Is IonQ Stock a Buy?

After a monumental 415% run-up over the prior 12 months, shares of IonQ (NYSE: IONQ) have taken a breather in 2025, dipping 3% year to date, as of June 10, 2025. For investors, this pause presents a critical question: Is this a sign of exhaustion for a stock trading at over 64 times projected 2026 sales or is it a golden opportunity to invest in the company best-positioned to dominate the next era of computing?

The quantum computing revolution is no longer a distant dream. Research from McKinsey & Co. projects that the technology could generate trillions of dollars in economic value over the next decade, transforming everything from drug discovery and materials science to finance and artificial intelligence (AI).

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In a field crowded with different technological approaches, IonQ has emerged as the standard-bearer for trapped-ion systems. Many experts view this platform as the most promising path to scalable quantum computing.

Image source: Getty Images.

Is this quantum computing pioneer a buy on weakness? I'll dig deeper to find out.

An aggressive strategy to accelerate the future

IonQ's first-quarter 2025 results showcase a company executing on its long-term vision. It delivered $7.6 million in revenue, reaffirming its ambitious full-year guidance for between $75 million and $95 million.

Most importantly, the company ended the quarter with a massive $697.1 million in cash and investments, bolstered by a recent equity offering. This fortress-like balance sheet gives it the power to outspend and out-innovate rivals.

IonQ is using that strength to make bold, strategic moves. The company recently acquired Oxford Ionics, a university spinoff renowned for developing the world's highest-performing qubits. This move injects best-in-class technology directly into IonQ's hardware.

The company also completed the acquisition of Lightsynq, a specialist in photonic and networking technology. Together, these maneuvers represent a clear two-pronged strategy -- perfect the individual processing units and perfect the technology needed to link them together into massively powerful systems.

A unique position in the quantum race

Compared to its closest peers D-Wave Quantum (NYSE: QBTS) and Rigetti Computing, IonQ's strategy carves out a compelling middle ground between near-term application and long-term dominance. For instance, D-Wave Quantum has established a lead in the niche market of quantum annealing for optimization problems. IonQ, however, is building universal gate-based computers designed for a broader and ultimately more valuable range of problems.

While some focus on winning today's specific race, IonQ is positioned to win the entire decathlon.

Other rivals, like Rigetti Computing, are betting on superconducting architectures. IonQ, with its trapped-ion technology, is choosing to acquire elite, specialized teams to accelerate its roadmap. It's a classic build-versus-buy scenario, and IonQ's targeted acquisitions appear to be a faster, more direct path to solving its core physics and networking challenges.

Is the premium valuation justified?

There's no denying that IonQ's valuation is steep. But in a disruptive field like quantum, traditional metrics can be misleading.

IonQ's trapped-ion qubits are naturally superior, offering higher fidelity, longer coherence times, and better connectivity than competing modalities. This technical advantage is now being paired with a clear, aggressive corporate strategy and the overwhelming financial resources to execute it.

While other approaches focus on one piece of the puzzle, IonQ is building a comprehensive platform. Its recent acquisitions enhance its processing power at the core level, while also providing the critical networking technology to link its systems across data centers. This holistic approach is building not just a quantum computer, but a quantum computing platform capable of scaling globally.

Is IonQ stock a buy?

For investors, the decision hinges on which vision of quantum computing you believe will win. Some companies are focused on near-term applications or alternative hardware strategies. IonQ, however, is pursuing what many experts see as the most promising path -- trapped-ion technology designed for scalable, universal quantum systems. Backed by strong technical progress and an ambitious roadmap, IonQ is positioning itself to lead the next era of computing.

The risks are significant, but so is the potential. For those seeking exposure to the most advanced platform in a market projected to reach trillions, IonQ stands out as a compelling long-term investment in the quantum revolution.

Should you invest $1,000 in IonQ right now?

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George Budwell has positions in D-Wave Quantum, IonQ, and Rigetti Computing. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.