IonQ, Inc. (IONQ) AI Stock Analysis

IonQ, Inc. focuses on advancing the field of quantum computing through general-purpose quantum computing systems. Founded in 2015 and based in College Park, Maryland, the company specializes in quantum computers equipped with 20 qubits. It provides access to its hardware through its proprietary cloud service as well as partner platforms, including Amazon Web Services' Amazon Braket, Microsoft's Azure Quantum, and Google's Cloud Marketplace. Through these collaborations, IonQ expands access to its quantum technology for researchers, academic institutions, and commercial enterprises addressing complex challenges in cryptography, material science, and optimization problems.

IonQ's annual revenue rose from $2.1M in FY2021 to $130.0M in FY2025, representing a 5-year revenue CAGR of 290.6%. Annual revenue growth reached 201.9% in FY2025, while gross margin was 40.4%, down from 52.2% in FY2024. For the trailing twelve months ended June 30, 2026, revenue reached $246.5M, aided by latest quarterly year-over-year revenue growth of 286.8%. Operating losses widened alongside top-line expansion, driven by research and development expenses that increased from $20.2M in FY2021 to $305.7M in FY2025. Consequently, annual net income was -$510.4M in FY2025 compared to -$106.2M in FY2021, yielding a net margin of -392.6% and a TTM EPS of -$3.43.

As of June 30, 2026, IonQ held $2.12B in cash and short-term investments and $54.5M in total debt, resulting in net cash of $2.06B. Liquidity is highlighted by a current ratio of 10.66 and a debt-to-equity ratio of 0.02 against $3.33B in shareholders' equity. In FY2025, operating cash flow was -$283.2M and capital expenditures were $16.4M, generating free cash flow of -$299.6M. Over five years, the company's share count increased 87.9%.

At a last close of $31.28 on October 16, 2026, IonQ had a market capitalization of $12.67B and an enterprise value of $15.17B. The stock trades at a price-to-sales ratio of 51.4x and an EV-to-revenue multiple of 61.5x, well above the 2.8x price-to-sales median of its US-listed Technology peers. Its price-to-book ratio is 5.2x. Over the past year, IONQ fell 52.3%, underperforming the S&P 500 return of 16.8%, though its 5-year return of 211.2% outperformed the index return of 83.0%.

Wall Street coverage on IonQ consists of 11 Strong Buy, 1 Buy, and 2 Hold ratings, with zero Sell or Strong Sell ratings. The mean price target of $64.06 represents an upside of 104.8% relative to the last close of $31.28. For the fiscal year ending December 31, 2026, consensus estimates point to revenue of $455.1M and an EPS of -$4.03. For the following fiscal year, 6 analysts project revenue of $808.0M and EPS of -$3.17. IonQ beat EPS estimates in 1 of the last 4 quarters, and its next earnings date is November 4, 2026.

This page is an AI-written research summary of IonQ, Inc. (IONQ). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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