Risk-free interest rate

 

 

4.28

%

 

 

—

%

Contractual term (in years)

 

 

1.94

 

 

 

—

 

Expected volatility

 

 

112.50

%

 

 

—

%

Dividend yield

 

 

—

%

 

 

—

%

 

The PSU activity is summarized in the following table, based on awards at target:

 

 

 

Number of
PSUs

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

Outstanding as of December 31, 2024

 

 

3,972,257

 

 

$

16.17

 

 

 

 

Granted

 

 

965,630

 

 

 

30.73

 

 

 

 

Vested

 

 

(60,175

)

 

 

18.03

 

 

 

 

Forfeited

 

 

(73,548

)

 

 

18.03

 

 

 

 

Outstanding as of March 31, 2025

 

 

4,804,164

 

 

$

19.05

 

 

 

2.11

 

Expected to vest after March 31, 2025(1)

 

 

10,544,490

 

 

$

16.39

 

 

 

2.11

 

 

(1)
Represents the number of PSUs expected to vest, which may exceed the target number of shares, based on the Company's probability assessment of expected performance during the performance period.

Stock-Based Compensation Expense

Total stock-based compensation expense for stock option awards, RSUs and PSUs, which are included in the condensed consolidated financial statements, is as follows (in thousands):

 

 

 

Three Months Ended
March 31,

 

 

2025

 

 

2024

 

Cost of revenue

 

$

1,063

 

 

$

1,005

 

Research and development

 

 

17,392

 

 

 

12,366

 

Sales and marketing

 

 

4,356

 

 

 

2,775

 

General and administrative

 

 

10,442

 

 

 

5,915

 

Stock-based compensation, net of amounts capitalized

 

 

33,253

 

 

 

22,061

 

Capitalized stock-based compensation—Property and equipment, net and
   Intangible assets, net

 

 

913

 

 

 

1,598

 

Total stock-based compensation

 

$

34,166

 

 

$

23,659

 

 

Unrecognized Stock-Based Compensation

A summary of the Company's remaining unrecognized compensation expense and the weighted-average remaining amortization period as of March 31, 2025, related to its non-vested RSUs, PSUs, and stock option awards is presented below (in millions, except time period amounts):
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Taxes

13. INCOME TAXES

Income tax expense was less than $0.1 million for each of the three months ended March 31, 2025 and 2024, due to the Company's international operations. The effective tax rate for each period differs from the statutory rate primarily as a result of not recognizing a deferred tax asset for losses due to having a full valuation allowance against deferred tax assets.

The realization of tax benefits of deferred tax assets is dependent upon future levels of taxable income, of an appropriate character, in the periods the items are expected to be deductible or taxable. Based on the available objective evidence, the Company does not believe it is more likely than not that the net deferred tax assets will be realizable. Accordingly, the Company has provided a full valuation allowance against the net deferred tax assets as of March 31, 2025, and December 31, 2024. The Company intends to maintain the remaining valuation allowance until sufficient positive evidence exists to support a reversal of, or decrease in, the valuation allowance.

v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases

14. LEASES

The Company has operating leases for its various facilities, including its primary locations in College Park, Maryland; Bothell, Washington; and Arlesheim, Switzerland. The College Park, Maryland facility is used for research and development, servicing customers and corporate functions and is leased from the University of Maryland ("UMD"). The Bothell, Washington facility is used for manufacturing, research and development, servicing customers, and general office space. The Arlesheim, Switzerland facility is used for servicing customers and general office space. Both the College Park, Maryland, and Bothell, Washington, leases expire in 2030 and the Arlesheim, Switzerland lease expires in 2029. As of March 31, 2025 and December 31, 2024, the Company's weighted-average remaining lease term was 5.0 years and 5.2 years, respectively. As of both March 31, 2025 and December 31, 2024, the weighted-average discount rate was 8.2%.

The Bothell, Washington facility lease includes a landlord-provided tenant improvement allowance to offset a portion of the costs of the construction of leasehold improvements. The Company determined that the leasehold improvements will be Company-owned, and as such, reflected the lease incentive as a reduction of lease payments used to measure the operating lease liability and ROU asset as of the lease commencement date.

The components of lease cost were as follows (in thousands):

 

Three Months Ended
March 31,

 

 

2025

 

 

2024

 

Operating lease cost(1)

 

 

 

 

 

 

Fixed lease cost

 

$

670

 

 

$

554

 

Short-term cost

 

 

84

 

 

 

45

 

Total operating lease cost

 

$

754

 

 

$

599

 

 

(1)
The lease costs are reflected in the condensed consolidated statements of operations as follows (in thousands):

 

Three Months Ended
March 31,

 

 

2025

 

 

2024

 

Cost of revenue

 

$

89

 

 

$

63

 

Research and development

 

 

493

 

 

 

334

 

Sales and marketing

 

 

88

 

 

 

21

 

General and administrative

 

 

84

 

 

 

181

 

Total operating lease cost

 

$

754

 

 

$

599

 

 

Supplemental cash flow and other information related to operating leases was as follows (in thousands):

 

 

Three Months Ended
March 31,

 

 

2025

 

 

2024

 

Cash payments (receipts) included in the measurement of
   operating lease liabilities, net

 

$

801

 

 

$

(2,323

)

 

As of March 31, 2025, maturities of operating lease liabilities are as follows (in thousands):

 

Amount

 

Year Ending December 31,

 

 

 

2025

 

$

2,881

 

2026

 

 

4,217

 

2027

 

 

4,281

 

2028

 

 

4,381

 

2029

 

 

3,943

 

Thereafter

 

 

1,510

 

Total lease payments

 

$

21,213

 

Less: imputed interest

 

 

(3,853

)

Present value of operating lease liabilities

 

$

17,360

 

v3.25.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions

15. RELATED PARTY TRANSACTIONS

The Company has contracts with UMD, including contracts to provide certain quantum computing services and facility access, to provide customized quantum computing hardware, and an operating lease. Following the departure of the Company's Chief Scientist, UMD is no longer

considered a related party as of January 1, 2024. Revenue recognized from contracts entered into while UMD was a related party was zero and $1.2 million for the three months ended March 31, 2025 and 2024, respectively.

The Company had the following balances related to contracts entered into while UMD was a related party, as reflected in the condensed consolidated balance sheets (in thousands):

 

 

 

March 31,

 

 

December 31,

 

 

2025

 

 

2024

 

Assets

 

 

 

 

 

 

Operating lease right-of-use asset

 

$

3,031

 

 

$

3,120

 

Liabilities

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

686

 

 

$

681

 

Operating lease liabilities, net of current portion

 

 

2,747

 

 

 

2,843

 
v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information

16. SEGMENT INFORMATION

The Company operates as one operating segment as its Chief Executive Officer, who is the chief operating decision maker, reviews financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. Consolidated net loss as reported on the condensed consolidated statements of operations is used to evaluate performance and allocate resources. The following table presents revenue, significant expenses, and segment profit and loss (in thousands):

 

 

Three Months Ended
March 31,

 

2025

 

 

2024

 

 

Revenue

 

$

7,566

 

 

$

7,582

 

 

Less:

 

 

 

 

 

 

 

Operating costs and expenses excluding stock-based compensation:

 

 

 

 

 

 

 

Cost of revenue (excluding depreciation and amortization)

 

 

3,252

 

 

 

2,409

 

 

Research and development

 

 

22,561

 

 

 

20,002

 

 

Sales and marketing

 

 

4,254

 

 

 

3,926

 

 

General and administrative

 

 

13,364

 

 

 

8,105

 

 

Stock-based compensation

 

 

33,253

 

 

 

22,061

 

 

Depreciation and amortization

 

 

6,561

 

 

 

3,955

 

 

Other segment items:

 

 

 

 

 

 

 

(Gain) loss on change in fair value of warrant liabilities

 

 

(38,494

)

 

 

(8,627

)

 

Interest income, net

 

 

(4,894

)

 

 

(4,799

)

 

Other (income) expense, net

 

 

(51

)

 

 

134

 

 

Income tax (benefit) expense

 

 

12

 

 

 

8

 

 

Net loss

 

$

(32,252

)

 

$

(39,592

)

 
v3.25.1
Subsequent Events
 3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events

17. SUBSEQUENT EVENTS

On April 30, 2025, the Company completed the acquisition of a controlling stake of ID Quantique SA, a global leader in quantum-safe networking and quantum detection systems, headquartered in Geneva, Switzerland, in an all-stock transaction for 4,215,740 shares of common stock, subject to customary post-closing adjustments. Due to the limited time between the acquisition date and the Company's filing of this Quarterly Report on Form 10-Q, the initial accounting for the business combination is incomplete and the Company is not yet able to disclose the preliminary amounts to be recognized as of the acquisition date for assets acquired and liabilities assumed.

On May 6, 2025, the Company entered into a definitive agreement to acquire Lightsynq Technologies Inc., a Boston-based startup, to bolster the Company’s quantum networking and quantum computing roadmaps and teams. Also, on May 7, 2025, the Company entered into a definitive agreement to acquire Capella Space Corporation, a Colorado-based signals company, to serve as a platform for the future development of global quantum networking infrastructure. These are all-stock transactions which are expected to close in the next twelve months, subject to customary closing conditions. In connection with these transactions, the Company expects to issue an aggregate 24.2 million shares of common stock and stock options.
v3.25.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Significant Accounting Policies

Significant Accounting Policies

The Company’s significant accounting policies, which are disclosed in the audited financial statements for the year ended December 31, 2024, and the notes thereto are included in the Company’s Annual Report on Form 10-K (the “Annual Report”) that was filed with the Securities and Exchange Commission (“SEC”) on February 26, 2025. Since the date of that filing, there have been no material changes to the Company’s significant accounting policies except as noted below.

Basis of Preparation

Basis of Preparation

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") as determined by the Financial Accounting Standards Board (“FASB”). Such condensed consolidated financial statements include the accounts of IonQ and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Unaudited Interim Financial Information

Unaudited Interim Financial Information

The interim condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared by the Company and are unaudited, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures contained in this Quarterly Report on Form 10-Q comply with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for a quarterly report and are adequate to make the information presented not misleading. The interim condensed consolidated financial statements included herein reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. These interim condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2024, included in the Annual Report. The condensed consolidated statements of operations and the condensed consolidated statements of comprehensive loss for the three months ended March 31, 2025, are not necessarily indicative of the results to be anticipated for the entire year ending December 31, 2025, or thereafter. All references to March 31, 2025 and 2024, in the notes to the condensed consolidated financial statements are unaudited.

