IONQ

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. IonQ stock has delivered very strong 5 year gains for early holders, yet the current checks point to a market price that leans expensive rather than a clear bargain. IonQ has returned 252.4% over the past 5 years, which sets a high bar for any further upside to be justified by fundamentals. New initiatives in quantum cybersecurity and space-based geospatial intelligence can support long term revenue potential, but the commercial roll out of these offerings may take time and could add execution risk for the business. IonQ currently passes 0 of 6 valuation checks, which means the broader assessment suggests the stock is not obviously cheap on standard metrics 0/6. The issue now is whether IonQ's share price already reflects these ambitions after such a strong multi year run, or if there is still room for the valuation to grow from here. Find out why IonQ's -21.7% return over the last year is lagging behind its peers. The P/E ratio indicates how much you are paying today for each dollar of IonQ earnings, given that the company is being evaluated on this metric. IonQ trades on a P/E of about 42.5x, which is higher than the Tech industry average of roughly 23.2x and also above the peer group average of around 36.6x. The fair P/E multiple suggested by the model, which considers IonQ's growth profile, risk and size, is about 16.8x. That leaves a wide gap between where the stock trades today and what this framework indicates as a more grounded level, even after factoring in interest around projects such as the new quantum cybersecurity and geospatial intelligence offerings. Despite developments such as the use of IonQ's platform in research collaborations, the current P/E still indicates a valuation that is high relative to both sector norms and the tailored fair ratio. On the P/E multiple, IonQ stock currently appears overvalued relative to both industry benchmarks and the model's fair value range. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives for IonQ pick up where the valuation puzzle leaves off by spelling out which paths for IonQ's future growth, margins and earnings would need to play out for the stock to be worth materially more or less than it is today. Each Narrative ties a fair...

IonQ IONQ shares have tumbled 36.4% over the past month, underperforming other pure-play quantum computing stocks, including Rigetti Computing RGTI, down 32.3%, D-Wave Quantum QBTS, down 28.9%, and Quantum Computing Inc. QUBT, down 27.9%, despite the sector's favorable long-term outlook. The decline comes even as Washington intensified support for quantum technologies through executive orders, increased funding initiatives and a renewed focus on post-quantum cybersecurity. This shows a clear disconnection between industry fundamentals and investor sentiment. Image Source: Zacks Investment Research The sharp decline in IonQ's share price also raises an important question for investors does the recent correction present an attractive buying opportunity? Given IonQ's leadership among pure-play quantum companies in terms of revenue growth, commercial traction and financial strength, its lower share price warrants a closer look. Let's check whether the recent weakness reflects temporary market sentiment or signals a more fundamental concern. IonQ's recent selloff appears to be driven more by market dynamics than by deteriorating fundamentals. In the first quarter of 2026, the company reported revenue growth of 755% year over year, exceeding the midpoint of its guidance by 30%. It has also raised its 2026 revenue outlook to $260-$270 million and expanded its remaining performance obligations to $470 million. Despite this, the stock price dipped largely because a resilient U.S. labor market has led to the Federal Reserve's cautious approach toward interest-rate cuts, keeping bond yields elevated. This environment has prompted investors to trim exposure to high-multiple, long-duration growth stocks, with speculative technology names, including quantum computing companies, bearing the brunt of the rotation. The company also did not announce any major business developments over the past 30 days that could have supported the stock. This has limited buying interest ahead of the next earnings report. That said, while near-term volatility may persist, the current pullback does not yet point to a weakening investment thesis. The key question is whether IonQ can sustain its commercial momentum through additional customer wins, successful integration of recent acquisitions and continued execution against its technology roadmap. If management delivers on these fronts in the c...

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. IonQ stock is coming off a very strong five year run, with the price move set against valuation checks that currently flag the shares as expensive rather than a clear bargain. IonQ has delivered a roughly 392.3% return over the past five years, which puts extra focus on whether the current price already reflects a lot of optimism. Expectations for rapid revenue growth and government backed quantum projects can support rich pricing, but ongoing losses, high cash use and sector volatility leave limited room if sentiment or execution weaken. Across Simply Wall St's broader valuation framework, IonQ screens as expensive, with the company scoring 0 out of 6 checks, which suggests it does not currently stand out as a value opportunity. The issue now is whether IonQ's premium price still makes sense after such a strong multi year rally, or if the risk reward trade off has tilted too far. Find out why IonQ's 14.9% return over the last year is lagging behind its peers. The P/E ratio suits IonQ because investors are heavily focused on when, and on what terms, its earnings might eventually stabilise. IonQ currently trades on a P/E of around 62.2x, which is well above the broader Tech industry average of 23.7x and also ahead of the peer group average of 39.9x. That kind of premium suggests the market is already paying a lot for each dollar of IonQ's earnings compared with many other tech stocks. The more tailored fair P/E for IonQ, which adjusts for its growth profile, margins, size and risk, comes out at about 17.0x. This is far below the current 62.2x, and the gap is so wide that the model is essentially flagging how strongly IonQ screens as expensive rather than offering a precise target. Despite the excitement around record revenue growth and large government and commercial contracts, the valuation signal here is that the market is placing a very rich price on IonQ's potential. On this P/E yardstick, IonQ stock screens as clearly overvalued compared with what the model suggests would be a more moderate multiple. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives for IonQ are designed to connect this valuation puzzle with the specific expectations reflected in IonQ's curre...

