IonQ's quantum computing business is transitioning from speculation to commercialization with Q2 revenue of $80.1M (up 287% YoY) and 2026 guidance raised to $280–290M standalone or $450–460M combined with SkyWater. The acquisition of SkyWater provides vertical integration of chip manufacturing, enabling faster design cycles and on-premise system sales, though execution risks remain as the company scales hardware while managing a capital-intensive foundry.