Use of Estimates

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP and the rules and regulations of the SEC require management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes.

Significant estimates and assumptions are inherent in the analysis and measurement of items including, but not limited to: total expected costs for revenue arrangements recognized over time, capitalization of quantum computing system costs, useful lives for quantum computing systems, estimates of the fair value of intangible assets acquired in business combinations, and stock-based compensation for awards with performance and market conditions. Management bases its estimates and assumptions on historical experience, expectations, forecasts, and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ and be affected by changes in those estimates.

Foreign Currency

Foreign Currency

The reporting currency of the Company is the U.S. dollar. Financial statements of subsidiaries whose functional currency is not the U.S. dollar are translated at exchange rates in effect at the balance sheet date for assets and liabilities and at average exchange rates for revenues and expenses for the respective periods. Translation adjustments are recorded in accumulated other comprehensive income (loss) in the condensed consolidated balance sheets.

The Company is exposed to foreign currency risk to the extent that it enters into transactions denominated in currencies other than its subsidiaries’ respective functional currencies. Transactions denominated in currencies other than subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise. Changes in exchange rates with respect to amounts recorded in the Company’s condensed consolidated balance sheets related to these items will result in unrealized foreign currency transaction gains and losses based upon period-end exchange rates. The Company also records realized foreign currency transaction gains and losses upon settlement of the transactions. Foreign currency transaction gains and losses resulting from the conversion of the transaction currency to functional currency are included in other income (expense), net in the condensed consolidated statements of operations.
Fair Value Measurements

Fair Value Measurements

The Company evaluates the fair value of certain assets and liabilities using the fair value hierarchy. Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

•
Level 1—Observable inputs, which include quoted prices in active markets;
•
Level 2—Observable inputs other than the quoted prices in active markets that are observable either directly or indirectly, such as quoted prices in markets that are not active, or other inputs such as broker quotes, benchmark yield curves, credit spreads and market interest rates for similar securities that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities;
•
Level 3—Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined using pricing models, discounted cash flow methodologies or similar techniques.

The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.

For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability.

Assets and liabilities that are measured at fair value on a non-recurring basis include property and equipment, intangible assets, and goodwill. The Company recognizes these items at fair value upon initial recognition when acquired through a business combination or an asset acquisition or when they are considered to be impaired. The fair value of these assets and liabilities are determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models.

Due to their short-term nature, the carrying amounts reported in the Company’s condensed consolidated financial statements approximate the fair value for cash and cash equivalents, accounts receivable, accounts payable and accrued expenses.

Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include cash and checking deposits, money market funds, and U.S. government and agency securities. The Company considers all short-term highly liquid investments with an original maturity at the date of purchase of three months or less to be cash

equivalents. Restricted cash for collateralizing letters of credit and corporate credit cards is included in other noncurrent assets in the condensed consolidated balance sheets. The Company issues letters of credit in the ordinary course of business, including for lease arrangements. Letters of credit totaling $2.3 million and $2.1 million were outstanding as of March 31, 2025 and December 31, 2024, respectively.

The following table provides a reconciliation of cash, cash equivalents and restricted cash included in the condensed consolidated balance sheets to the amounts included in the condensed consolidated statements of cash flows (in thousands):

 

 

March 31,

 

 

December 31,

 

 

2025

 

 

2024

 

Cash and cash equivalents

 

$

159,681

 

 

$

54,393

 

Restricted cash

 

 

2,679

 

 

 

2,447

 

Total cash, cash equivalents and restricted cash in the
   condensed consolidated statements of cash flows

 

$

162,360

 

 

$

56,840

 
Accounts Receivable and Allowance for Credit Losses

Accounts Receivable and Allowance for Credit Losses

Accounts receivable are non-interest bearing and represent amounts billed and currently due from customers at the gross invoiced amount as well as unbilled amounts related to unconditional rights for consideration to be received for services performed but not yet invoiced. A receivable is recorded when the Company has an unconditional right to receive payment. Accounts receivable consists of the following (in thousands):

 

 

March 31,

 

 

December 31,

 

 

2025

 

 

2024

 

Billed accounts receivable

 

$

6,909

 

 

$

6,516

 

Unbilled accounts receivable

 

 

2,562

 

 

 

3,672

 

Total accounts receivable

 

$

9,471

 

 

$

10,188

 

 

On a periodic basis, management evaluates its accounts receivable and determines whether to provide an allowance for credit losses. This assessment is based on management’s evaluation of relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the receivable.

The Company did not have any allowance for credit losses as of either March 31, 2025 or December 31, 2024.

Materials and Supplies, Net

Materials and Supplies, Net

Materials and supplies, including spare parts, are carried at average cost and recorded in prepaid expenses and other current assets in the condensed consolidated balance sheets. Materials and supplies used in the production of quantum computing systems to be made commercially available are capitalized to property and equipment when installed. Materials and supplies used to support customer contracts, for maintenance, or for research and development efforts are expensed when consumed. The Company capitalized $2.1 million and $1.0 million of materials and supplies to property and equipment for the three months ended March 31, 2025 and 2024, respectively.

Materials and supplies are evaluated regularly for excess quantities and obsolescence. This evaluation includes analysis of the Company's current and future strategic plans, risk of technological obsolescence, and general market conditions. During each of the three months ended March 31, 2025 and 2024, excess and obsolescence charges were less than $0.1 million.

Investments

Investments

Management determines the appropriate classification of investments at the time of purchase based upon management’s intent with regard to such investments. The Company primarily invests in debt securities and classifies its investments as available-for-sale at the time of purchase if they are available to support either current or future operations. This classification is re-evaluated at each balance sheet date. Investments not considered cash equivalents, with remaining contractual maturities of one year or less from the balance sheet date are classified as short-term investments, and those with remaining contractual maturities greater than one year from the balance sheet date are classified as long-term investments. All investments are recorded at their estimated fair value, and any unrealized gains and losses are recorded in the condensed consolidated balance sheets in accumulated other comprehensive loss. Realized gains and losses on sales and maturities of investments are determined based on the specific identification method and are recognized in the condensed consolidated statements of operations in other income (expense), net. Accrued interest receivable on available-for-sale investments is recorded in the condensed consolidated balance sheets in prepaid expenses and other current assets.

The Company performs periodic evaluations to determine whether any declines in the fair value of investments below amortized cost are credit losses or impairments. The evaluation consists of qualitative and quantitative factors regarding the severity of the unrealized loss, as well as the Company’s ability and intent to hold the investments until a forecasted recovery occurs. Declines in fair value are considered to be credit losses if they are related to deterioration in credit risk or are considered impairments if it is likely that the underlying securities will be sold prior to a full recovery of their cost basis. Credit losses and impairments are determined based on the specific identification method and are reported in other income (expense), net in the condensed consolidated statements of operations.

Property and Equipment, Net

Property and Equipment, Net

Property and equipment, net is stated at cost less accumulated depreciation. Historical cost of fixed assets is the cost as of the date acquired. Hardware and labor costs associated with the building of quantum computing systems and supporting equipment are capitalized in the period the costs are incurred when it is probable that such costs will provide future economic benefit. The costs of quantum computing systems and supporting equipment that are used in research and development activities and have alternative future uses are capitalized. Costs to maintain quantum computing systems are expensed as incurred.

Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Useful lives are as follows:

 

Computer equipment and acquired computer software

 

3 – 5 years

Machinery, equipment, furniture and fixtures

 

4 – 7 years

Quantum computing systems

 

3 years

Leasehold improvements

 

Shorter of the lease term or the estimated useful life of the related asset

 

The Company evaluates the useful life of its assets periodically and whenever events or changes in circumstances indicate that the useful life may have changed. In assessing useful lives, the Company considers, among other factors, the use of the asset, changes in technology, and the competitive environment.

Leases

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and current operating lease liabilities and operating lease liabilities, net of current portion on the Company’s condensed consolidated balance sheets. As of March 31, 2025, the Company has no financing lease arrangements. The Company recognizes lease expense for its operating leases on a straight-line basis over the term of the lease.

The Company records a ROU asset and lease liability in connection with its operating leases. The Company’s lease portfolio is comprised primarily of real estate leases, which are accounted for as operating leases. The Company elected the practical expedient to not separate lease and non-lease components for all leases.

ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future minimum lease payments, including the impact of any lease incentives, as applicable, over the lease term. An amendment to a lease is assessed to determine if it represents a lease modification or a separate contract. Lease modifications are reassessed as of the effective date of the modification using an incremental borrowing rate based on the information available at the commencement date. For modified leases the Company also reassesses the lease classification as of the effective date of the modification.

The interest rate used to determine the present value of the future lease payments is the Company’s incremental borrowing rate, because the interest rate implicit in the Company’s leases is not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located.

The Company’s lease terms include periods under options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company considers contractual-based factors such as the nature and terms of the renewal or termination, asset-based factors such as physical location of the asset and entity-based factors such as the importance of the leased asset to the Company’s operations to determine the lease term. The Company generally uses the base non-cancelable lease term when determining the ROU assets and lease liabilities.

Software Development Costs

Software Development Costs

The Company incurs software development costs for internal-use software, which the Company primarily uses to provide services to its customers, as well as for external-use software that will be part of a product to be sold, leased, or marketed.

Internal-Use Software

The costs to purchase and develop internal-use software are capitalized from the time that the preliminary project stage is completed, and it is considered probable that the software will be used to perform the function intended, until the time the software is placed in service for its intended use. Any costs incurred during subsequent efforts to upgrade and enhance the functionality of the software are also capitalized. Once this software is ready for its intended use, these costs are amortized on a straight-line basis over the estimated useful life of the software, which is typically assessed to be three years. Capitalized internal-use software is recorded within intangible assets, net, in the condensed consolidated balance sheets. During the three months ended March 31, 2025 and 2024, the Company capitalized $1.5 million and $2.6 million, respectively. The Company amortized $1.5 million and $1.1 million of capitalized internal-use software costs during the three months ended March 31, 2025 and 2024, respectively.

