Moderna (NASDAQ: MRNA) shares reversed an early 9.6% premarket gain on Friday, despite the vaccine maker reporting better-than-expected third-quarter earnings and raising its 2026 revenue growth forecast to 15%–25%, from a previous outlook of up to 10%.

The stock initially climbed to $264.79 after the earnings announcement but later fell to $239.85, down 0.67% from Thursday’s close of $241.46.

The premarket reversal followed two volatile sessions. Moderna shares gained 13.11% on Wednesday before dropping 6.55% on Thursday, when the stock hit a 52-week intraday high of $261 during regular trading.

Moderna shares had risen more than eightfold in 2026, with much of the rally coming after the company and Merck announced positive late-stage results for their experimental personalized melanoma vaccine in August.

Moderna’s Quarterly Revenue Beats Expectations by Nearly 48%

Moderna reported third-quarter revenue of $1.313 billion, up 29% from $1.016 billion a year earlier and approximately 48% above the $885.1 million analyst consensus estimate compiled by LSEG.

The company posted GAAP net income of $162 million, or $0.38 per diluted share, reversing a $200 million loss, or $0.51 per share, in the year-earlier quarter. FactSet’s analyst consensus forecast called for a $1.10/share loss.

Product sales contributed $1.273 billion to quarterly revenue, with another $40 million coming from other sources. Revenue totaled $780 million in the United States and $533 million internationally, with Moderna attributing the year-over-year increase primarily to stronger overseas COVID-19 vaccine sales and deliveries under long-term government partnerships.

The company expects U.S. and international markets to each contribute approximately half of its total 2026 revenue.

Moderna also lowered its projected full-year research and development expenses from approximately $2.9 billion to $2.7 billion. Third-quarter R&D spending fell 27% year over year to $583 million.

Higher Cash Forecast Reflects Financing and Operating Improvements

Moderna raised its expected year-end 2026 cash and investments balance to $8.1 billion–$8.3 billion, compared with its previous forecast of $4.7 billion–$5.2 billion. The higher projection reflects improved operating performance and approximately $2.6 billion in net proceeds from a September offering of $3 billion in convertible senior notes.

The net proceeds account for fees and purchases of capped-call transactions designed to reduce potential share dilution if the notes are converted.

Moderna held approximately $8 billion in cash, cash equivalents and investments at the end of September, up from $6.9 billion at the end of June. Proceeds from the notes offering contributed to the increase, partially offset by a $950 million litigation settlement payment and cash used in operations.

During the first nine months of 2026, Moderna used $2.715 billion in cash for operating activities, according to its cash-flow statement.

The company’s latest year-end cash forecast excludes additional borrowing from approximately $900 million remaining available under its existing credit facility.

Moderna Revises Norovirus Vaccine Development Plans

Separately, Moderna said in its earnings announcement that it would not initiate another Phase 3 cohort for its experimental norovirus vaccine, mRNA-1403, this season.

The decision marks a change from its July 31 plan to enroll additional participants after an interim analysis failed to meet the statistical criteria for early success. Moderna now intends to consult health authorities before determining the program’s next steps.

Moderna Tokenized Stock Update

Meanwhile, Moderna Tokenized bStocks (MRNAB) was quoted at $245, down 4% over the preceding 24 hours, according to CoinMarketCap. The tokenized instrument provides exposure to Moderna shares, but its 24-hour price change covers a different measurement period from the Nasdaq-listed stock’s Friday premarket trading.

IonQ (NYSE: IONQ) shares rose approximately 10% in Friday’s premarket trading after the quantum computing company beat third-quarter earnings expectations and raised its full-year 2026 revenue forecast to $505 million–$515 million from $450 million–$460 million.

The Maryland-based company reported record third-quarter revenue of $173.8 million, up 336% from a year earlier and above analysts’ expectations of approximately $141.7 million. The result marked its sixth consecutive quarter of record revenue. The company also posted an adjusted loss of $0.29 per share, narrower than analysts had expected.

Based on $318.5 million in total revenue during the first nine months, IonQ’s revised full-year guidance implies fourth-quarter revenue of approximately $186.5 million–$196.5 million. The company also expects its quantum computing revenue to grow approximately 110% year over year in 2026.

The premarket recovery followed a nearly 12% drop over two trading sessions, with IonQ shares closing Thursday at $26.43 after touching a 52-week low of $24.91.

Separately, IonQ Tokenized Stock (IONQon) was trading at $28.55, down 2.06% over 24 hours, according to CoinMarketCap. Its 24-hour price change covers a different measurement period from the NYSE-listed stock’s Friday premarket gain.

IonQ Revenue Breakdown, Losses and Cash Position

IonQ’s quarterly revenue reflected contributions from its recently acquired semiconductor foundry business and the Platform segment.

SkyWater Foundry Services generated $83.5 million in revenue after intersegment eliminations, accounting for approximately 48% of consolidated revenue. IonQ completed its acquisition of the semiconductor foundry on July 31, meaning the reported quarter included two months of SkyWater’s operations.

The Platform segment contributed another $90.3 million in revenue, up 127% from a year earlier. The company attributed the increase partly to global deployments of its Tempo quantum computers and deliveries of other quantum technology products. Acquisitions also contributed to the segment’s growth.

Despite the revenue increase, IonQ recorded a $433.1 million operating loss and a $133.6 million adjusted EBITDA loss, reflecting continued operating expenses and investment in its technology and business operations.

The company also reported $564 million in GAAP net income attributable to IonQ, primarily reflecting an $896.2 million noncash gain from changes in the fair value of its warrant liabilities.

