As of Q4'25, IONQ reported R&D Expenses of USD 96.1M and SG&A Expenses of USD 110.2M, marking the highest levels for both categories within the observed period. This latest data point highlights a significant increase in operating expenses compared to previous quarters. From Q1'23 to Q4'25, both R&D and SG&A expenses showed a general upward trend, with notable surges in 2025. R&D Expenses rose steadily from USD 16.2M in Q1'23, peaking sharply at USD 103.4M in Q2'25 before moderating in subsequent quarters. SG&A Expenses followed a similar trajectory, accelerating from USD 13.2M in Q1'23 to USD 110.2M by Q4'25, with particularly rapid growth in the last three quarters. The data indicates a period of intensified investment and expansion, especially during 2025.