External-Use Software

Costs incurred in researching and developing external-use software are expensed as incurred until technological feasibility is established. Once technological feasibility is established, software costs are capitalized until the product is available for general release to customers. Judgment is required in determining when technological feasibility of a product is established. Generally, this occurs shortly before the products are released to production. No external-use software costs were capitalized during any of the three months ended March 31, 2025 and 2024.
Business Combinations

Business Combinations

The Company recognizes and measures the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date. Goodwill as of the acquisition date represents the excess of the purchase consideration of an acquired business over the fair value of the underlying net tangible and intangible assets acquired net of liabilities assumed. The purchase consideration is determined based on the fair value of the assets transferred and liabilities assumed after considering any transactions that are separate from the business combination. Any adjustments to provisional amounts that are identified during the measurement period, not to exceed one year from the date of acquisition, are recorded in the reporting period in which the adjustment amounts are determined. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in the Company’s condensed consolidated statements of operations.
Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Long-lived assets, such as property and equipment and other long-term assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent the carrying amount of the underlying asset exceeds its fair value. Impairment losses were not material for the three months ended March 31, 2025 and 2024.

Warrant Liabilities

Warrant Liabilities

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued upon exercise or at each reporting date for the unexercised warrants, with changes in the fair value reported in the condensed consolidated statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. The warrants of dMY assumed in the Business Combination are classified as liabilities and remeasured at each reporting period. Derivative warrant liabilities are classified as non-current liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.

Revenue Recognition

Revenue Recognition

The Company derives revenue from the design, development, construction and sale of specialized quantum computing hardware together with related maintenance and support, from providing access to its quantum-computing-as-a-service (“QCaaS” or “Platform” services), and from consulting services related to co-developing algorithms on the quantum computing systems. The Company applies the provisions of the FASB Accounting Standards Update (“ASU”), Revenue from Contracts with Customers (“ASC 606”), and all related applicable guidance. The core principle of ASC 606 is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

To support this core principle, the Company applies the following five step approach:

1.
Identify the contract with the customer
2.
Identify the performance obligations
3.
Determine the transaction price
4.
Allocate the transaction price to the performance obligations
5.
Recognize revenue when (or as) the entity satisfies a performance obligation

Certain of the Company’s contracts contain multiple performance obligations, most commonly in contracts for the sale of specialized quantum computing hardware together with related maintenance and support. Such contracts may also include access to the Company’s QCaaS. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. When there are multiple performance obligations in a contract, the Company allocates the transaction price to each performance obligation based on its standalone selling price when available. The Company determines standalone selling price based on the observable price of a product or service when it sells the products or services separately in similar circumstances and to similar customers. Certain products and services have limited or no history of being sold on a standalone basis, requiring the Company to estimate the standalone selling price. The Company estimates the standalone selling price based on other contracts for similar products and services adjusted for differing terms than the contract being evaluated, as well as internal pricing guidelines and market factors. In addition, the Company takes into consideration the estimated costs to be incurred to satisfy the performance obligation plus an appropriate profit margin.

Performance obligations are satisfied over time if the customer receives the benefits as the Company performs the work, if the customer controls the asset as it is being produced (continuous transfer of control), or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment for performance to date. For performance obligations related to specialized quantum computing hardware and consulting services, revenue is recognized over time based on the efforts incurred to date relative to the total expected effort, primarily based on a cost-to-cost input measure. The Company applies judgment to determine a reasonable method to measure progress and to estimate total expected effort. Factors considered in these estimates include the Company's historical performance, the availability, productivity and cost of labor, the nature and complexity of work to be performed, the effect of change orders, availability and cost of materials, and the effect of any delays in performance.

The Company has determined that its QCaaS contracts represent a combined, stand-ready performance obligation to provide access to its quantum computing systems together with related maintenance and support. The transaction price generally consists of a fixed fee for a minimum volume of usage to be made available over a defined period of access. Fixed fee arrangements may also include a variable component whereby customers pay an amount for usage over contractual minimums contained in the contracts. For performance obligations related to providing QCaaS access, fixed fees are recognized on a straight-line basis over the access period. Variable usage fees are recognized in the period they occur. The Company has determined that contracts that contain consulting services related to co-developing quantum computing algorithms and the ability to use its quantum computing systems to run such algorithms represent a combined performance obligation that is satisfied over-time.

For the three months ended March 31, 2025 and 2024, substantially all revenue was recognized based on transfer of service over time. Revenues recognized at a point in time were not material. In arrangements with cloud service providers, the cloud service provider is considered the customer and IonQ does not have any contractual relationships with the cloud service providers’ end users. For these arrangements, revenue is recognized at the amount charged to the cloud service provider and does not reflect any mark-up to the end user.

The Company may enter into multiple contracts with a single counterparty at or near the same time. The Company will combine contracts and account for them as a single contract when one or more of the following criteria are met: (i) the contracts are negotiated as a package with a single commercial objective; (ii) consideration to be paid in one contract depends on the price or performance of the other contract; and (iii) goods or services promised are a single performance obligation. Consideration payable to a customer includes cash amounts that an entity pays, or expects to pay, to the customer. For arrangements that contain consideration payable to a customer, the Company uses judgment in determining whether such payments are a reduction of the transaction price or a payment to the customer for a distinct good or service.

The variable fees associated with the QCaaS are generally billed a month in arrears. Customers also have the ability to make advance payments. Advance payments are recorded as a contract liability until services are delivered or obligations are met and revenue is earned. Contract liabilities to be recognized in the succeeding 12-month period are classified as current and the remaining amounts are classified as non-current liabilities in the Company’s condensed consolidated balance sheets.

Assets Recognized from Costs to Obtain a Contract

Sales commissions paid to employees and third parties are considered incremental costs to obtain a contract with a customer. These costs are capitalized in the period a customer contract is executed and are amortized as an expense consistent with the transfer of the goods or services

to the customer. Capitalized costs are recorded in prepaid expenses and other current assets and other noncurrent assets in the condensed consolidated balance sheets. Applying the practical expedient, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets is one year or less. As of March 31, 2025 and December 31, 2024, total capitalized costs were $2.2 million and $2.4 million, respectively. Amortization expense was $0.3 million and $0.4 million for the three months ended March 31, 2025 and 2024, respectively, and is included in sales and marketing in the condensed consolidated statements of operations.

Research and Development

Research and Development

Research and development expenses consist of personnel-related costs, including salaries, benefits and stock-based compensation, and allocated overhead costs for the Company’s research and development function. Unlike a standard computer, design and development efforts continue throughout the useful life of the Company’s quantum computing systems to ensure proper calibration and optimal functionality. Research and development expenses also include purchased hardware and software costs related to quantum computing systems constructed for research purposes that are not probable of providing future economic benefit and have no alternate future use, as well as costs associated with third-party research and development arrangements.

Under an agreement with Duke University (“Duke”), the Company issued common shares to Duke in consideration for research and development services through July 15, 2026. The agreement is considered a research and development service arrangement and is recorded as a prepayment based on the fair value of the common stock issued and is amortized over the term of the arrangement as services are received and is recognized in research and development in the condensed consolidated statements of operations. Following the departure of the Company's Chief Technology Officer, Duke is no longer considered a related party as of July 1, 2024. Transactions with Duke under the agreement are not material to the Company's condensed consolidated financial position and results of operations.
Stock-Based Compensation

Stock-Based Compensation

The Company measures and records the expense related to stock-based awards based on the fair value of those awards as determined on the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period and uses the straight-line method to recognize stock-based compensation. The Company uses the Black-Scholes-Merton (“Black-Scholes”) option-pricing model to determine the estimated fair value for stock options. The Black-Scholes option-pricing model requires the use of subjective assumptions, which determine the fair value of stock option awards, including the option’s expected term, the price volatility of the underlying common stock, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the stock options represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The Company records forfeitures as they occur.

Stock-based compensation cost for restricted stock units and performance-based restricted stock units is measured based on the fair value of the Company’s common stock on the grant date. The fair value of performance-based restricted stock units with a market condition is estimated on the date of grant using the Monte Carlo simulation model. The Monte Carlo simulation model requires the use of subjective assumptions, which determine the fair value of these awards, including price volatility, contractual term, discount rate, risk-free interest rates, and the expected dividend yield of the common stock. The assumptions used to determine the fair value of the performance-based restricted stock awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. For awards with a performance-based vesting condition, including those with a market condition, the Company records stock-based compensation cost if it is probable that the performance conditions will be achieved. Stock-based compensation cost will be recognized if the performance condition is satisfied, even if the market condition is not met and the award does not vest. At each reporting period, the Company reassesses the probability of the achievement of the performance conditions and any change in expense resulting from an adjustment in the estimated shares to be released is treated as a cumulative catch-up in the period of the adjustment.

The Company records stock-based compensation expense for incentive compensation liabilities based on estimated payments to employees for which the Company expects to settle the liability by granting restricted stock units. For these awards, stock-based compensation expense is accrued commencing at the service inception date, which generally precedes the grant date, through the end of the requisite service period.

Concentrations of Credit Risk

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, investments, and trade accounts receivable. The Company maintains the majority of its cash, cash equivalents, restricted cash and investments with three financial institutions. The Company’s deposits routinely exceed amounts guaranteed by the Federal Deposit Insurance Corporation.

The Company’s accounts receivable are derived from customers primarily located in the U.S., including the U.S. government. The Company performs periodic evaluations of its customers’ financial condition and generally does not require its customers to provide collateral or other security to support accounts receivable and maintains an allowance for credit losses. Credit losses historically have not been material.

Significant customers are those that represent more than 10% of the Company’s total revenue. For the three months ended March 31, 2025, the Company had two significant customers that accounted for 70% of total revenue. For the three months ended March 31, 2024, the Company had two significant customers that accounted for 69% of total revenue.
Earnings (Loss) Per Share

Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average number of shares of common stock during the period, plus common stock equivalents, outstanding during the period. If the Company reports a net loss, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be antidilutive.

