Investors have taken an increased interest in quantum computing stocks in recent months, and one of the pure plays to benefit is IonQ (NYSE: IONQ). The stock is up by about 350% since launching its initial public offering (IPO) more than four years ago.
Notably, most of these gains came in the last three months of 2024 followed by more modest gains in 2025 — bringing its market cap now to $17 billion. Investors might wonder if the stock could experience another bump as interest in this cutting-edge computing field grows.
Could IonQ’s market value grow to $50 billion within five years? Let’s have a closer look and try to find out.
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On the surface, IonQ’s business positions it for further growth, even growth that possibly triples the stock’s value in five years. IonQ bills itself as “the world’s leading quantum company” and appears to deliver improvements that give it a legitimate claim to that title.
In the third quarter of 2025, it said it solidified its claim as having the most complete and powerful quantum platform in the world. The electronic qubit control systems offer “world-record fidelity” economically with “full fault tolerance,” according to the company.
Moreover, while quantum computing may look like a solution without a problem, it has attracted a client base outside of research. Indeed, it still supports research entities such as the Air Force Research Lab and the Oak Ridge National Lab. However, cloud providers such as Amazon and Microsoft work with IonQ, and corporations outside of tech, such as AstraZeneca and Airbus, are also clients.
Unfortunately, its financial position makes near-term and even long-term stock price growth uncertain. As of the end of Q3, it holds almost $1.1 billion in liquidity. That is enough to keep it in business for the foreseeable future, but investors should monitor its cash position closely.
For the first nine months of 2025, its $68 million in revenue rose by 222%, a level that could make the aforementioned $50 billion market cap seem overly conservative. Still, it was not nearly enough to cover the $473 million in costs and expenses for the period. It also lost $883 million during that time frame due to a change in fair value of warrant liabilities.
Nonetheless, its nearly $1.3 billion net loss for the first three quarters of 2025 is not as bad as it appears. After deducting non-cash expenses, the negative free cash flow is $216 million for the period. While it needs more growth to stop the cash burn, the free cash flows show that IonQ can sustain its current pace for the foreseeable future.
Looking at IonQ stock, its range-bound trading in 2025 points to both uncertainty and optimism. The aforementioned technical advancements and liquidity can help make IonQ a top quantum computing stock. However, investors also have good reason to doubt its ability to bid up its stock price, particularly with its price-to-sales (P/S) ratio of almost 150, a stratospheric level by most standards.
Admittedly, Rigetti Computing and D-Wave Quantum have P/S ratios approaching 900 and 300, respectively. That means further growth in the sales multiple could happen in theory, possibly making the $50 billion market cap goal achievable. Still, such levels price IonQ and its counterparts for perfection, indicating the slightest hint of bad news could lead to a sell-off.
When taking into account its business, financials, and the stock price behavior of IonQ and its peers, one cannot count out the possibility of IonQ achieving a $50 billion market cap in five years. Nonetheless, investors should not count on it happening.
Indeed, IonQ is keeping itself on the cutting edge of the quantum computing industry, and for all of its financial problems, that pace of innovation should continue for the foreseeable future.
Unfortunately, it continues to sustain considerable losses, and so far, its massive revenue growth has not changed that. Moreover, it supports a valuation so high that bad news could cause a huge retreat in its stock price at any time.
Knowing those facts, investors should treat IonQ as a speculative play if they buy the stock at all.
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Will Healy has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, AstraZeneca Plc, IonQ, and Microsoft. 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.