Looking back on hardware & infrastructure stocks’ Q1 earnings, we examine this quarter’s best and worst performers, including IonQ (NYSE:IONQ) and its peers. The Hardware & Infrastructure sector will be buoyed by demand related to AI adoption, cloud computing expansion, and the need for more efficient data storage and processing solutions. Companies with tech offerings such as servers, switches, and storage solutions are well-positioned in our new hybrid working and IT world. On the other hand, headwinds include ongoing supply chain disruptions, rising component costs, and intensifying competition from cloud-native and hyperscale providers reducing reliance on traditional hardware. Additionally, regulatory scrutiny over data sovereignty, cybersecurity standards, and environmental sustainability in hardware manufacturing could increase compliance costs. The 9 hardware & infrastructure stocks we track reported a very strong Q1. As a group, revenues beat analysts’ consensus estimates by 7.3% while next quarter’s revenue guidance was in line. Luckily, hardware & infrastructure stocks have performed well with share prices up 11.9% on average since the latest earnings results. Founded by quantum physics pioneers from the University of Maryland and Duke University in 2015, IonQ (NYSE:IONQ) develops quantum computers that process information using trapped ions to solve complex computational problems beyond the capabilities of traditional computers. IonQ reported revenues of $64.67 million. This print exceeded analysts’ expectations by 30%. Overall, it was a very strong quarter for the company with an impressive beat of analysts’ revenue estimates and revenue guidance for next quarter exceeding analysts’ expectations. IonQ pulled off the biggest analyst estimate beat and fastest revenue growth of the whole group. Unsurprisingly, the stock is up 5.7% since reporting and currently trades at $55.58. Is now the time to buy IonQ? Access our full analysis of the earnings results here, it’s free. Founded by Michael Dell in his University of Texas dorm room in 1984 with just $1,000, Dell Technologies (NYSE:DELL) provides hardware, software, and services that help organizations build their IT infrastructure, manage cloud environments, and enable digital transformation. Dell reported revenues of $43.84 billion, up 87.5% year on year, outperforming analysts’ expectations by 21....

A month has gone by since the last earnings report for IonQ, Inc. (IONQ). Shares have added about 37.7% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is IonQ due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. IonQ posted an adjusted loss of 34 cents per share compared with the Zacks Consensus Estimate of a loss of 26 cents. It delivered a negative earnings surprise of 44.8% for the quarter. Revenues totaled $64.7 million, up 755% year over year. The top line beat the Zacks Consensus Estimate by 30.2%. IONQ’s first-quarter revenue strength was supported by an expanding commercial footprint. Management said approximately 60% of revenues came from commercial customers, while international customers accounted for 35%. The quarter also highlighted IonQ’s push beyond standalone computing. More than one-third of the top-line figure was generated from multi-product sales, reflecting traction across its platform that spans computing, networking, sensing and security. Gross profit was $15.41 million for the first quarter of 2026, up 374.2% from $3.25 million a year ago. Gross margin contracted 1,913 bps to 23.8%, caused by a 1,041.4% surge in the cost of revenues. Sales and marketing expense rose 241.9% year over year to $29.4 million. General and administrative expense increased 272.2% to $88.6 million, while research and development costs climbed 214.7% to $125.7 million. IONQ reported an operating loss of $271.51 million, wider than the year-ago quarter’s $75.68 million loss. Despite the top-line beat, profitability metrics reflected continued investment levels. IonQ reported an adjusted EBITDA loss of $96.8 million for the first quarter. Management noted that adjusted EBITDA included costs associated with its commercial relationship with SkyWater, while the transaction remains pending. Excluding the SkyWater spend, the adjusted EBITDA loss would have been $85.0 million. IonQ ended the first quarter with substantial financial flexibility. Cash, cash equivalents, and investments totaled $3.1 billion as of March 31, 2026, providing ample capacity to support manufacturing expansion, deployments, and continued R&D and go-to-mark...

