IonQ (IONQ): what its 10-K says it depends on

Customers

U.S. government

earns fromnamed as a risk

Our anticipated future revenues from the U.S. government result from contracts awarded under various U.S. government programs.Risk factors (Item 1A)

Also named by ADI, AIR, APH, ASTS, ATI, AVAV, AWK, BA and 46 more

U.S. Air Force Research Laboratory

earns from

Our customers, potential customers and partners include government agencies such as the United States Air Force Research Lab, Defense Advanced Research Projects Agency and Oak Ridge National Laboratory.Business (Item 1)

Also named by MTSI

Defense Advanced Research Projects Agency (DARPA)

earns from

Our customers, potential customers and partners include government agencies such as the United States Air Force Research Lab, Defense Advanced Research Projects Agency and Oak Ridge National Laboratory.Business (Item 1)

Oak Ridge National Laboratory

earns from

Our customers, potential customers and partners include government agencies such as the United States Air Force Research Lab, Defense Advanced Research Projects Agency and Oak Ridge National Laboratory.Business (Item 1)

Suppliers

Sole source suppliers

depends onnamed as a risk

We are reliant on third-party suppliers, including sole source suppliers, for components necessary to develop and manufacture our quantum solutions.Risk factors (Item 1A)

Also named by AVAV, AYI, BA, BDX, HII, KMB, LHX, NOC and 6 more

Partners and platforms

University of Maryland

depends on · exclusive licenses to 131 third-party patentsnamed as a risk

As of January 31, 2026, we have exclusive licenses to 131 third-party patents in several technology areas, including licenses from the University of Maryland and Duke University.Business (Item 1)

Duke University

depends on · exclusive licenses to 131 third-party patentsnamed as a risk

As of January 31, 2026, we have exclusive licenses to 131 third-party patents in several technology areas, including licenses from the University of Maryland and Duke University.Business (Item 1)

Google Cloud Marketplace

depends onnamed as a risk

We currently offer our QCaaS on public clouds provided by AWS’s Braket, Microsoft’s Azure Quantum, and the Google Cloud Marketplace.Risk factors (Item 1A)

Also named by CDW, PANW

Amazon Web Services (AWS) Braket

depends onnamed as a risk

We currently offer our QCaaS on public clouds provided by AWS’s Braket, Microsoft’s Azure Quantum, and the Google Cloud Marketplace.Risk factors (Item 1A)

Microsoft Azure Quantum

depends onnamed as a risk

We currently offer our QCaaS on public clouds provided by AWS’s Braket, Microsoft’s Azure Quantum, and the Google Cloud Marketplace.Risk factors (Item 1A)

University of Chicago

Beyond offering this vast suite of quantum products and services, we also aim to broaden the quantum ecosystem by working with key institutions, such as our partnership, announced in November 2025, with the University of Chicago to expand quantum research.Business (Item 1)

Other companies

SkyWater Technologies, Inc.

named as a risk

There can be no assurance that the SkyWater Acquisition will be completed in the expected timeframe, or at all.Risk factors (Item 1A)

Capella Space Corp.

named as a risk

Our Capella Space Corp. subsidiary also provides a satellite-based data-as-a-service product to customers based on synthetic aperture radar, or SAR, imaging.Business (Item 1)

Oxford Ionics Limited

For example, in September 2025, we acquired Oxford Ionics Limited, which we believe will accelerate our quantum computing roadmap by using Electronic Qubit Control (EQC) to leverage semiconductor production and scaling.Business (Item 1)

Competitors

Google

competes withnamed as a risk

The companies that own these public clouds have internal quantum computing efforts that are competitive to our technology.Risk factors (Item 1A)

Also named by ABNB, AES, APP, BKNG, CSGP, CTSH, DOCU, ETSY and 14 more

IBM

competes withnamed as a risk

•large, well-established technology companies that generally compete in all of our markets, including Amazon, Google, IBM, Intel and Microsoft;Risk factors (Item 1A)

Also named by DDOG, MDB, P, PTC, QBTS, RBRK

Rigetti Computing

competes with

Large technology companies such as Google and IBM, and startup companies such as Rigetti Computing, are adopting a superconducting circuit technology approach, in which small amounts of electrical current circulate in a loop of superconducting material (usually metal where the electrical resistance vanishes at low temperatures).Business (Item 1)

Also named by QBTS

Quantinuum Ltd.

competes with

Several other companies use a trapped ion quantum computing approach similar to ours, including Quantinuum Ltd. and Alpine Quantum Technologies GmbH.Business (Item 1)

PsiQuantum

competes with

There are companies pursuing photonic qubits, such as PsiQuantum and Xanadu, among others.Business (Item 1)

Places

Seattle, Washington

concentrated in · approximately 18% of our full-time employeesnamed as a risk

Our principal manufacturing facility and a significant portion of our research and development activities, and certain other essential business operations, are located in the Seattle, Washington area, which is a seismically active region.Risk factors (Item 1A)

Also named by MSFT

Washington, D.C. metropolitan area

concentrated in · Approximately 14% of our full-time employees

Approximately 14% of our full-time employees are based in the greater Washington, D.C. metropolitan area and approximately 18% of our full-time employees are based in the greater Seattle metropolitan area.Business (Item 1)

Taiwan

depends onnamed as a risk

•any reductions or interruption in supply, including disruptions on our global supply chain as a result of the global chip shortage, geopolitical tensions in and around Ukraine, Israel, Taiwan and other areas of the world and any indirect effects thereof;Risk factors (Item 1A)

