In Q4'25, IONQ's operating expenses reached a peak of $206.3M, with SG&A Expenses at $110.2M and R&D Expenses at $96.1M, reflecting a significant quarterly increase driven by both categories. From Q1'23 to Q4'25, total operating expenses exhibited strong overall growth from $29.5M to $206.3M, with R&D Expenses rising steadily from $16.2M to $96.1M—marked by a sharp surge in Q2'25 to $103.4M—while SG&A Expenses escalated more dramatically from $13.2M to $110.2M, peaking in Q3'25 at $97.0M before a slight uptick in Q4'25. This trend indicates accelerating investments in research and administrative functions, with notable volatility in later periods suggesting expansion or one-time costs, as visualized in the stacked bar chart.