Shares of D-Wave Quantum QBTS struggled from January to mid-May, falling 32.3% amid the uncertainty surrounding its pace of commercialization, uneven revenue recognition and rising competition across quantum computing. However, the sentiment changed sharply after the first-quarter 2026 release on May 19. Investors focused on record bookings growth of nearly 2,000% year over year, a rapidly expanding pipeline and remaining performance obligations jumping 563% to $42.4 million. Since the first-quarter earnings release on May 19, the stock has gained 61.6% compared with the sector’s 2.3% rise. Image Source: Zacks Investment Research Record Bookings: As stated earlier, the biggest catalyst was D-Wave’s explosive bookings growth. First-quarter bookings surged 1,994% year over year to a record $33.4 million, supported by a $20 million system sale to Florida Atlantic University and a $10 million two-year QCaaS agreement with a Fortune 100 company. Remaining performance obligations climbed 563% year over year to $42.4 million, providing investors with improved future revenue visibility. The company also said its sales pipeline more than doubled sequentially during the quarter. In the near term, revenue conversion from backlog, timing of system deliveries and whether D-Wave can sustain momentum in enterprise QCaaS contracts will be crucial. QBTS expects a substantial portion of 2026 revenues to be recognized in the second half of the year. Quantum Circuits Acquisition: Another major driver was growing confidence in D-Wave’s dual-platform strategy after its acquisition of Quantum Circuits. This has positioned the company as the only quantum computing firm with both annealing and gate-model systems. The company unveiled a roadmap targeting approximately 175 physical qubits by 2028, 10 logical qubits by 2030 and 100 logical qubits by 2032. Expanding Real-World Use Cases in AI and Blockchain: The rally was also fueled by evidence that D-Wave’s annealing systems are moving beyond research into commercial applications. The company disclosed that its collaboration with Shionogi produced a tenfold increase in desirable drug-like molecules versus classical machine learning approaches. D-Wave also launched a blockchain testnet with Postquant Labs, where its Advantage2 quantum system reportedly outperformed classical nodes in mining operations. Additionally, D-Wave introduced n...

Interested in Arqit Quantum Inc.? Here are five stocks we like better. Arqit Quantum reported higher first-half fiscal 2026 revenue of $623,000 versus $67,000 a year earlier, with management saying revenue has now grown for two straight reporting periods. The company also saw more activity across 11 contracts, up from six in the prior-year period. Management says urgency around post-quantum cybersecurity is accelerating, citing Google, Cloudflare and IonQ as evidence that organizations are moving faster toward crypto migration. CEO Andy Leaver said the focus has shifted from whether to upgrade to how quickly it can be done. Arqit’s new products and partnerships are gaining traction, including the Encryption Intelligence risk tool, which landed its first contract and a first European partnership, and NetworkSecure, which is being used by Sparkle for quantum-secure networking. The company also highlighted ongoing opportunities in telecom, government and defense, including an imminent U.S. defense contract renewal discussion. Big Gains Alert: These 3 Tech Stocks Are Surging This Month Arqit Quantum (NASDAQ:ARQQ) reported higher first-half fiscal 2026 revenue and said it is seeing increased commercial activity as governments, telecom operators and defense-related customers evaluate post-quantum cybersecurity needs. Chief Executive Officer Andy Leaver told investors that the market has shifted from debating whether organizations need to upgrade cryptographic security to determining how quickly they can do so. He pointed to public comments and research from Google, Cloudflare and IonQ that, in his view, have accelerated the urgency around migration to post-quantum cryptography. → CAVA Group’s Stock Looks Delicious After Strong Earnings 3 Quantum Computing ETFs to Know—And Why 2 Don't Hold D-Wave “What has become clear in the first half of our current fiscal year is that when is becoming now,” Leaver said, referring to the timing of post-quantum security upgrades. Chief Financial Officer Nick Pointon said Arqit generated $623,000 in revenue for the first half of fiscal 2026, compared with $67,000 in the same period of fiscal 2025. He said the increase reflected revenue from a Middle East customer contract that began late in the first half of fiscal 2025, as well as activity under 11 contracts during the latest period, compared with six in the prior-year first half....

