As of Q1'26, IONQ's cash and short-term investments stood at $2.03B USD, reflecting a slight decline of approximately 15% from the record high of $2.39B USD in Q4'25, while debt remained relatively low at $30.4M USD, up marginally from $30.0M USD in the prior quarter. This positions the company's net cash position strongly at over $2B USD, underscoring robust liquidity heading into the latest period. Over the timeframe from Q2'23 to Q1'26, cash and short-term investments exhibited significant growth, surging from $236M USD to $2.03B USD—a more than 8-fold increase—driven by sharp accelerations in late 2025, including a jump from $1.08B USD in Q3'25 to $2.39B USD in Q4'25, likely from funding or operational inflows. In contrast, debt rose steadily but modestly from $6.2M USD to $30.4M USD, maintaining a favorable debt-to-cash ratio below 2%, with no major inflection points indicating financial strain; the bar chart highlights cash's dominance throughout, supporting IONQ's expansion in quantum computing amid controlled leverage.