The following table sets forth the computation of basic and diluted loss per share attributable to common stockholders (in thousands, except share and per share data):

 

 

Three Months Ended
March 31,

 

Numerator:

 

2025

 

 

2024

 

Net loss attributable to common stockholders

 

$

(32,252

)

 

$

(39,592

)

Denominator:

 

 

 

 

 

 

Weighted average shares used in computing net loss
   per share attributable to common stockholders—
   basic and diluted

 

 

228,759,209

 

 

 

208,159,439

 

Net loss per share attributable to common
   stockholders—basic and diluted

 

$

(0.14

)

 

$

(0.19

)

 

In periods with a reported net loss, the effect of stock options, warrants, unvested restricted stock units, unvested performance-based restricted stock units, and unvested common stock (including unvested restricted common stock) are excluded and diluted loss per share is equal to basic loss per share. The following is a summary of the weighted average common stock equivalents for the securities outstanding during the respective periods that have been excluded from the computation of diluted net loss per common share:

 

 

Three Months Ended
March 31,

 

 

2025

 

 

2024

 

Common stock options outstanding

 

 

15,390,920

 

 

 

20,753,133

 

Warrants to purchase common stock

 

 

543,152

 

 

 

8,301,202

 

Public warrants

 

 

1,985,157

 

 

 

5,228,253

 

Unvested restricted stock units

 

 

14,873,452

 

 

 

16,221,026

 

Unvested performance-based restricted stock units

 

 

1,939,821

 

 

 

2,030,526

 

Unvested common stock

 

 

187,110

 

 

 

379,691

 

Total

 

 

34,919,612

 

 

 

52,913,831

 
Recently Issued Accounting Standards Not Yet Adopted

Recently Issued Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on a prospective basis, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement -- Reporting Comprehensive Income -- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires additional expense disclosures by public business entities in the notes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this accounting standard update on its financial statement disclosures.
v3.25.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2025
Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash included in the condensed consolidated balance sheets to the amounts included in the condensed consolidated statements of cash flows (in thousands):

 

 

March 31,

 

 

December 31,

 

 

2025

 

 

2024

 

Cash and cash equivalents

 

$

159,681

 

 

$

54,393

 

Restricted cash

 

 

2,679

 

 

 

2,447

 

Total cash, cash equivalents and restricted cash in the
   condensed consolidated statements of cash flows

 

$

162,360

 

 

$

56,840

 
Summary of Property Plant And Equipment Useful Life

Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Useful lives are as follows:

 

Computer equipment and acquired computer software

 

3 – 5 years

Machinery, equipment, furniture and fixtures

 

4 – 7 years

Quantum computing systems

 

3 years

Leasehold improvements

 

Shorter of the lease term or the estimated useful life of the related asset

 
Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted loss per share attributable to common stockholders (in thousands, except share and per share data):

 

 

Three Months Ended
March 31,

 

Numerator:

 

2025

 

 

2024

 

Net loss attributable to common stockholders

 

$

(32,252

)

 

$

(39,592

)

Denominator:

 

 

 

 

 

 

Weighted average shares used in computing net loss
   per share attributable to common stockholders—
   basic and diluted

 

 

228,759,209

 

 

 

208,159,439

 

Net loss per share attributable to common
   stockholders—basic and diluted

 

$

(0.14

)

 

$

(0.19

)

 
v3.25.1
Business Combinations (Tables)
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Summary of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed, Including Measurement Period Adjustments The following table summarizes the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, including measurement period adjustments, as of the acquisition date (in thousands):

 

 

 

Preliminary Fair Value

 

 

Measurement Period Adjustments

 

 

Updated Preliminary Fair Value

 

Accounts receivable

 

$

400

 

 

$

32

 

 

$

432

 

Prepaid expenses and other current assets

 

 

531

 

 

 

279

 

 

 

810

 

Intangible assets

 

 

11,900

 

 

 

(1,050

)

 

 

10,850

 

Goodwill

 

 

9,220

 

 

 

764

 

 

 

9,984

 

Other noncurrent assets

 

 

3

 

 

 

—

 

 

 

3

 

Unearned revenue

 

 

—

 

 

 

(25

)

 

 

(25

)

Total fair value of net assets acquired

 

$

22,054

 

 

$

—

 

 

$

22,054

 

 
v3.25.1
Cash, Cash Equivalents, Restricted Cash And Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Cash and Cash Equivalents [Abstract]  
Summary of Unrealized Gains and Losses and Estimated Fair Value of Cash Equivalents and Investments

The following table summarizes the Company’s unrealized gains and losses and estimated fair value of cash, cash equivalents, restricted cash and investments in available-for-sale securities recorded in the condensed consolidated balance sheets (in thousands):

 

 

As of March 31, 2025

 

 

As of December 31, 2024

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair
Value

 

Cash and money market funds

 

$

24,871

 

 

$

—

 

 

$

—

 

 

$

24,871

 

 

$

33,204

 

 

$

—

 

 

$

—

 

 

$

33,204

 

Corporate notes and bonds

 

 

13,923

 

 

 

14

 

 

 

(5

)

 

 

13,932

 

 

 

45,823

 

 

 

22

 

 

 

(53

)

 

 

45,792

 

US government and agency

 

 

661,029

 

 

 

210

 

 

 

(216

)

 

 

661,023

 

 

 

287,084

 

 

 

319

 

 

 

(118

)

 

 

287,285

 

Total cash, cash equivalents,
   restricted cash and
   investments

 

$

699,823

 

 

$

224

 

 

$

(221

)

 

$

699,826

 

 

$

366,111

 

 

$

341

 

 

$

(171

)

 

$

366,281

 
Summary of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

 

 

As of March 31, 2025

 

 

Less than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

Fair Value

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

 

Gross Unrealized
Loses

 

Corporate notes and bonds

 

$

—

 

 

$

—

 

 

$

3,985

 

 

$

(5

)

 

$

3,985

 

 

$

(5

)

US government and agency

 

 

425,697

 

 

 

(211

)

 

 

1,995

 

 

 

(5

)

 

 

427,692

 

 

 

(216

)

Total

 

$

425,697

 

 

$

(211

)

 

$

5,980

 

 

$

(10

)

 

$

431,677

 

 

$

(221

)

 

 

As of December 31, 2024

 

 

Less than 12 Months

 

 

12 Months or Longer

 

 

Total

 

 

Fair Value

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

 

Gross Unrealized
Losses

 

 

Fair Value

 

 

Gross Unrealized
Loses

 

Corporate notes and bonds

 

$

—

 

 

$

—

 

 

$

24,396

 

 

$

(53

)

 

$

24,396

 

 

$

(53

)

US government and agency

 

 

67,600

 

 

 

(111

)

 

 

3,987

 

 

 

(7

)

 

 

71,587

 

 

 

(118

)

Total

 

$

67,600

 

 

$

(111

)

 

$

28,383

 

 

$

(60

)

 

$

95,983

 

 

$

(171

)
Schedule of Contractual Maturity Date of Cash Cash Equivalents, Restricted Cash and Investments in Available-for-Sale Securities

The estimated fair value of the Company’s cash, cash equivalents, restricted cash and investments in available-for-sale securities as of March 31, 2025, aggregated by investment category and classified by contractual maturity date, is as follows (in thousands):

 

 

1 Year
or Less

 

 

Greater than
1 Year

 

 

Total

 

Cash and money market funds

 

$

22,262

 

 

$

2,609

 

 

$

24,871

 

Corporate notes and bonds

 

 

13,932

 

 

 

—

 

 

 

13,932

 

US government and agency

 

 

552,162

 

 

 

108,861

 

 

 

661,023

 

Total

 

$

588,356

 

 

$

111,470

 

 

$

699,826

 
v3.25.1
Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Summary of fair value measurements on a recurring basis and the level of inputs

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):

 

 

Fair Value Measured as of

 

 

 

March 31, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds(1)

 

$

24,871

 

 

$

—

 

 

$

—

 

 

$

24,871

 

US government and agency

 

 

—

 

 

 

137,489

 

 

 

—

 

 

 

137,489

 

Total cash, cash equivalents and restricted cash

 

$

24,871

 

 

$

137,489

 

 

$

—

 

 

$

162,360

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

13,932

 

 

 

—

 

 

 

13,932

 

US government and agency

 

 

—

 

 

 

414,673

 

 

 

—

 

 

 

414,673

 

Total short-term investments

 

$

—

 

 

$

428,605

 

 

$

—

 

 

$

428,605

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

US government and agency

 

 

—

 

 

 

108,861

 

 

 

—

 

 

 

108,861

 

Total long-term investments

 

$

—

 

 

$

108,861

 

 

$

—

 

 

$

108,861

 

Total assets

 

$

24,871

 

 

$

674,955

 

 

$

—

 

 

$

699,826

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Public warrants

 

$

21,241

 

 

$

—

 

 

$

—

 

 

$

21,241

 

 

 

Fair Value Measured as of

 

 

 

December 31, 2024

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds(1)

 

$

33,204

 

 

$

—

 

 

$

—

 

 

$

33,204

 

US government and agency

 

 

—

 

 

 

23,636

 

 

 

—

 

 

 

23,636

 

Total cash, cash equivalents and restricted cash

 

$

33,204

 

 

$

23,636

 

 

$

—

 

 

$

56,840

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

43,868

 

 

 

—

 

 

 

43,868

 

US government and agency

 

 

—

 

 

 

242,028

 

 

 

—

 

 

 

242,028

 

Total short-term investments

 

$

—

 

 

$

285,896

 

 

$

—

 

 

$

285,896

 

Long-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate notes and bonds

 

 

—

 

 

 

1,924

 

 

 

—

 

 

 

1,924

 

US government and agency

 

 

—

 

 

 

21,621

 

 

 

—

 

 

 

21,621

 

Total long-term investments

 

$

—

 

 

$

23,545

 

 

$

—

 

 

$

23,545

 

Total assets

 

$

33,204

 

 

$

333,077

 

 

$

—

 

 

$

366,281

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Public warrants

 

$

70,688

 

 

$

—

 

 

$

—

 

 

$

70,688

 

 

(1)
Includes money market funds associated with the Company’s overnight investment sweep account and cash collateralizing the Company's letters of credit and corporate credit cards.
v3.25.1
Property And Equipment, Net (Tables)
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Summary Of Property And Equipment, Net

Property and equipment, net is composed of the following (in thousands):

 

 

March 31,

 

 

December 31,

 

 

2025

 

 

2024

 

Quantum computing systems

 

$

39,153

 

 

$

38,374

 

Leasehold improvements

 

 

18,003

 

 

 

17,921

 

Machinery, equipment, furniture and fixtures

 

 

19,420

 

 

 

16,683

 

Computer equipment and acquired computer software

 

 

7,096

 

 

 

7,395

 

Gross property and equipment

 

 

83,672

 

 

 

80,373

 

Less: accumulated depreciation

 

 

(32,028

)

 

 

(27,612

)

Total property and equipment, net

 

$

51,644

 

 

