Up 1,200%, Should You Buy IonQ Right Now?

Core Viewpoint - IonQ's stock has seen significant price increases, but concerns about its valuation and financial performance suggest it may not be a wise investment at this time [1][2]. Company Performance - IonQ's share price has increased over 1,200% since the beginning of 2023, attracting considerable investor interest [1]. - The company reported a revenue increase of 222% in the third quarter, reaching nearly $40 million [6]. - Despite revenue growth, IonQ's non-GAAP loss per share worsened to $0.17, compared to a loss of $0.11 in the same quarter last year [6]. Financial Metrics - IonQ's price-to-sales ratio stands at 140, significantly higher than the technology sector's average of just under 9, indicating a high valuation [4]. - Operating expenses rose to $208 million in the third quarter, up from approximately $65 million in the previous year, contributing to widening losses [7]. Market Context - The quantum computing market remains speculative, with practical applications still years away, as noted by major players like Alphabet [8][9]. - Investor sentiment has been optimistic, but there are signs of a shift, with IonQ's stock gaining only 9% in 2025 compared to the S&P 500's nearly 17% increase [9]. Investment Outlook - IonQ's current stock price is viewed as excessive, with significant losses and an uncertain market future, leading to recommendations against purchasing its shares [11].