Why IonQ Stock Skyrocketed 59.7% in May

Exceeding a strong April performance that saw it rise nearly 57% higher, IonQ (NYSE: IONQ) stock raced almost 60% higher last month. The company's better-than-expected first-quarter 2026 financial results and increasingly optimistic outlook for the remainder of the year represented just two factors that motivated investors to click the buy button on IonQ stock last month.

According to data from S&P Global Market Intelligence, IonQ shares rose 59.7% in May.

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Record revenue was just one highlight from Q1

Blowing past analysts' expectations that it would report Q1 2026 sales of $49.7 million, IonQ posted revenue of $64.7 million -- a company record for quarterly revenue.

At the bottom of the income statement, the company delighted investors with a robust profit, posting diluted earnings per share (EPS) of $2.07, a significant turnaround from the $0.14 loss per share reported in Q1 2025.

In addition to its recent financial performance, investors rejoiced at the company's more auspicious outlook for the remainder of the year. Upwardly revising its 2026 revenue outlook, IonQ now expects to book $260 million to $270 million in revenue. Should it achieve the midpoint of this guidance, it will represent year-over-year revenue growth of about 104%.

The company's insights into its next-generation quantum computing system -- a 256-qubit machine -- represented another catalyst for the stock's rise. On the company's Q1 conference call, Niccolo de Masi, IonQ's CEO, stated: "I am proud to report that we have presold our first chip-based 256-qubit system in the first quarter. We are moving with conviction to demonstrate this technology by year-end, with customer systems expected to begin commissioning by the end of the second quarter of 2027."

Following the company's financial results report, two analysts raised their price targets for IonQ stock. JPMorgan raised its price target to $50 from $42, while Morgan Stanley boosted its price target to $48.50 from $47.

Is it too late to buy IonQ stock after its recent rise?

With IonQ shares soaring through May, some investors are understandably hesitant to pick up the quantum computing stock. But even with the recent climb, IonQ stock still seems attractively valued. Shares are valued at 120.6 times trailing sales. Compared to other leading quantum computing stocks like Rigetti Computing and D-Wave Quantum, which trade at 863.1 and 820.7 times sales, respectively, Ion's valuation seems much more palatable.

JPMorgan Chase is an advertising partner of Motley Fool Money. Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends IonQ and JPMorgan Chase. The Motley Fool has a disclosure policy.