Key Points
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IonQ’s revenue has risen significantly each year, and the company made important technical breakthroughs in 2025.
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The share price has recently dipped, likely due to a high valuation.
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IonQ stock could be in for a rocky ride over the next year.
- 10 stocks we like better than IonQ ›
IonQ (NYSE: IONQ) had technical and financial breakthroughs in 2025. In the third quarter, it announced it had achieved the technical milestone of #AQ 64 three months ahead of schedule, unlocking a computational space 36 quadrillion times larger than leading commercial superconducting systems. Revenue that quarter also hit a record high of $39.9 million.
It was an eventful year for one of the more popular quantum computing companies. Now, let’s see where the company and its share price could be at the end of 2026.
Image source: Getty Images.
What to expect from IonQ next year
IonQ has consistently grown its revenue, from just $2 million in 2021 to $43 million in 2024, and revenue expectations for 2025 are $110 million. Revenue is expected to jump again in the next fiscal year, with projections of $198 million. IonQ’s also working with several of the largest tech companies — its website lists partnerships with Nvidia, Microsoft Azure, and Alphabet‘s Google Cloud service.
Revenue growth is usually a positive sign, but it’s not all good news for IonQ. The company has reported increasingly larger losses, with net losses of $332 million in 2024 and $1.1 billion already incurred over the first nine months of 2025.
IonQ also trades at an expensive valuation, given its $16 billion market cap. Even if it meets the 2025 revenue expectations of $110 million, it would still be trading at a price-to-sales (P/S) ratio of 145, much higher than most tech stocks.
The valuation and mounting losses have likely contributed to a pullback in IonQ’s share price. In mid-October, it was up 97% on the year. IonQ stock has fallen since then, and its year-to-date (YTD) returns now sit at 8% (as of Dec. 29).
IonQ is currently a high-risk, high-reward investment. Investors appear to have cooled on the stock at its current valuation, and I expect IonQ to underperform the market over the next year. However, it could be a long-term winner if quantum computing proves to be the next significant technological advancement.
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Lyle Daly has positions in Alphabet and Nvidia. The Motley Fool has positions in and recommends Alphabet, IonQ, Microsoft, and Nvidia. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
