Prediction: A $1,000 Investment in IonQ Could Be Worth This Much by 2028 as Revenue Soars 287% and Its Backlog Grows Even Faster
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Quantum computing stands at the frontier of technological disruption, promising to solve problems that standard systems struggle to tackle. For investors focused on artificial intelligence (AI), the opportunity is clear: Quantum systems can accelerate <a href="https://www.fool.com/terms/m/machine-learning/?utm_source=yahoo-host-full&utm_medium=feed&utm_campaign=article&referring_guid=cd200e36-ef6a-49e9-93da-70ff5767d960″ rel=”nofollow noopener” target=”_blank”>machine learning, optimize complex models, and unlock new layers of computational power that amplify AI’s broader impact.
Management consulting firm McKinsey & Company projects that quantum computing could generate as much as $2.7 trillion in economic value by 2035, transforming industries from pharmaceuticals to financial services. Against this backdrop, IonQ (NYSE: IONQ) has emerged as a standout pure play, distinguished by its vertically integrated business model that spans hardware, software, networking, and manufacturing.
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With its business accelerating, the question for investors is whether IonQ stock represents a compelling buy as momentum builds.
IonQ’s revenue is surging, and visibility is expanding
IonQ’s second-quarter financial results underscored explosive demand. Revenue reached $80 million, an increase of 287% year over year, and came in well ahead of earlier projections. Organic growth proved especially robust, with management affirming confidence in delivering 100% organic expansion for the full year.
Remaining performance obligations (RPO) surged 297% year during the past year to $485 million, providing multiyear visibility into future sales. IonQ’s filings indicate that it expects roughly half of this backlog to convert into revenue during the next year, reinforcing the durability of the company’s near-term trajectory.
Does IonQ’s valuation make sense?
IonQ currently boasts a price-to-sales (P/S) ratio of 62. Although this is a meaningful discount from recent-year peaks, the multiple remains elevated relative to traditional technology peers — particularly given the company’s heavy investment phase.
During the second quarter, adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) losses totaled $120 million — reflecting continued spending on research, development, and platform scaling. Although IonQ’s valuation profile has retreated from earlier exuberance, smart investors are still weighing whether its premium adequately accounts for the company’s operating deficits.
