This paper examines the noise performance of an inverse-geometry volumetric CT (IGCT) scanner through simulations. The IGCT system uses a large area scanned source and a smaller array of detectors to rapidly acquire volumetric data with negligible cone-beam artifacts. The first investigation compares the photon efficiency of the IGCT geometry to a 2D parallel ray system. The second investigation models the photon output of the IGCT source and calculates the expected noise. For the photon efficiency investigation. the same total number of photons was modeled in an IGCT acquisition and a comparable multi-slice 2D parallel ray acquisition. For both cases noise projections were simulated and the central axial slice reconstructed. In the second study. to investigate the noise in an IGCT system, the expected x-ray photon flux was modeled and projections simulated through ellipsoid phantoms. All simulations were compared to theoretical predictions. The results of the photon efficiency simulations verify that the IGCT geometry is as efficient in photon utilization as a 2D parallel ray geometry. For a 10 cm diameter 4 cm thick ellipsoid water phantom and for reasonable system parameters, the calculated standard deviation was approximately 15 HU at the center of the ellipsoid. For the same size phantom with maximum attenuation equivalent to 30 cm of water, the calculated noise was approximately 131 HU. The theoretical noise predictions for these objects were 15 HU and 112 HU respectively. These results predict acceptable noise levels for a system with a 0.16 second scan time and 12 lp/cm isotropic resolution