$

52,761

 
v3.25.1
Other Balance Sheet Accounts (Tables)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets are composed of the following (in thousands):

 

 

March 31,

 

 

December 31,

 

 

2025

 

 

2024

 

Materials and supplies

 

$

23,967

 

 

$

18,658

 

Prepaid expenses

 

 

4,452

 

 

 

4,890

 

Accrued interest receivable

 

 

4,151

 

 

 

2,221

 

Other current assets

 

 

6,657

 

 

 

2,556

 

Total prepaid expenses and other current assets

 

$

39,227

 

 

$

28,325

 

 
Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities are composed of the following (in thousands):

 

 

March 31,

 

 

December 31,

 

 

2025

 

 

2024

 

Accrued salaries and other payroll liabilities

 

$

8,741

 

 

$

10,368

 

Accrued professional services

 

 

6,638

 

 

 

936

 

Acquisition holdback liabilities

 

 

4,950

 

 

 

3,300

 

Accrued equipment and services liabilities for research and development

 

 

785

 

 

 

534

 

Accrued expenses—other

 

 

2,481

 

 

 

1,286

 

Total accrued expenses and other current liabilities

 

$

23,595

 

 

$

16,424

 
v3.25.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue Disaggregated by Revenue

The Company's revenues disaggregated by revenue source is as follows (in thousands):

 

 

Three Months Ended
March 31,

 

 

2025

 

 

2024

 

Specialized quantum computing hardware

 

$

3,063

 

 

$

3,619

 

Platform, consulting and support services

 

 

4,503

 

 

 

3,963

 

Total revenue

 

$

7,566

 

 

$

7,582

 

 

The Company's revenues disaggregated by customer location is as follows (in thousands):

 

 

Three Months Ended
March 31,

 

 

2025

 

 

2024

 

United States

 

$

5,289

 

 

$

7,062

 

International

 

 

2,277

 

 

 

520

 

Total revenue

 

$

7,566

 

 

$

7,582

 
Summary of Changes in Unearned Revenue

The following table summarizes the changes in unearned revenue for the three months ended March 31, 2025 (in thousands):

 

Total

 

Balance as of December 31, 2024

 

$

10,678

 

Revenue recognized

 

 

(4,047

)

New deferrals, net

 

 

5,430

 

Balance as of March 31, 2025

 

$

12,061

 
v3.25.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]  
Summary of the Stock Option Activity

The stock option activity is summarized in the following table:

 

 

 

Number of
Option
Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

Outstanding as of December 31, 2024

 

 

16,687,129

 

 

$

2.40

 

 

 

 

 

 

 

Exercised

 

 

(2,822,394

)

 

 

0.43

 

 

 

 

 

 

 

Cancelled/ Forfeited

 

 

(410,638

)

 

 

2.58

 

 

 

 

 

 

 

Outstanding as of March 31, 2025

 

 

13,454,097

 

 

$

2.81

 

 

 

5.35

 

 

$

259.16

 

Exercisable as of March 31, 2025

 

 

11,380,024

 

 

$

2.31

 

 

 

5.08

 

 

$

224.83

 

Exercisable and expected to vest as of March 31, 2025

 

 

13,454,097

 

 

$

2.81

 

 

 

5.35

 

 

$

259.16

 
Summary of restricted stock unit ("RSU") activity

The RSU activity is summarized in the following table:

 

 

 

Number of
RSUs

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

Outstanding as of December 31, 2024

 

 

14,509,717

 

 

$

9.54

 

 

 

 

Granted

 

 

2,447,244

 

 

 

32.01

 

 

 

 

Vested

 

 

(1,771,714

)

 

 

12.68

 

 

 

 

Forfeited

 

 

(420,752

)

 

 

9.62

 

 

 

 

Outstanding as of March 31, 2025

 

 

14,764,495

 

 

$

12.87

 

 

 

2.51

 

Expected to vest after March 31, 2025

 

 

14,743,995

 

 

$

12.87

 

 

 

2.51

 
Summary of Performance Share Unit ("PSU") Activity Based on Awards at Target

The PSU activity is summarized in the following table, based on awards at target:

 

 

 

Number of
PSUs

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Weighted
Average
Remaining
Contractual
Term (Years)

 

Outstanding as of December 31, 2024

 

 

3,972,257

 

 

$

16.17

 

 

 

 

Granted

 

 

965,630

 

 

 

30.73

 

 

 

 

Vested

 

 

(60,175

)

 

 

18.03

 

 

 

 

Forfeited

 

 

(73,548

)

 

 

18.03

 

 

 

 

Outstanding as of March 31, 2025

 

 

4,804,164

 

 

$

19.05

 

 

 

2.11

 

Expected to vest after March 31, 2025(1)

 

 

10,544,490

 

 

$

16.39

 

 

 

2.11

 

 

(1)
Represents the number of PSUs expected to vest, which may exceed the target number of shares, based on the Company's probability assessment of expected performance during the performance period.
Summary of Stock-based Compensation Expenses for Stock Options and Unvested Common Stock

 

 

 

Three Months Ended
March 31,

 

 

2025

 

 

2024

 

Cost of revenue

 

$

1,063

 

 

$

1,005

 

Research and development

 

 

17,392

 

 

 

12,366

 

Sales and marketing

 

 

4,356

 

 

 

2,775

 

General and administrative

 

 

10,442

 

 

 

5,915

 

Stock-based compensation, net of amounts capitalized

 

 

33,253

 

 

 

22,061

 

Capitalized stock-based compensation—Property and equipment, net and
   Intangible assets, net

 

 

913

 

 

 

1,598

 

Total stock-based compensation

 

$

34,166

 

 

$

23,659

 

 
Summary of Unrecognized Stock-Based Compensation March 31, 2025, related to its non-vested RSUs, PSUs, and stock option awards is presented below (in millions, except time period amounts):
Performance Based Restricted Stock Units [Member]  
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]  
Summary of Share Based Payment Award Stock Options Valuation Assumptions

The assumptions used to estimate the fair value of PSUs subject to the stock price hurdle are as follows:

 

Three Months Ended
March 31,

 

 

2025

 

 

2024

 

Risk-free interest rate

 

 

4.28

%

 

 

—

%

Contractual term (in years)

 

 

1.94

 

 

 

—

 

Expected volatility

 

 

112.50

%

 

 

—

%

Dividend yield

 

 

—

%

 

 

—

%

 
v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Lease, Cost [Abstract]  
Summary of Components of lease cost

The components of lease cost were as follows (in thousands):

 

Three Months Ended
March 31,

 

 

2025

 

 

2024

 

Operating lease cost(1)

 

 

 

 

 

 

Fixed lease cost

 

$

670

 

 

$

554

 

Short-term cost

 

 

84

 

 

 

45

 

Total operating lease cost

 

$

754

 

 

$

599

 
Summary of lease costs are reflected in the Statements of Operations and Comprehensive Loss
(1)
The lease costs are reflected in the condensed consolidated statements of operations as follows (in thousands):

 

Three Months Ended
March 31,

 

 

2025

 

 

2024

 

Cost of revenue

 

$

89

 

 

$

63

 

Research and development

 

 

493

 

 

 

334

 

Sales and marketing

 

 

88

 

 

 

21

 

General and administrative

 

 

84

 

 

 

181

 

Total operating lease cost

 

$

754

 

 

$

599

 
Summary of Supplemental cash flow and other information related to operating leases

Supplemental cash flow and other information related to operating leases was as follows (in thousands):

 

 

Three Months Ended
March 31,

 

 

2025

 

 

2024

 

Cash payments (receipts) included in the measurement of
   operating lease liabilities, net

 

$

801

 

 

$

(2,323

)
Summary of maturities of operating lease liabilities

As of March 31, 2025, maturities of operating lease liabilities are as follows (in thousands):

 

Amount

 

Year Ending December 31,

 

 

 

2025

 

$

2,881

 

2026

 

 

4,217

 

2027

 

 

4,281

 

2028

 

 

4,381

 

2029

 

 

3,943

 

Thereafter

 

 

1,510

 

Total lease payments

 

$

21,213

 

Less: imputed interest

 

 

(3,853

)

Present value of operating lease liabilities

 

$

17,360

 
v3.25.1
Related Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions

The Company had the following balances related to contracts entered into while UMD was a related party, as reflected in the condensed consolidated balance sheets (in thousands):

 

 

 

March 31,

 

 

December 31,

 

 

2025

 

 

2024

 

Assets

 

 

 

 

 

 

Operating lease right-of-use asset

 

$

3,031

 

 

$

3,120

 

Liabilities

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

686

 

 

$

681

 

Operating lease liabilities, net of current portion

 

 

2,747

 

 

 

2,843

 
v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Revenue, Significant Expenses, and Segment Profit and Loss The following table presents revenue, significant expenses, and segment profit and loss (in thousands):

 

 

Three Months Ended
March 31,

 

2025

 

 

2024

 

 

Revenue

 

$

7,566

 

 

$

7,582

 

 

Less:

 

 

 

 

 

 

 

Operating costs and expenses excluding stock-based compensation:

 

 

 

 

 

 

 

Cost of revenue (excluding depreciation and amortization)

 

 

3,252

 

 

 

2,409

 

 

Research and development

 

 

22,561

 

 

 

20,002

 

 

Sales and marketing

 

 

4,254

 

 

 

3,926

 

 

General and administrative

 

 

13,364

 

 

 

8,105

 

 

Stock-based compensation

 

 

33,253

 

 

 

22,061

 

 

Depreciation and amortization

 

 

6,561

 

 

 

3,955

 

 

Other segment items:

 

 

 

 

 

 

 

(Gain) loss on change in fair value of warrant liabilities

 

 

(38,494

)

 

 

(8,627

)

 

Interest income, net

 

 

(4,894

)

 

 

(4,799

)

 

Other (income) expense, net

 

 

(51

)

 

 

134

 

 

Income tax (benefit) expense

 

 

12

 

 

 

8

 

 

Net loss

 

$

(32,252

)

 

