IonQ Just Won a Golden Dome Contract. Should You Buy the Quantum Computing Stock Now?

Talking about valuation, IonQ looks extremely expensive. Its market cap of about $11 billion as of early 2026 dwarfs the expected revenues of $110 million for 2025. That works out to a price/sales ratio north of 100×. In fact, its price-to-sales is above 100×, while typical cloud software or semiconductor firms trade in the low single digits to low teens on the same metric. In short, Wall Street is pricing in enormous future growth, far beyond today’s hardware norms. Put another way, IonQ’s premium multiple ...