IonQ (IONQ) — what changed in its 2026 10-K risk factors

Item 1A Risk Factors, 10-K filed 2026-02-25 vs 2025-02-26. The material changes, ranked.

• Escalated Government-spending dependence hardened. New explicit threats added: "decisions by a government to favor our competitors," U.S./foreign government spending lapses, and "A significant reduction in U.S. government spending could have long-term consequences for our size and structure" — language not in the prior filing.
• New Inherited satellite-failure risk. "A company that we acquired experienced satellite failures prior to its acquisition by us, including the loss of a satellite at launch in the third quarter of 2023, and may experience additional failures" — operational risk from a space/satellite acquisition, newly on the risk page.
• New Governance turnover admitted. "we experienced significant turnover in our executive ranks and on our Board of Directors" during 2025.
• Escalated Dilution & losses deepened. Accumulated deficit $683.7M → $1,194.1M; warrants outstanding 2,863,848 → 80,922,838 shares.
• Removed Active securities class-action dropped. The prior filing's consolidated shareholder litigation (Leacock/Fisher, named defendants, pending briefs) is absent — the overhang looks resolved.