$

(39,592

)

 
v3.25.1
Description of Business - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2025
Segment
$ / shares
Dec. 31, 2024
$ / shares
Organization Business And Basis Of Presentation [Line Items]    
Common stock, par value | $ / shares $ 0.0001 $ 0.0001
Number of operating segment | Segment 1  
v3.25.1
Summary of Significant Accounting Policies - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2025
USD ($)
FinancialInstitution
Customers
$ / shares
shares
Mar. 31, 2024
USD ($)
Customers
Dec. 31, 2024
USD ($)
Sep. 30, 2021
shares
Significant Accounting Policies [Line Items]        
Revenue, remaining performance obligation, amount $ 71,900,000      
Allowance for doubtful accounts 0   $ 0  
Impairment of Long-Lived Assets to be Disposed of 0 $ 0    
Accrued interest receivable on available-for-sale investments 4,151,000   2,221,000  
Capitalized materials and supplies $ 2,100,000 1,000,000    
Warrant issue price | $ / shares $ 11.5      
Class of warrant redeemed | shares 0      
Letters of credit outstanding amount $ 2,300,000   2,100,000  
Percentage Of Remaining Performance Obligation 40.00%      
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation twelve months      
Number of financial institutions | FinancialInstitution 3      
Research and development expense $ 39,953,000 32,368,000    
Capitalized Commissions [Member]        
Significant Accounting Policies [Line Items]        
Capitalized contract cost 2,200,000   $ 2,400,000  
Capitalized contract cost amortization expense 300,000 400,000    
Maximum [Member] | Excess and Obsolescence [Member]        
Significant Accounting Policies [Line Items]        
Excess and obsolescence charges $ 100,000 $ 100,000    
Revenue Benchmark [Member]        
Significant Accounting Policies [Line Items]        
Number of customers over ten percent benchmark | Customers 2 2    
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Minimum [Member]        
Significant Accounting Policies [Line Items]        
Concentration risk, percentage 10.00%      
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customer [Member]        
Significant Accounting Policies [Line Items]        
Concentration risk, percentage 70.00% 69.00%    
Software and Software Development Costs [Member]        
Significant Accounting Policies [Line Items]        
Finite lived intangible asset, estimated useful life 3 years      
Software and Software Development Costs [Member] | Internal-Use Software [Member]        
Significant Accounting Policies [Line Items]        
Amortization of intangible assets $ 1,500,000 $ 1,100,000    
Intangible asset capitalized during period 1,500,000 2,600,000    
Software and Software Development Costs [Member] | External-Use Software [Member]        
Significant Accounting Policies [Line Items]        
Intangible asset capitalized during period $ 0 $ 0    
Public Warrants [Member]        
Significant Accounting Policies [Line Items]        
Number of warrants or rights outstanding | shares 1,911,858     7,500,000
v3.25.1
Summary of Significant Accounting Policies - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]        
Cash and cash equivalents $ 159,681 $ 54,393    
Restricted cash 2,679 2,447    
Total cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows $ 162,360 $ 56,840 $ 62,508 $ 38,081
v3.25.1
Summary of Significant Accounting Policies - Summary of Loans and Financing Receivable (Detail) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable $ 9,471 $ 10,188
Billed Accounts Receivable [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable 6,909 6,516
Unbilled Accounts Receivable [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable $ 2,562 $ 3,672
v3.25.1
Summary of Significant Accounting Policies - Summary of Property Plant And Equipment Useful Life (Detail)
Mar. 31, 2025
Computer Equipment [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Computer Equipment [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 5 years
Machinery Equipment Furniture And Fixtures [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 4 years
Machinery Equipment Furniture And Fixtures [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 7 years
Quantum Computing System [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Leasehold Improvements [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
v3.25.1
Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Numerator:    
Net loss attributable to common stockholders $ (32,252) $ (39,592)
Denominator:    
Weighted average shares used in computing net loss per share attributable to common stockholders – Basic 228,759,209 208,159,439
Net loss per share attributable to common stockholders - Basic $ (0.14) $ (0.19)
Weighted average shares used in computing net loss per share attributable to common stockholders – Diluted 228,759,209 208,159,439
Net loss per share attributable to common stockholders - Diluted $ (0.14) $ (0.19)
v3.25.1
Summary of Significant Accounting Policies - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share, amount 34,919,612 52,913,831
Employee Stock Option    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share, amount 15,390,920 20,753,133
Warrants to purchase common stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share, amount 543,152 8,301,202
Public warrants    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share, amount 1,985,157 5,228,253
Unvested restricted stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share, amount 14,873,452 16,221,026
Unvested performance-based restricted stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share, amount 1,939,821 2,030,526
Unvested common stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share, amount 187,110 379,691
v3.25.1
Business Combinations - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 27, 2024
Mar. 31, 2025
Dec. 31, 2024
Business Acquisition [Line Items]      
Goodwill   $ 10,669 $ 9,904
Qubitekk Federal, LLC [Member]      
Business Acquisition [Line Items]      
Total consideration $ 22,100    
Cash paid 15,500    
Current period adjustments related to intangible assets   $ 800  
Acquisition costs     $ 1,500
Goodwill 9,984    
Qubitekk Federal, LLC [Member] | Customer Relationships [Member]      
Business Acquisition [Line Items]      
Identifiable intangibles $ 5,900    
Finite lived intangible asset, estimated useful life 5 years    
Qubitekk Federal, LLC [Member] | Developed Technology [Member]      
Business Acquisition [Line Items]      
Identifiable intangibles $ 4,000    
Finite lived intangible asset, estimated useful life 5 years    
Qubitekk Federal, LLC [Member] | Trademark [Member]      
Business Acquisition [Line Items]      
Identifiable intangibles $ 800    
Finite lived intangible asset, estimated useful life 5 years    
Qubitekk Federal, LLC [Member] | Backlog [Member]      
Business Acquisition [Line Items]      
Identifiable intangibles $ 200    
Finite lived intangible asset, estimated useful life 1 year    
v3.25.1
Business Combinations - Summary of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed, Including Measurement Period Adjustments (Detail) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Dec. 27, 2024
Business Acquisition [Line Items]      
Goodwill $ 10,669 $ 9,904  
Qubitekk Federal, LLC [Member]      
Business Acquisition [Line Items]      
Accounts receivable     $ 432
Prepaid expenses and other current assets     810
Intangible assets     10,850
Goodwill     9,984
Other noncurrent assets     3
Unearned revenue     (25)
Total fair value of net assets acquired     22,054
Qubitekk Federal, LLC [Member] | Preliminary Fair Value [Member]      
Business Acquisition [Line Items]      
Accounts receivable     400
Prepaid expenses and other current assets     531
Intangible assets     11,900
Goodwill     9,220
Other noncurrent assets     3
Total fair value of net assets acquired     22,054
Qubitekk Federal, LLC [Member] | Measurement Period Adjustments [Member]      
Business Acquisition [Line Items]      
Accounts receivable     32
Prepaid expenses and other current assets     279
Intangible assets     (1,050)
Goodwill     764
Unearned revenue     $ (25)
v3.25.1
Cash, Cash Equivalents, Restricted Cash And Investments - Summary of Unrealized Gains and Losses and Estimated Fair Value of Cash Equivalents and Investments (Detail) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Line Items]    
Amortized Cost $ 699,823 $ 366,111
Gross Unrealized Gains 224 341
Gross Unrealized Losses (221) (171)
Estimated Fair Value 699,826 366,281
Cash and money market funds [Member]    
Cash and Cash Equivalents [Line Items]    
Amortized Cost 24,871 33,204
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 24,871 33,204
Corporate Notes And Bonds [Member]    
Cash and Cash Equivalents [Line Items]    
Amortized Cost 13,923 45,823
Gross Unrealized Gains 14 22
Gross Unrealized Losses (5) (53)
Estimated Fair Value 13,932 45,792
US Government Corporations and Agencies Securities [Member]    
Cash and Cash Equivalents [Line Items]    
Amortized Cost 661,029 287,084
Gross Unrealized Gains 210 319
Gross Unrealized Losses (216) (118)
Estimated Fair Value $ 661,023 $ 287,285
v3.25.1
Cash Equivalents, Restricted Cash And Investments - Additional Information - (Details) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]    
Allowance for credit losses $ 0 $ 0
v3.25.1
Cash, Cash Equivalents, Restricted Cash And Investments - Summary of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Detail) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 Months, Fair Value $ 425,697 $ 67,600
Less than 12 Months, Gross Unrealized Losses (211) (111)
12 Months or Longer, Fair value 5,980 28,383
12 Months or Longer, Gross Unrealized Losses (10) (60)
Total, Fair value 431,677 95,983
Total, Gross Unrealized Loses (221) (171)
Corporate Notes and Bonds [Member]    
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 Months, Fair Value 0 0
Less than 12 Months, Gross Unrealized Losses 0 0
12 Months or Longer, Fair value 3,985 24,396
12 Months or Longer, Gross Unrealized Losses (5) (53)
Total, Fair value 3,985 24,396
Total, Gross Unrealized Loses (5) (53)
US government and Agency    
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 Months, Fair Value 425,697 67,600
Less than 12 Months, Gross Unrealized Losses (211) (111)
12 Months or Longer, Fair value 1,995 3,987
12 Months or Longer, Gross Unrealized Losses (5) (7)
Total, Fair value 427,692 71,587
Total, Gross Unrealized Loses $ (216) $ (118)
v3.25.1
Cash, Cash Equivalents, Restricted Cash And Investments - Schedule of Contractual Maturity Date of Cash Cash Equivalents, Restricted Cash and Investments in Available-for-Sale Securities (Detail) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Line Items]    
1 Year or Less $ 588,356  
Greater than 1 Year 111,470  
Total 699,826 $ 366,281
Cash and money market funds [Member]    
Cash and Cash Equivalents [Line Items]    
1 Year or Less 22,262  
Greater than 1 Year 2,609  
Total 24,871 33,204
Corporate Notes and Bonds [Member]    
Cash and Cash Equivalents [Line Items]    
1 Year or Less 13,932  
Greater than 1 Year 0  
Total 13,932 45,792
US Government Corporations and Agencies Securities [Member]    
Cash and Cash Equivalents [Line Items]    
1 Year or Less 552,162  
Greater than 1 Year 108,861  
Total $ 661,023 $ 287,285
v3.25.1
Fair Value Measurements - Summary of fair value measurements on a recurring basis and the level of inputs (Detail) - Fair Value, Recurring [Member] - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets:    
