IonQ, Inc. (IONQ) Stock

IonQ, Inc. (IONQ) is a Technology stock trading at $34.97 (as of 2026-07-17), with a market capitalization of $13.05B and a trailing P/E of 39.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

IonQ develops general-purpose quantum computing systems and provides access to quantum computers via cloud platforms. Its offerings include access to systems with 20 qubits through services such as Amazon Braket, Azure Quantum, and Google Cloud Marketplace, as well as through its own cloud service.

Understand IonQ, Inc.: how it makes money

IonQ builds general-purpose quantum computing systems, and it makes money by selling access to its quantum computers (20 qubits) through cloud platforms like AWS Amazon Braket, Microsoft Azure Quantum, Google Cloud Marketplace, and its own cloud service.

IonQ’s profit model is access-based, it monetizes demand for its 20-qubit quantum computers by distributing cloud access across major third-party platforms (AWS, Azure, and Google) plus its own cloud offering.

Business quality (Weak): The provided facts clearly describe the access and distribution model, but they do not include a reportable segment breakdown, and they provide limited operational metrics beyond forecasted GAAP revenue labels.

Valuation: At 148× earnings, IONQ trades 367% above the Tech Hardware average (32×). Note: one-time items can distort reported P/E.

Bull case

  • Multiple cloud distribution channels: IonQ sells cloud access to its quantum computers through AWS Amazon Braket, Microsoft Azure Quantum, Google Cloud Marketplace, and its own cloud service.
  • Clear product definition: The company sells access to its general-purpose quantum computing systems with 20 qubits.

Bear case

  • Significant operating losses: GAAP operating margin is highly negative (operating_margin_pct of -419.8).
  • Revenue appears forecast-dependent: The only provided operating metric inputs include a forecast range (IonQ GAAP Revenue 2025E with a lower end), indicating uncertainty around revenue outcomes.
Valuation — source: SEC EDGAR (first-party)
Price$34.97
Market Cap$13.05B
P/E Ratio39.9
Price / Book2.62
Price / Sales69.76
FCF Yield-3.2%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$130.02M
Net Margin-392.6%
Revenue Growth (YoY)754.7%
EPS Growth (YoY)-1664.3%
FCF Growth (YoY)351.1%
Financial Health — source: SEC EDGAR
Altman Z-Score2.68 (grey)
Valuation vs Sector & Industry
Stock P/E39.9
Sector P/E (Technology)34.7
Industry P/E (Computers)30.9
vs Sector15.0%
vs Industry29.1%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($1.56B)
Institutional Holders Tracked10
Company
SectorTechnology
IndustryComputers
CEONiccolo Mcleod de Masi
Employees407
CountryUS
IPO Date2021-01-04

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IONQ earnings history · IONQ institutional & insider holders · IONQ KPIs & operating metrics · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-07-17.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.