Is IonQ a Buy in 2026? How the Stock Stacks Up Against RGTI, QBTS

Core Insights - IonQ is leading the quantum computing sector with significant technical advancements and commercial growth, particularly in achieving industry-leading two-qubit gate fidelity, which is crucial for scalable quantum systems [1][8] - The company has expanded its partnerships with enterprise and research customers, indicating increased confidence in its technology and a clearer revenue path [2] - IonQ's financial performance shows strong growth, with Q3 2025 revenues reaching $39.9 million, a 222% increase year-over-year, and exceeding guidance by 37% [4][8] Technical and Commercial Progress - IonQ's two-qubit gate fidelity reached 99.99%, which reduces error correction overhead and lowers scaling costs, positioning the company ahead of competitors [4][8] - The company is on track to deliver its Tempo and Forte Enterprise systems in 2026, with a 256-qubit system demonstration planned, leveraging standard semiconductor supply chains [5] - IonQ's balance sheet is robust, with $3.5 billion in cash and no debt, allowing for sustained execution without dilution pressure [4][8] Growth Projections - IonQ is projected to achieve earnings growth of 65.8% and revenue growth of 83.3% in 2026 compared to 2025 estimates [6] - Management has guided for Q4 2025 revenues to exceed those of Q3 2025, breaking previous seasonal trends [5] Valuation Comparison - IonQ's forward 12-month price/sales (P/S) ratio is 83.57, significantly higher than the industry average of 4.9X but lower than its peers D-Wave Quantum (165.1X) and Rigetti Computing (308.7X) [9]