Cash and cash equivalents $ 162,360 $ 56,840
Total assets 699,826 366,281
Liabilities:    
Public warrants 21,241 70,688
Short-term Investments [Member]    
Assets:    
Investments 428,605 285,896
Other Long-term Investments [Member]    
Assets:    
Investments 108,861 23,545
Cash and money market funds [Member]    
Assets:    
Cash and cash equivalents [1] 24,871 33,204
Corporate Notes And Bonds [Member] | Short-term Investments [Member]    
Assets:    
Investments 13,932 43,868
Corporate Notes And Bonds [Member] | Other Long-term Investments [Member]    
Assets:    
Investments   1,924
US Government Corporations and Agencies Securities [Member]    
Assets:    
Cash and cash equivalents 137,489 23,636
US Government Corporations and Agencies Securities [Member] | Short-term Investments [Member]    
Assets:    
Investments 414,673 242,028
US Government Corporations and Agencies Securities [Member] | Other Long-term Investments [Member]    
Assets:    
Investments 108,861 21,621
Quoted Prices in Active Markets (Level 1) [Member]    
Assets:    
Cash and cash equivalents 24,871 33,204
Total assets 24,871 33,204
Liabilities:    
Public warrants 21,241 70,688
Quoted Prices in Active Markets (Level 1) [Member] | Short-term Investments [Member]    
Assets:    
Investments 0 0
Quoted Prices in Active Markets (Level 1) [Member] | Other Long-term Investments [Member]    
Assets:    
Investments 0 0
Quoted Prices in Active Markets (Level 1) [Member] | Cash and money market funds [Member]    
Assets:    
Cash and cash equivalents [1] 24,871 33,204
Quoted Prices in Active Markets (Level 1) [Member] | Corporate Notes And Bonds [Member] | Short-term Investments [Member]    
Assets:    
Investments 0 0
Quoted Prices in Active Markets (Level 1) [Member] | Corporate Notes And Bonds [Member] | Other Long-term Investments [Member]    
Assets:    
Investments   0
Quoted Prices in Active Markets (Level 1) [Member] | US Government Corporations and Agencies Securities [Member]    
Assets:    
Cash and cash equivalents 0 0
Quoted Prices in Active Markets (Level 1) [Member] | US Government Corporations and Agencies Securities [Member] | Short-term Investments [Member]    
Assets:    
Investments 0 0
Quoted Prices in Active Markets (Level 1) [Member] | US Government Corporations and Agencies Securities [Member] | Other Long-term Investments [Member]    
Assets:    
Investments 0 0
Significant Other Observable Inputs (Level 2) [Member]    
Assets:    
Cash and cash equivalents 137,489 23,636
Total assets 674,955 333,077
Liabilities:    
Public warrants 0 0
Significant Other Observable Inputs (Level 2) [Member] | Short-term Investments [Member]    
Assets:    
Investments 428,605 285,896
Significant Other Observable Inputs (Level 2) [Member] | Other Long-term Investments [Member]    
Assets:    
Investments 108,861 23,545
Significant Other Observable Inputs (Level 2) [Member] | Cash and money market funds [Member]    
Assets:    
Cash and cash equivalents [1] 0 0
Significant Other Observable Inputs (Level 2) [Member] | Corporate Notes And Bonds [Member] | Short-term Investments [Member]    
Assets:    
Investments 13,932 43,868
Significant Other Observable Inputs (Level 2) [Member] | Corporate Notes And Bonds [Member] | Other Long-term Investments [Member]    
Assets:    
Investments   1,924
Significant Other Observable Inputs (Level 2) [Member] | US Government Corporations and Agencies Securities [Member]    
Assets:    
Cash and cash equivalents 137,489 23,636
Significant Other Observable Inputs (Level 2) [Member] | US Government Corporations and Agencies Securities [Member] | Short-term Investments [Member]    
Assets:    
Investments 414,673 242,028
Significant Other Observable Inputs (Level 2) [Member] | US Government Corporations and Agencies Securities [Member] | Other Long-term Investments [Member]    
Assets:    
Investments 108,861 21,621
Unobservable Inputs (Level 3) [Member]    
Assets:    
Cash and cash equivalents 0 0
Total assets 0 0
Liabilities:    
Public warrants 0 0
Unobservable Inputs (Level 3) [Member] | Short-term Investments [Member]    
Assets:    
Investments 0 0
Unobservable Inputs (Level 3) [Member] | Other Long-term Investments [Member]    
Assets:    
Investments 0 0
Unobservable Inputs (Level 3) [Member] | Cash and money market funds [Member]    
Assets:    
Cash and cash equivalents [1] 0 0
Unobservable Inputs (Level 3) [Member] | Corporate Notes And Bonds [Member] | Short-term Investments [Member]    
Assets:    
Investments 0 0
Unobservable Inputs (Level 3) [Member] | Corporate Notes And Bonds [Member] | Other Long-term Investments [Member]    
Assets:    
Investments   0
Unobservable Inputs (Level 3) [Member] | US Government Corporations and Agencies Securities [Member]    
Assets:    
Cash and cash equivalents 0 0
Unobservable Inputs (Level 3) [Member] | US Government Corporations and Agencies Securities [Member] | Short-term Investments [Member]    
Assets:    
Investments 0 0
Unobservable Inputs (Level 3) [Member] | US Government Corporations and Agencies Securities [Member] | Other Long-term Investments [Member]    
Assets:    
Investments $ 0 $ 0
[1] Includes money market funds associated with the Company’s overnight investment sweep account and cash collateralizing the Company's letters of credit and corporate credit cards.
v3.25.1
Fair Value Measurements - Additional Information (Detail)
Mar. 31, 2025
$ / shares
Schedule Of Changes In The Fair Value Of Warrant Liabilities [Line Items]  
Class of warrants, exercise price per share $ 1.38
Public Warrants [Member]  
Schedule Of Changes In The Fair Value Of Warrant Liabilities [Line Items]  
Class of warrants, exercise price per share $ 11.11
v3.25.1
Property And Equipment, Net - Summary Of Property And Equipment (Detail) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Gross property and equipment $ 83,672 $ 80,373
Less: accumulated depreciation (32,028) (27,612)
Total property and equipment, net 51,644 52,761
Quantum computing systems [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 39,153 38,374
Leasehold improvements [Member]    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 18,003 17,921
Machinery, equipment, furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Gross property and equipment 19,420 16,683
Computer equipment and acquired computer software    
Property, Plant and Equipment [Line Items]    
Gross property and equipment $ 7,096 $ 7,395
v3.25.1
Property And Equipment, Net - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Property, Plant and Equipment [Abstract]    
Depreciation $ 4.4 $ 2.7
v3.25.1
Other Balance Sheet Accounts - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Materials and supplies $ 23,967 $ 18,658
Prepaid expenses 4,452 4,890
Accrued interest receivable 4,151 2,221
Other current assets 6,657 2,556
Total prepaid expenses and other current assets $ 39,227 $ 28,325
v3.25.1
Other Balance Sheet Accounts - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued salaries and other payroll liabilities $ 8,741 $ 10,368
Accrued professional services 6,638 936
Acquisition holdback liabilities 4,950 3,300
Accrued equipment and services liabilities for research and development 785 534
Accrued expenses—other 2,481 1,286
Total accrued expenses and other current liabilities $ 23,595 $ 16,424
v3.25.1
Warrants - Additional Information (Detail) - $ / shares
Mar. 31, 2025
Sep. 30, 2021
Aug. 31, 2020
Class of warrant or right, exercise price of warrants or rights $ 1.38    
Warrant issue price $ 11.5    
Class of warrant redeemed 0    
Class of warrants or rights vested and execisable 0   543,152
Public Warrants [Member]      
Class of warrant or right, exercise price of warrants or rights $ 11.11    
Number of warrants or rights outstanding 1,911,858 7,500,000  
v3.25.1
At-The-Market Offering - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended
Feb. 28, 2025
Mar. 31, 2025
Dec. 31, 2024
At The Market Offering [Line Items]      
Common stock, par value   $ 0.0001 $ 0.0001
Issuance of common stock in connection with at-the-market offering, net of issuance costs   $ 358,255  
At The Market Offering [Member]      
At The Market Offering [Line Items]      
Common stock, par value $ 0.0001    
Issuance of common stock in connection with at-the-market offering, net of issuance costs $ 500,000    
Proceeds of sale of common shares percentage 3.25%    
Issuance of common stock in connection with at-the-market offering, net of issuance costs (in shares)   16,038,460  
aggregate purchase price   $ 358,300  
Stock issuance costs   $ 14,300  
v3.25.1
Revenue - Schedule of Revenue Disaggregated by Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Total revenue $ 7,566 $ 7,582
Specialized Quantum Computing Hardware [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 3,063 3,619
Platform, Consulting and Support Services [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue $ 4,503 $ 3,963
v3.25.1
Revenue - Schedule of Revenue Disaggregated by Customer Location (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Total revenue $ 7,566 $ 7,582
United States [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue 5,289 7,062
International [Member]    
Disaggregation of Revenue [Line Items]    
Total revenue $ 2,277 $ 520
v3.25.1
Revenue - Additional Information (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Revenue, remaining performance obligation, amount $ 71.9
Percentage Of Remaining Performance Obligation 40.00%
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation twelve months
v3.25.1
Revenue - Summary of Changes in Unearned Revenue (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Deferred Revenue [Abstract]  
Beginning balance $ 10,678
Revenue recognized (4,047)
New deferrals, net 5,430
Ending balance $ 12,061
v3.25.1
Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Feb. 28, 2025
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Jan. 01, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Weighted-average remaining contractual term outstanding   5 years 4 months 6 days      
Stock subject to repurchase related to stock options early exercised and unvested   163,039   211,184  
Stock repurchase program, remaining authorized repurchase amount   $ 0.4   $ 0.4  
Time Based Restricted Stock Units Rsu [Member]          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
PSUs ,Granted   206,316 1,064,518    
Performance Based Restricted Stock Units [Member]          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Dividend yield   0.00% 0.00%    
Share based compensation by share based award vesting term 3 years        
PSUs ,Granted   965,630      
Target percentage of number of shares earned   100.00%      
Performance Based Restricted Stock Units [Member] | Maximum [Member]          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Share based compensation by share based award vesting term   4 years      
Percentage of number of shares earned 200.00% 300.00%      
Performance Based Restricted Stock Units [Member] | Minimum [Member]          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Share based compensation by share based award vesting term   3 years      
Percentage of number of shares earned 0.00% 0.00%      
Stock Options [Member]          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Dividend yield   0.00%      
2015 Equity Incentive Plan [Member]          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Weighted-average remaining contractual term outstanding   10 years      
