Despite reporting first-quarter results and a future outlook that exceeded expectations, and receiving positive analyst sentiment, shares of quantum computing firm IonQ Inc. declined approximately 7% in Thursday's premarket trading. Morgan Stanley maintained its Hold rating on the stock but increased the price target from $47 to $48.50. An analyst team led by Joseph Moore stated, "IonQ continues to decisively surpass its quarterly performance guidance figures. Given its expanding portfolio and consistent conservatism, it is difficult to pinpoint the exact drivers of growth, but the overall trend is clearly healthy. Technical milestones are also progressing smoothly, and we are encouraged by the progress made." The analysts noted that the company has never specified what contributes to its outperformance in any given quarter, and a general culture of conservatism also plays a role, but this is evidence of its sustained strong momentum, as everything appears to be growing, whether organically or not. The analysts expect to gain more information from the upcoming 10-Q filing to understand if the acquisitions of Skyloom or Seed Innovations, which were completed at the end of January for a combined consideration of approximately $200 million in stock, made a material contribution to growth. According to the analysts, based on known information, its revenue setup remains conservative: the updated 2026 revenue guidance is $265 million, implying an average quarterly revenue of $66 million in the second half of the year, while the high end of the Q2 guidance is $68 million. Moore and his team said, "Therefore, as 2026 progresses, we anticipate seeing more instances of 'beating and raising,' as the company continues to announce promising collaborations in areas like satellites and quantum networks, all pointing to ecosystem momentum." The company also disclosed for the first time that one-third of its revenue comes from customers who purchased more than one product, indicating that cross-selling synergies appear to be materializing. Investment bank Wedbush maintained its Outperform rating and raised its price target for IonQ shares from $60 to $75. Analysts led by Antoine Lecoq said in a research note, "IONQ delivered a comprehensively robust performance in the first quarter and raised its 2026 revenue outlook from $225-$245 million to $260-$270 million, while disclosing an impressive $470 million in remaining performance obligations, up from $370 million in the fourth quarter of last year. We believe the continued expansion of RPO is one of the most compelling leading indicators of the company's ability to significantly grow commercial revenue in the coming years and maintain a positive view on IONQ." Lecoq and his team noted in another report that these results further validate IonQ's commercial momentum and expanding customer base. Regarding the disclosure that 35% of Q1 revenue came from multi-product sales, the analysts pointed out that the success in cross-selling products demonstrates the company's ability to leverage its full-stack offerings—spanning quantum computing hardware, networking, Quantum Key Distribution, and software—to increase wallet share with existing customers. Furthermore, the analysts stated that IonQ maintained its full-year adjusted EBITDA loss forecast of -$310 million to -$330 million, which they believe reflects a level of conservatism consistent with its management's historical approach to guidance, as well as deliberate proactive investment in preparation for what could be a groundbreaking year at the hardware level. Additionally, several other quantum computing stocks declined. In Thursday's premarket trading, Rigetti Computing and D-Wave Quantum each fell about 4%, Quantum Computing dropped nearly 3%, and Arqit Quantum declined approximately 2%.