This article first appeared on our U.S. website.
Quantum computing stands at the frontier of technological disruption, promising to solve problems that standard systems struggle to tackle. For investors focused on artificial intelligence (AI), the opportunity is clear: Quantum systems can accelerate machine learning, optimize complex models, and unlock new layers of computational power that amplify AI’s broader impact.
Management consulting firm McKinsey & Company projects that quantum computing could generate as much as US$2.7 trillion in economic value by 2035, transforming industries from pharmaceuticals to financial services.
Against this backdrop, IonQ (NYSE: IONQ) has emerged as a standout pure play, distinguished by its vertically integrated business model that spans hardware, software, networking, and manufacturing.
With IonQ’s business accelerating, the question for investors is whether the stock represents a compelling buy as momentum builds.
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IonQ’s revenue is surging, and visibility is expanding
IonQ’s second-quarter financial results underscored explosive demand. Revenue reached US$80 million, an increase of 287% year over year, and came in well ahead of earlier projections. Organic growth proved especially robust, with management affirming confidence in delivering 100% organic expansion for the full year.
Remaining performance obligations (RPO) surged 297% year during the past year to US$485 million, providing multiyear visibility into future sales. IonQ’s filings indicate that it expects roughly half of this backlog to convert into revenue during the next year, reinforcing the durability of the company’s near-term trajectory.
Does IonQ’s valuation make sense?
IonQ currently boasts a price-to-sales (P/S) ratio of 62. Although this is a meaningful discount from recent-year peaks, the multiple remains elevated relative to traditional technology peers — particularly given the company’s heavy investment phase.
During the second quarter, adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) losses totaled US$120 million — reflecting continued spending on research, development, and platform scaling. Although IonQ’s valuation profile has retreated from earlier exuberance, smart investors are still weighing whether its premium adequately accounts for the company’s operating deficits.
Does IonQ stock have upside?
One important detail to note from IonQ’s latest earnings report is that 2026 guidance excludes any contribution from the recently completed acquisition of SkyWater Technology. This omission is significant because the deal, alongside other recent acquisitions that are still being integrated, expands manufacturing capacity and accelerates progress toward fault-tolerant systems. Combined with the company’s surging order backlog, IonQ’s growth trajectory during the next couple of years could very well exceed current expectations.
Even if IonQ’s PS multiple remains unchanged during the next two years, the simple scaling of revenue toward the 2028 average analyst estimate of US$780 million would be enough to lift the company’s market capitalization from roughly US$17.4 billion today to about US$48.4 billion. That expansion produces an implied share price near $128 — nearly tripling your investment. This math shows that a modest $1,000 investment in IonQ stock today could reach more than $2,900 in just the next couple of years, implying upside of nearly 297%.
This forecast demonstrates that IonQ does not need any multiple expansion for the stock to deliver substantial returns. Revenue growth itself is enough to generate meaningful share price appreciation. That said, this forecast rests on a series of optimistic assumptions around sustained execution, successful acquisition integrations, and broader market adoption of quantum systems.
Considerable operational hurdles definitely remain. Even so, the combination of a strong order backlog, vertical integration, and an expanding footprint creates an promising opportunity for patient investors willing to take on the risks inherent in a still-nascent pocket of the AI realm.