Download the Complete Report Here Key Takeaways: Public listing and capital infusion shift XNDU into funded roadmap execution. XNDU completed its business combination with Crane Harbor Acquisition Corp. in 1Q26 and began trading on both Nasdaq and the Toronto Stock Exchange under the ticker XNDU. The listing represented more than a capital raise; it marked a transition from early-stage research toward large-scale engineering and commercialization. The transaction generated ~$302 million in gross proceeds, which, together with ~$285 million (C$390 million) of anticipated Canadian and Ontario government funding currently under negotiation, is expected to support XNDU’s roadmap toward a quantum data center by 2029-2030. Government funding and ATM flexibility broaden the roadmap funding stack. XNDU is in discussions with the governments of Canada and Ontario for up to ~$285 million, or C$390 million, under Project OPTIMISM to advance domestic quantum manufacturing capabilities, while DARPA QBI Stage B contributed to 1Q26 revenue and could provide a path toward a potentially meaningful Phase C opportunity. The Canadian Quantum Champions Program adds another layer of government-backed validation, with these programs supporting more than funding by validating the roadmap, creating potential procurement pathways, strengthening sovereign quantum infrastructure, and helping offset manufacturing intensity across photonic packaging, test and measurement, heterogeneous integration, and module assembly. Importantly, anticipated Canadian government funding is expected to be received gradually as qualifying R&D investments are made rather than upfront on the balance sheet. Partnerships are expanding across application development and commercialization pathways. XNDU highlighted active relationships with AMD, Lockheed Martin, TELUS, and Fidelity Center for Applied Technology, building on earlier work with Mitsubishi Chemical, Rolls-Royce, Riverlane, Corning, Applied Materials, EV Group, and other industrial partners. The structure of these relationships matters more than the number of logos: defense and aerospace partners can support application IP and future procurement pathways, telecom and finance partners can help identify commercial workloads, and materials / industrial partners can support use-case development ahead of full-scale quantum data-center availability. Manuf...

IonQ’s first quarter was marked by a surge in revenue, with management attributing the growth to accelerating adoption of its quantum computing systems and increased multiproduct deals across commercial and international customers. Despite the strong top-line performance, the market reacted negatively, reflecting concerns over a wider non-GAAP loss and ongoing investments that pressured margins. CEO Niccolo de Masi highlighted that customer demand for IonQ’s quantum platform and the rollout of its fifth-generation computing systems were central to this quarter’s outperformance, while COO and CFO Inder Singh noted the company’s progress in expanding its commercial and geographic footprint. Is now the time to buy IONQ? Find out in our full research report (it’s free). Revenue: $64.67 million vs analyst estimates of $49.73 million (755% year-on-year growth, 30% beat) Adjusted EPS: -$0.34 vs analyst expectations of -$0.25 (37.5% miss) Adjusted EBITDA: -$96.75 million (-150% margin, 170% year-on-year decline) The company lifted its revenue guidance for the full year to $265 million at the midpoint from $235 million, a 12.8% increase EBITDA guidance for the full year is -$320 million at the midpoint, above analyst estimates of -$321 million Operating Margin: -420%, up from -1,000% in the same quarter last year Market Capitalization: $20.85 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. John McPeake (Rosenblatt Securities) asked about the delivery timeline for the 256-qubit system and customer adoption; CEO Niccolo de Masi emphasized strong initial demand and multi-year customer relationships, noting more announcements are forthcoming. Craig Ellis (B. Riley Securities) questioned the revenue implications of IonQ’s photonic interconnect and networking advances; de Masi and CFO Inder Singh explained that these capabilities support expansion into data center and merchant supplier roles, though precise revenue timing remains uncertain. Troy Jensen (Cantor Fitzgerald) pressed on pricing strategy for new applications in areas like drug discovery; de Masi described a consultative, value-based approach with ongoing price...

IonQ, Inc. (NYSE:IONQ) recently released a strong earnings report, and the market responded by raising the share price. While the headline numbers were strong, we found some underlying problems once we started looking at what drove earnings. AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. This ratio tells us how much of a company's profit is not backed by free cashflow. That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking. IonQ has an accrual ratio of 0.47 for the year to March 2026. As a general rule, that bodes poorly for future profitability. And indeed, during the period the company didn't produce any free cash flow whatsoever. Even though it reported a profit of US$308.5m, a look at free cash flow indicates it actually burnt through US$424m in the last year. We also note that IonQ's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of US$424m. Unfortunately for shareholders, the company has also been issuing new shares, diluting their share of future earnings. The good news for shareholders is that IonQ's accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. As a result, some shareholders may be looking for stronger cash conversion in the current year. That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates....

Shares of Quantum Computing Inc. fell 38% last year, but first-quarter earnings mark a shift in investor sentiment.

Following IonQ’s earnings, Rigetti Computing and D-Wave quantum are set to report first-quarter results.