As of Q4'25, IONQ reported Cash & Short-term Investments of USD 2.39B and Debt of USD 30M, marking a substantial increase in cash reserves compared to previous quarters. The company's cash position remains significantly higher than its debt, indicating strong liquidity at the end of the period. From Q1'23 to Q4'25, IONQ's Cash & Short-term Investments exhibited a generally stable trend until Q1'25, followed by a sharp rise in the latter half of 2025, particularly between Q2'25 (USD 543M) and Q4'25 (USD 2.39B). Debt levels remained relatively low and stable throughout the period, with only a gradual increase from USD 6.2M in early 2023 to USD 30M by Q4'25. This trend highlights IONQ's robust cash accumulation and prudent debt management over the observed quarters.