Also named by AAOI, AAPL, AB, ADI, AEHR, ALAB, AMAT, AMD and 50 more

United Kingdom

operates innamed as a risk

Particularly given our significant and growing presence in the UK and the EEA, if there is no lawful manner for us to transfer personal data from the EEA, the UK, or other jurisdictions to the United States, or if the requirements for a legally-compliant transfer are too onerous, we could face significant adverse consequences, including the interruption or degradation of our operations, the need to relocate part of or all of our business or data processing activities to other jurisdictions at significant expense, increased exposure to regulatory actions, substantial fines and penalties, the inability to transfer data and work with partners, vendors and other third parties, and injunctions against our transferring or other processing of personal data necessary to operate our business.Risk factors (Item 1A)

Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more

Hazards

Earthquake (Seattle region)

operates innamed as a risk

Our principal manufacturing facility and a significant portion of our research and development activities, and certain other essential business operations, are located in the Seattle, Washington area, which is a seismically active region.Risk factors (Item 1A)

Also named by A, ADBE, AEE, ARE, ARES, BLK, CDNA, CRC and 11 more

Space debris

operates innamed as a risk

In addition to our quantum products and services, our satellites operate in the harsh environment of space, which subjects them to operational risks such as exposure to space debris and other spacecraft while in orbit.Risk factors (Item 1A)

Also named by ASTS

Commodities and inputs

Semiconductor and optical components

depends onnamed as a risk

Our ability to scale is dependent also upon components we must source from the optical, mechanical, electronics and semiconductor industries.Risk factors (Item 1A)

Satellite launch services

depends onnamed as a risk

•rising prices for or limited availability of satellite launch services;Risk factors (Item 1A)

Regulators

Federal Communications Commission (FCC)

subject tonamed as a risk

The FCC has recently tightened orbital debris rules, requiring satellites to de-orbit within five years.Risk factors (Item 1A)

Also named by AIOT, AMT, ANET, ASTS, CCI, CMCSA, DIS, ECHO and 26 more

National Telecommunications and Information Administration (NTIA)

subject tonamed as a risk

We must also coordinate with NTIA for federal spectrum use.Risk factors (Item 1A)

Also named by SPIR, ZBRA

National Oceanic and Atmospheric Administration (NOAA)

subject tonamed as a risk

NOAA may impose restrictions on our imaging capabilities or operations based on national security reviews conducted by multiple agencies and the intelligence community.Risk factors (Item 1A)

Also named by ALL

Laws and programs

Internal Revenue Code Section 382

subject to · approximately $653.8 millionnamed as a risk

Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, which we refer to as the Code, our U.S. federal net operating loss carryforwards and other tax attributes may become subject to an annual limitation in the event of certain cumulative changes in the ownership of our stock.Risk factors (Item 1A)

Also named by AIG, BKH, CHRD, EXE, PVLA, VRNS

EU General Data Protection Regulation (GDPR)

subject tonamed as a risk

Particularly given our significant and growing presence in the UK and the EEA, if there is no lawful manner for us to transfer personal data from the EEA, the UK, or other jurisdictions to the United States, or if the requirements for a legally-compliant transfer are too onerous, we could face significant adverse consequences, including the interruption or degradation of our operations, the need to relocate part of or all of our business or data processing activities to other jurisdictions at significant expense, increased exposure to regulatory actions, substantial fines and penalties, the inability to transfer data and work with partners, vendors and other third parties, and injunctions against our transferring or other processing of personal data necessary to operate our business.Risk factors (Item 1A)

Also named by ACN, ADSK, AIG, ALK, AMG, ANET, APG, AXON and 61 more

U.S. Export Administration Regulations (EAR)

subject tonamed as a risk

The United States and a number of other countries have recently enacted export controls on quantum computing hardware and related software and technology at specified levels of technological advancement.Risk factors (Item 1A)

Also named by ADI, ALAB, AMD, APP, ARW, AVGO, CARR, CDRE and 40 more

International Traffic in Arms Regulations (ITAR)

subject tonamed as a risk

Our products, technology, technical data and services are subject to various restrictions under U.S. export controls, import laws and regulations and economic sanctions, including the U.S. Export Administration Regulations administered by the U.S. Department of Commerce Bureau of Industry and Security, International Traffic in Arms Regulations administered by the U.S. Department of State Directorate of Defense Trade Controls, U.S. Customs regulations, trade and economic sanctions administered by the U.S. Department of Treasury’s Office of Foreign Assets Control and similar laws of other jurisdictions.Risk factors (Item 1A)

Also named by ACHR, ADI, AIR, ALSN, APH, AVAV, CDRE, CLS and 29 more

Federal Acquisition Regulation

subject tonamed as a risk

As part of our business strategy, we have entered into and may enter into additional contracts with state, federal and foreign government entities, which subjects our business to statutes and regulations applicable to companies doing business with the government, including the Federal Acquisition Regulation.Risk factors (Item 1A)

Also named by ACN, AIR, ALSN, ASTS, AXON, BWXT, CACI, CDRE and 12 more

Defense Priorities and Allocations System

subject tonamed as a risk

•requirements to fulfill government contracts assigned ratings under the Defense Priorities and Allocations System Program ahead of our commercial contracts, which could prevent us from meeting our commercial customer contracts’ requirements or schedules;Risk factors (Item 1A)

U.S. facility security clearances

subject tonamed as a risk

An inability to obtain or retain our facility security clearances or engage employees with the required personnel security clearances for a particular contract could disqualify us from bidding for and winning new contracts with security requirements as well as result in the termination of any existing contracts requiring such security clearances.Risk factors (Item 1A)

Federal False Claims Act

subject tonamed as a risk

In addition, if we fail to comply with government contracting laws, regulations and contract requirements, our contracts may be subject to termination, and we may be subject to financial and/or other liability under our contracts, the Federal Civil False Claims Act (including treble damages and other penalties) and state analogues or criminal law.Risk factors (Item 1A)