Jeremy Bowman, The Motley Fool

Sun, Jun 29, 2025, 3:30 AM4 min read

• Quantum computing soared following the release of Google's Willow quantum chip in December.

• IonQ is still deeply unprofitable, but the company expects its revenue to double this year.

• The company is building momentum following a deal with EPB and multiple acquisitions.

• 10 stocks we like better than IonQ ›

Quantum computing stocks captivated investors like few other sectors in recent months. Ever since Alphabet's Google announced its state-of-the-art quantum chip, Willow, in December, quantum computing stocks have soared. Many investors see them as the next major technology on the horizon, following in the footsteps of artificial intelligence (AI).

One of the biggest players in AI is IonQ (NYSE: IONQ), a developer and seller of quantum computers. The company sells hardware, software, and services, making its quantum computers available through providers like Amazon Web Services, Microsoft Azure, and Google Cloud, a business model known as quantum-computing-as-a-service (QCaaS).

IonQ differentiates itself from other publicly traded quantum computing stocks like Rigetti Computing, D-Wave Quantum, and Quantum Computing because of its trapped-ion technology, which uses atoms suspended in a vacuum and manipulated with lasers.

Right now is also an excellent time to consider buying IonQ stock, as it's down 30% from its peak late last year, and it's pulled back by nearly as much after a surge in late May, following an interview in Barron's with CEO Niccolo de Masi, who said the company aimed to be the "Nvidia of quantum computing."

With IonQ stock having cooled off a bit in June, let's take a closer look at what the stock has to offer.

Despite a market cap over $10 billion, IonQ is still essentially a development-stage company, as it brought in just $7.6 million in revenue in the first quarter. However, that was down slightly from the year before, showing the company is not delivering the kind of growth you might expect from a high-priced stock like IonQ.

IonQ is also deeply unprofitable, with the company posting a generally accepted accounting principles (GAAP) operating loss of $75.7 million in the period, or 10 times what it brought in revenue.

It does expect revenue growth to accelerate over the remainder of the year, forecasting $75 million to $95 million in revenue for the full year. That forecast, which includes some small acquisitions, targets revenue roughly doubling from $43.1 million last year.

There are other signs the company is making progress. It signed a $22 million deal with EPB of Chattanooga, an energy and telecom company, and it's waiting to close on its acquisition of Lightsynq Technologies, a maker of quantum interconnects to bridge the gap to large-scale quantum computers.