IonQ is the First Pure-Play Quantum Computing Company To Generate Over $100 Million in Revenue. Is the Stock Headed to $100?

IonQ (NYSE: IONQ), one of the early movers in the nascent quantum computing market, grew its revenue from just $2 million in 2021 to $130 million in 2025. That made it the first pure-play quantum computing to generate over $100 million in annual revenue, and its stock surged nearly 550% over the past five years. Could it soar another 50% and hit $100 this year?

Why is IonQ growing so quickly?

Quantum computers can process specific tasks much faster than classical computers, but they're also larger, more expensive, consume more power, and output more errors. Quantum computing companies are also using a wide range of different technologies, which fragment the market and limit its growth potential beyond niche research applications.

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Most quantum computing companies accelerate electrons through superconducting loops to process data. These systems are becoming cheaper to manufacture as the technology matures, but they're large and require cryogenic refrigeration. IonQ addresses those issues with its trapped-ion systems, which trap individual ions and manipulate them with lasers. These systems can operate at room temperature and have lower error rates than electron systems.

IonQ has launched four quantum systems, and it sells and leases them to research institutions. It also acquired seven smaller companies over the past five years. Yet most of its revenue still comes from its cloud-based quantum computing platform, which gives customers remote access to its own quantum systems.

IonQ's growth in government contracts, which prompted it to create its new IonQ Federal division in 2025, drove most of its recent expansion. From 2025 to 2028, analysts expect its revenue to grow at 70% CAGR to $638 million as the business fires on all cylinders.

Could IonQ's stock surge to $100 in 2026?

IonQ's business is booming, but it's still unprofitable and looks richly valued at 40 times its 2028 sales. If its market cap swells 50% to $38.3 billion, it would trade at 60 times its 2028 sales. Therefore, I'm not expecting IonQ's stock to hit $100 by the end of this year.

It had a great run, but its business needs to grow into its sky-high valuations. Its share count has nearly doubled since its public debut in Oct. 2021, and it will likely continue to dilute its investors through stock-based compensation and secondary offerings as long as its cash flow remains negative.

That might be why IonQ's insiders sold seven times as many shares as they bought over the past 12 months. While IonQ's technology is promising and its business is growing rapidly, there's a bit too much optimism baked into its high-flying shares in this frothy market.

Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends IonQ. The Motley Fool has a disclosure policy.