NYSE: IONQ
Key Data Points
IonQ (IONQ) forecast
After skyrocketing 237% in 2024, IonQ's stock performance was much more modest in 2025. Underperforming the S&P 500, which rose 16.4%, IonQ stock only climbed 7.4% last year.
However, that's not to say the stock can't regain the upward momentum it enjoyed in 2024. The company's continued progress in securing partnerships and achieving technological milestones suggests that IonQ stock has ample potential to skyrocket in the near future.
2026 forecast
In fiscal 2025, IonQ projects it will generate sales of about $108 million. Looking ahead to fiscal 2026, analysts project the company will report revenue of about $200 million.
Since IonQ is currently unprofitable -- and unlikely to generate a profit in 2026 -- the best approach may involve assessing the stock in terms of the price-to-sales (P/S) ratio. Currently, IonQ stock trades at approximately 154 times trailing sales. In a case where the company reports fiscal 2026 revenue of $200 million, its shares outstanding remain at the current level of 354.28 million, and it's valued at the same 154 P/S multiple, IonQ stock would trade at approximately $87 per share.
Opinions on Wall Street regarding IonQ stock's price targets vary. In mid-December 2025, Wedbush initiated coverage on IonQ stock, setting a price target of $60. Taking a more bullish tack, Jefferies set a $100 price target when it initiated coverage on IonQ stock in December.
2030 forecast
From predictive maintenance solutions for Caterpillar (CAT -1.57%) to researching battery technologies with Hyundai (OTC:HYMTF), and providing quantum computing solutions to the U.S. government for defense applications, IonQ is making headway in finding real-world applications for its quantum computing technology and expects to continue doing so over the next few years. The company's previous CEO, Peter Chapman, said last year that the company believed it would achieve about $1 billion in sales by 2030.
Let's give the company the benefit of the doubt and predict that it reports $1 billion in sales in 2030 and assume it has the same share count of 354.28 million. However, let's also assume that in this scenario, the stock is trading at a much lower P/S ratio of 50. In this case, IonQ stock would be changing hands at about $141.
Key drivers of IonQ stock's performance
After completing a merger with a special purpose acquisition company (SPAC), IonQ stock debuted on public markets in 2021. From that time through the end of 2025, shares of IonQ stock have soared more than 387%.
Unsurprisingly, one of the major factors contributing to the stock's rise in the past has been IonQ's success in attracting the U.S. government's interest in the real-world applications of the company's technology. In September 2025, for example, IonQ announced the signing of a memorandum of understanding (MoU) with the U.S. Department of Energy to explore how quantum computing capabilities could enhance communications with space-based assets. During IonQ's third-quarter 2025 conference call in November, management announced that it had approximately $1 billion in proposals submitted and highlighted the company's potential to win large-scale government contracts, such as those for the "Golden Dome" missile defense initiative.
Another factor that has pushed IonQ stock higher is its progress towards achieving a notable 2030 goal. Using trapped ion architecture in its quantum computers -- something that the company believes will make its quantum computers more scalable -- IonQ has targeted 2030 for having a quantum computer capable of 2 million qubits and 80,000 logical qubits by 2030. In September 2025, IonQ announced that its acquisition of Oxford Ionics seemed likely to close, bringing the company closer to achieving its 2030 target. Investors celebrated the news, and shares subsequently soared more than 18% on the announcement.
Related investing topics
Representing the first quantum computing company to appear on public markets, IonQ has distinguished itself as a leading option among quantum computing stocks that have subsequently become investment options. While the stock underperformed the market in 2025, there's no reason to suspect that the company's growth potential has diminished.
Investors eager to gain exposure to IonQ but who have lower risk tolerances may prefer putting money into a quantum computing exchange-traded fund (ETF) that includes IonQ among its holdings. Because there's no certainty that IonQ will succeed in its quantum computing endeavors, it's important to recognize that an IonQ investment also entails a fair degree of risk.
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