2015 Equity Incentive Plan [Member] | Maximum [Member]          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Share based compensation by share based award vesting term   5 years      
2015 Equity Incentive Plan [Member] | Minimum [Member]          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Share based compensation by share based award vesting term   4 years      
2021 Equity Incentive Plan [Member]          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Shares reserved for issuances         14,532,010
Weighted-average remaining contractual term outstanding   10 years      
Number of Shares Available for Grant   33,470,867      
Share based compensation arrangement by share based payment award cumulative annual increase percentage   5.00%      
2021 Equity Incentive Plan [Member] | Maximum [Member]          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Share based compensation by share based award vesting term   4 years      
2021 Equity Incentive Plan [Member] | Minimum [Member]          
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]          
Share based compensation by share based award vesting term   1 year      
v3.25.1
Stock-Based Compensation - Summary Of Share Based Payment Award Stock Options Valuation Assumptions (Detail)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Stock Options [Member]    
Dividend yield 0.00%  
Performance Based Restricted Stock Units [Member]    
Risk-free interest rate 4.28% 0.00%
Expected term (in years) 1 year 11 months 8 days 0 years
Expected volatility 112.50% 0.00%
Dividend yield 0.00% 0.00%
v3.25.1
Stock-Based Compensation - Summary of the Stock Option Activity (Detail)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of Option Shares, Beginning Balance | shares 16,687,129
Number of Option Shares, Exercised | shares (2,822,394)
Number of Option Shares, Cancelled/ Forfeited | shares (410,638)
Number of Option Shares, Ending Balance | shares 13,454,097
Number of Option Shares, Exercisable | shares 11,380,024
Number of Option Shares, Exercisable and expected to vest | shares 13,454,097
Weighted Average Exercise Price, Beginning Balance | $ / shares $ 2.4
Weighted Average Exercise Price, Exercised | $ / shares 0.43
Weighted Average Exercise Price, Cancelled/ Forfeited | $ / shares 2.58
Weighted Average Exercise Price, Ending Balance | $ / shares 2.81
Weighted Average Exercise Price, Exercisable | $ / shares 2.31
Weighted Average Exercise Price, Exercisable and expected to vest | $ / shares $ 2.81
Weighted-average Remaining Contractual Term, Outstanding 5 years 4 months 6 days
Weighted-average Remaining Contractual Term, Exercisable 5 years 29 days
Weighted-average Remaining Contractual Term, Exercisable and expected to vest 5 years 4 months 6 days
Aggregate Intrinsic Value, Outstanding | $ $ 259,160
Aggregate Intrinsic Value, Exercisable | $ 224,830
Aggregate Intrinsic Value, Exercisable and expected to vest | $ $ 259,160
v3.25.1
Stock-Based Compensation - Summary of restricted stock unit ("RSU") activity (Detail) - Restricted Stock Units Outstanding [Member]
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
Number of Shares, Beginning Balance 14,509,717
RSUs, Granted 2,447,244
RSUs, Vested (1,771,714)
RSUs, Forfeited (420,752)
Number of Shares, Ending Balance 14,764,495
RSUs, Expected to vest after March 31, 2025 14,743,995
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares $ 9.54
Weighted Average Grant Date Fair Value, Granted | $ / shares 32.01
Weighted Average Grant Date Fair Value, Vested | $ / shares 12.68
Weighted Average Grant Date Fair Value, Forfeited | $ / shares 9.62
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares $ 12.87
Weighted Average Grant Date Fair Value, Expected to vest 12.87
Weighted Average Remaining Contractual Term (Years) 2 years 6 months 3 days
Weighted Average Remaining Contractual Term (Years), Expected to vest 2 years 6 months 3 days
v3.25.1
Stock-Based Compensation - Summary of Performance Share Unit ("PSU") Activity Based on Awards at Target (Details) - Performance Based Restricted Stock Units [Member]
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
Number of Shares, Beginning Balance 3,972,257
PSUs ,Granted 965,630
PSUs,Vested (60,175)
PSUs,Forfeited (73,548)
Number of Shares, Ending Balance 4,804,164
PSUs, Expected to vest after September 30, 2024 10,544,490
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares $ 16.17
Weighted Average Grant Date Fair Value, Granted | $ / shares 30.73
Weighted Average Grant Date Fair Value, Vested | $ / shares 18.03
Weighted Average Grant Date Fair Value, Forfeited | $ / shares 18.03
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares $ 19.05
Weighted Average Grant Date Fair Value, Expected to vest 16.39
Weighted Average Remaining Contractual Term (Years) 2 years 1 month 9 days
Weighted Average Remaining Contractual Term (Years), Expected to vest 2 years 1 month 9 days
v3.25.1
Stock-Based Compensation - Summary of Stock-based Compensation Expenses for Stock Options and Unvested Common Stock (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense $ 34,166 $ 23,659
Cost of Sales [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 1,063 1,005
Research and Development Expense [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 17,392 12,366
Selling and Marketing Expense [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 4,356 2,775
General and Administrative Expense [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 10,442 5,915
Stock-based Compensation, Net Of Amounts Capitalized [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 33,253 22,061
Capitalized Stock Based Compensation - Property And Equipment Net And Intangible Assets Net [Member]    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense $ 913 $ 1,598
v3.25.1
Stock-Based Compensation - Summary of Unrecognized Stock-Based Compensation (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Restricted Stock Units Outstanding [Member]  
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]  
Unrecognized Expense $ 179.8
Weighted- Average Amortization Period (Years) 2 years 9 months 18 days
Performance Based Restricted Stock Units [Member]  
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]  
Unrecognized Expense $ 112.8
Weighted- Average Amortization Period (Years) 2 years 1 month 6 days
Stock Options [Member]  
Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]  
Unrecognized Expense $ 10.5
Weighted- Average Amortization Period (Years) 1 year 1 month 6 days
v3.25.1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Income Tax Disclosure [Line Items]      
Income tax (benefit) expense $ 12 $ 8  
Valuation allowance against net deferred tax assets full valuation allowance   full valuation allowance
Maximum [Member]      
Income Tax Disclosure [Line Items]      
Income tax (benefit) expense $ 100 $ 100  
v3.25.1
Leases - Summary Of Components Of Lease Cost (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Lease, Cost [Abstract]    
Fixed lease cost $ 670 $ 554
Short-term cost 84 45
Total operating lease cost $ 754 $ 599
v3.25.1
Leases - Summary Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items]    
Total operating lease cost $ 754 $ 599
Cost of revenue    
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items]    
Total operating lease cost 89 63
Research and development    
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items]    
Total operating lease cost 493 334
Sales and marketing    
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items]    
Total operating lease cost 88 21
General and administrative    
Disclosure Of Lease Costs Are Reflected In The Statements Of Operations And Comprehensive Loss [Line Items]    
Total operating lease cost $ 84 $ 181
v3.25.1
Leases - Summary Of Supplemental Cash Flow And Other Information Related To Operating Leases (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]    
Cash payments (receipts) included in the measurement of operating lease liabilities, net $ 801 $ (2,323)
v3.25.1
Leases - Summary Of Maturities Of Operating Lease Liabilities (Detail)
$ in Thousands
Mar. 31, 2025
USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]  
2025 $ 2,881
2026 4,217
2027 4,281
2028 4,381
2029 3,943
Thereafter 1,510
Total lease payments 21,213
Less: imputed interest (3,853)
Present value of operating lease liabilities $ 17,360
v3.25.1
Leases - Additional Information (Detail)
Mar. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted-average remaining lease term 5 years 5 years 2 months 12 days
Weighted-average discount rate 8.20% 8.20%
v3.25.1
Related Party Transactions - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Related Party Transaction [Line Items]    
Revenue $ 7,566 $ 7,582
Research and development expense 39,953 32,368
UMD [Member]    
Related Party Transaction [Line Items]    
Revenue $ 0 $ 1,200
v3.25.1
Related Party Transactions - Schedule of Related Party Transactions (Detail) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Prepaid expenses and other current assets $ 39,227 $ 28,325
Operating lease right-of-use assets 9,232 9,470
Other noncurrent assets 4,468 4,437
Liabilities    
Current portion of operating lease liabilities 3,621 3,366
Operating lease liabilities, net of current portion 13,739 14,359
UMD [Member]    
Assets    
Operating lease right-of-use assets 3,031 3,120
Liabilities    
Current portion of operating lease liabilities 686 681
Operating lease liabilities, net of current portion $ 2,747 $ 2,843
v3.25.1
Segment Information - Additional Information (Details)
 3 Months Ended
Mar. 31, 2025
Segment
Segment Reporting [Abstract]  
Number of operating segment 1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description Consolidated net loss as reported on the condensed consolidated statements of operations is used to evaluate performance and allocate resources.
v3.25.1
Segment Information - Schedule of Revenue, Significant Expenses, and Segment Profit and Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Revenue $ 7,566 $ 7,582
Operating costs and expenses excluding stock-based compensation:    
Cost of revenue (excluding depreciation and amortization) 4,315 3,414
Research and development 39,953 32,368
Sales and marketing 8,610 6,701
General and administrative 23,806 14,020
Stock-based compensation 34,166 23,659
Other segment items:    
(Gain) loss on change in fair value of warrant liabilities (38,494) (8,627)
Other (income) expense, net (51) 134
Income tax (benefit) expense 12 8
Net loss (32,252) (39,592)
Operating Segment [Member]    
Segment Reporting Information [Line Items]    
Revenue 7,566 7,582
Operating costs and expenses excluding stock-based compensation:    
Cost of revenue (excluding depreciation and amortization) 3,252 2,409
Research and development 22,561 20,002
Sales and marketing 4,254 3,926
General and administrative 13,364 8,105
Stock-based compensation 33,253 22,061
Depreciation and amortization 6,561 3,955
Other segment items:    
(Gain) loss on change in fair value of warrant liabilities (38,494) (8,627)
Interest income, net (4,894) (4,799)
Other (income) expense, net (51) 134
Income tax (benefit) expense 12 8
Net loss $ (32,252) $ (39,592)
v3.25.1
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - shares
May 07, 2025
Apr. 30, 2025
ID Quantique SA [Member]    
Subsequent Event [Line Items]    
Shares of common stock transaction   4,215,740
Business acquisition name   ID Quantique SA
Lightsynq Technologies, Inc and Capella Space Corporation [Member]    
Subsequent Event [Line Items]    
Shares of common stock transaction 24,200,000