IonQ Stock Is on Fire, Will It Last?

If you’ve been tracking hot tech trends lately, you’ve probably noticed quantum computing popping up more and more. And no surprise, it’s one of the buzziest corners of the tech world, right alongside artificial intelligence.

In fact, a report two years ago from McKinsey predicted that quantum tech could unlock $1.3 trillion in value across industries like automotive, chemicals, finance, and life sciences over the next decade.

That’s a massive opportunity. And not surprisingly, it’s helped send quantum computing stocks soaring, especially shares of IonQ (NASDAQ: IONQ), which have rocketed more than 400% in just the past year.

But here’s the big question for investors now is this still a good time to jump in? Or has IonQ already priced in the future, and then some?

Let’s unpack what’s really going on with IonQ and why, despite the hype, this might be a stock to watch from the sidelines for now.

Key Points

• IonQ’s 5x stock spike is fueled by bold predictions, not business performance.

• With flat revenue and ongoing losses, IonQ’s price-to-sales ratio above 248 looks unsustainable.

• Quantum tech is still 5–10 years away, and IonQ faces stiff competition from giants like IBM and Google.

The Hype Train Is Moving Fast, Maybe Too Fast

A good place to start is with IonQ’s CEO, Niccolò de Masi. In a recent interview with Barron’s, he didn’t hold back: “I believe IonQ will be the Nvidia player [in quantum computing],” he said.

It’s an ambitious claim and one that investors seemed to love. IonQ shares shot up nearly 40% in a single day after that interview. But here’s the thing while confidence is great, that kind of spike based purely on bold predictions (not hard numbers) feels a bit more like meme-stock mania than sustainable growth.

De Masi even floated the idea that IonQ could one day sell for hundreds of billions of dollars. For context, its market cap today is about $10.7 billion. That’s a pretty big leap, and one that raises eyebrows when the revenue still rounds down to peanuts.

Sales Are Soft, But the Valuation Is Sky-High

Let’s talk numbers for a second. IonQ brought in less than $10 million in revenue during Q1 2025, the same amount it earned a year ago. Flat growth like that doesn’t typically support a stock that’s up several hundred percent.

Sure, management is aiming for somewhere between $80 million and $90 million in revenue this year, which would be a major leap. But to hit that target, IonQ will need a serious acceleration in growth over the next few quarters. And that’s not a sure thing.

It is still losing money, too though its non-GAAP net loss improved yet remains deep in the red.

Based on current sales, IonQ is trading at a price-to-sales ratio of 248x. Even by tech stock standards, that’s wildly expensive. For comparison, most growth stocks trade at a fraction of that multiple and many of those companies are already profitable or growing much faster.

Quantum’s “Breakout Moment” Is Still Years Away

Here’s the part that even the most enthusiastic quantum bulls have to acknowledge, we’re still in the very early innings.

Alphabet CEO Sundar Pichai recently said we’re still five to 10 years away from quantum computers that offer meaningful, practical benefits. That’s a long wait, especially when you’re paying top dollar today for a company that might be relevant tomorrow.

Even if quantum computing matures over the next few years, there’s no guarantee IonQ will lead the charge. It’s competing with tech giants like IBM, Microsoft, and Alphabet, not to mention a host of smaller, highly specialized startups.

Translation? Owning IonQ stock right now is like betting on a horse race before the track is even built.

Should You Buy IonQ Stock Today?

There’s no denying that quantum computing is a thrilling space, and IonQ has done a good job of capturing attention. But if you peel back the headlines and focus on fundamentals, the picture looks a lot less compelling. Yes, the upside story is exciting but the business isn’t there yet and the valuation assumes success far down the road.

In a nutshell, IonQ has big dreams, but the numbers haven’t caught up. Until we see stronger revenue growth, clearer use cases for quantum tech, and a pathway to profitability, IonQ looks more like a “watch list” stock than a “buy now” opportunity.