Is IonQ Stock A Buy Today, Down By Half In A Year?

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IonQ (IONQ) stock lost 50.3% over the past year, while the S&P 500 returned 17.1%. The business moved in the opposite direction, with management calling the second quarter of 2026 its fifth consecutive quarter of record results. Yet the company still loses far more money than it brings in. So how much growth does a buyer get for today’s price?

What Buyers Pay For IonQ’s Sales Growth

A buyer pays 46.6 times IonQ’s sales over the past twelve months, compared with 3.1 times for the S&P 500. Because the company reported a loss, a price-to-earnings ratio is not meaningful for IonQ.

For that price, the buyer gets very fast growth. IonQ’s revenue reached $246 million in the twelve months ended June 30, 2026, climbing 370.6% from a year earlier. Over the last three twelve-month periods, S&P 500 revenue growth averaged 5.9%. IonQ bought part of that growth. Management said organic revenue, which excludes acquired businesses, rose 132% in the second quarter of 2026, against 286.8% growth in total revenue.

The signed work behind those sales has also grown, and that may be what stock buyers are betting on. IonQ ended the second quarter with $485 million of remaining performance obligations, representing revenue under contract that it has not yet delivered. That figure was up from $122 million a year earlier.

Can IonQ Keep Funding Big Operating Losses?

So far IonQ can, because it has cash on hand and continues to raise more. Its operating loss over the twelve months ended June 30 equaled 408.2% of its revenue, while the S&P 500 earned an operating margin of 18.5%. At June 30, IonQ held $2.1 billion in cash and short-term investments, compared with $54.5 million of debt.

IonQ priced a $2.0 billion equity offering on October 14, and management said the money will accelerate the commercialization of its quantum platform. New shares also pay for its acquisitions. On October 12, IonQ agreed to buy the cybersecurity firm Elisity in an all-stock deal worth up to $1.3 billion. Paying in stock will expand the share count, meaning existing investors will face ownership dilution once that transaction closes.

What To Watch In IonQ’s November Report

IonQ’s next quarterly report is expected on or around November 11, 2026. It will be the company’s first report covering a quarter in which it owned SkyWater, which IonQ bought for $1.8 billion in the week before its August 5 call. On that August 5 call, management raised standalone 2026 guidance to between $280 million and $290 million before following up at its September 8 Investor Day with a combined target of $450 million to $460 million. How smoothly SkyWater integrates to meet that combined revenue target will be the key operational metric to watch in November.

Does This Mean You Should Act On IONQ?

Our purpose is to inform you with unique data so you make the right investment decisions. That said, betting on a single stock is always risky, no matter which direction you choose.

There is a smarter approach. Since its inception, the Trefis High Quality (HQ) Portfolio has returned 105%, beating the benchmark that combines the three major indices – the S&P 500, S&P Mid-cap, and Russell 2000. And it did so without taking the concentrated risk that comes with do-it-yourself stock picking. If that is how you want to invest, the HQ Portfolio is the place to start.

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