IonQ used $570.3 million in cash from operating activities in the first nine months of 2026, compared with $208.7 million a year earlier. The company held $1.7 billion in cash, cash equivalents, and investments as of September 30, rising to $3.7 billion on a pro forma basis following a $2 billion equity offering completed on October 16.

IonQ’s Contracted Work and Superion 256 Demand

IonQ reported approximately $1.2 billion in remaining performance obligations, representing contracted work for which the company had not yet fully recognized revenue. The total included $689 million from its Platform segment, up from $485 million in the previous quarter, and $479 million from SkyWater Foundry Services.

IonQ expects to recognize approximately half of its remaining performance obligations as revenue over the next 12 months, according to its quarterly filing.

The company’s remaining performance obligations include signed contracts for which funding has not yet been appropriated but exclude contract options that customers have not exercised. Revenue recognition depends on meeting the underlying contractual obligations.

The Platform segment signed about $290 million in new contracts in the third quarter, including $180 million tied to quantum computing. Those contracts included demand for the company’s Superion 256 quantum computing systems.

During an earnings call, Chairman and CEO Niccolo de Masi said IonQ had sold out its available production capacity for Superion 256 systems in 2027 and was beginning to fill orders for 2028. However, IonQ has not disclosed how many Superion 256 systems have been ordered for either year or provided revenue guidance for 2027.

De Masi said SkyWater provided substantial chip manufacturing capacity, while IonQ would continue expanding its ability to produce complete quantum computing systems. 

IREN Limited (NASDAQ: IREN) shares rebounded nearly 20% to $21.62 in Friday’s premarket trading after the company reported a 182% sequential increase in AI Cloud revenue to $200 million for its fiscal first quarter.

The rebound followed a two-day selloff in which IREN shares lost approximately 26.3%.

Total revenue rose 66% to $228 million in the quarter ended September 30, 2026, exceeding analysts’ consensus estimate of $221.28 million, according to LSEG data. IREN also reported a 22% increase in its contracted revenue backlog to $20.3 billion at quarter-end.

The results included a revised timeline for IREN’s target of more than $4 billion in operating annualized run-rate revenue (ARR), which the company now expects to reach in January 2027 rather than December 2026, with a possible extension through February.

IREN also expanded an agreement with an existing frontier AI laboratory customer after quarter-end and signed additional computing contracts, including a five-year agreement requiring customer prepayments covering 90% of the associated estimated GPU capital expenditure.

AI Cloud Revenue, Quarterly Results and New Contracts

IREN’s quarterly AI Cloud revenue comprised $135 million from cloud services and $65 million from cloud leasing. The business generated $71 million in the preceding quarter, entirely from cloud services.

Bitcoin mining revenue declined to $28 million from $67 million over the same period as IREN continued decommissioning mining hardware to make way for AI computing capacity.

IREN reported an 86% gross profit margin for its AI Cloud segment, unchanged from June. The company’s non-GAAP measure excludes depreciation, amortization, and site-level costs.

Its net loss narrowed to $263 million from $684 million in the previous quarter. The comparison was affected by about $450 million in impairment charges recorded in the June quarter, mainly related to the retirement of Bitcoin mining equipment, versus just $2 million in the September quarter.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to $66 million from $19 million over the same period.

The new five-year computing contract carries estimated annual revenue of approximately $22 million per megawatt of IT capacity. IREN also signed a separate short-term agreement with estimated annual revenue of approximately $40 million per IT megawatt.

The company also reported securing new contracts for its older-generation NVIDIA H100 GPUs at double the price under a previous contract at Prince George.

Approximately two-thirds of IREN’s contracted revenue backlog is associated with investment-grade counterparties or their guarantors, according to the company. Recognition of this contracted revenue is subject to delivery and service requirements.

IREN Moves $4 Billion-Plus Operating ARR Target Into 2027 and Details Funding

IREN ended September with $1 billion in operating ARR, twice the previous quarter’s level, after its first Horizon data center entered service for Microsoft.

Management attributed the delay in reaching its more than $4 billion operating ARR target to customer-requested network changes affecting Microsoft-related infrastructure and delays in equipment deliveries from suppliers. IREN said it would not face financial penalties for delays arising from Microsoft’s requested modifications.

During an earnings call, Chief Financial Officer Anthony Lewis said IREN expected to recognize approximately one-quarter of its September-end operating ARR as revenue during the December quarter.

Lewis also said incremental capacity at Horizon and Mackenzie was not expected to contribute material revenue during that period. Most of the additional capacity was scheduled to arrive in late December or early 2027.

IREN calculates operating ARR using contracted hourly pricing for commissioned GPUs, annualized over a full year, together with associated storage and ancillary revenue. The measure differs from recognized revenue, which depends on commissioning, testing, and customer acceptance.

The company said its initial 300-megawatt IT capacity program supporting the more than $4 billion ARR target is fully contracted and funded, subject to conditions attached to committed financing facilities.

However, IREN’s broader expansion plan still requires additional financing. The company outlined approximately $15 billion in remaining planned capital expenditure for fiscal 2027, measured from September 30. It identified approximately $9 billion in cash, committed GPU financing, and contracted customer prepayments.

That amount includes restricted cash, undrawn financing facilities, and customer payments not yet received.

IREN expects to fund the remaining $6 billion through additional targeted GPU financing, customer prepayments, data center financing, and other corporate funding sources, subject to market conditions. The additional funding would support future capacity expansion beyond the initial program underlying the company’s more than $4 billion operating ARR target.

IREN Tokenized Stock Price

Separately, IREN Limited Tokenized bStocks (IRENB) was quoted at $21.48, down 0.12% over the preceding 24 hours, according to CoinMarketCap. IRENB is a tokenized instrument distinct from IREN’s Nasdaq-listed shares.