IonQ Continues to Beat Revenue Guidance, Qubit Milestone on Track, Morgan Stanley Says
IonQ (IONQ) continues to beat quarterly revenue guidance, with momentum remaining strong and the company's 256-qubit milestone still on track, Morgan Stanley said in a Thursday note.IonQ beat revenue guidance for the fourth straight quarter, including a 31% beat in Q1, the firm said.Morgan Stanley said the company has not been specific about the drivers of outperformance, but trends point to strong ongoing momentum.Analysts also noted that one-third of the company's revenue came from customers who have bought more than one product, pointing to cross-selling synergies.Morgan Stanley said 256-qubit system developments are moving through later-stage systems testing and should be ready for demonstrations by year-end, with delivery expected in H1 2027.The firm raised its 2026 revenue estimate to $265 million from $235 million and its 2027 estimate to $401 million from $380 million.Morgan Stanley has an equal-weight rating on IonQ and raised its price target to $48.50 from $47.Shares of IonQ were down more than 4% in Thursday trading.Price: $50.33, Change: $-2.25, Percent Change: -4.27%