IonQ's Historic Low Valuation Meets Record-Breaking Guidance (Upgrade)

IonQ is upgraded to a strong buy as it delivers robust execution, raises 2026 guidance, and confirms the SkyWater acquisition. The SkyWater deal accelerates IonQ’s chip fabrication roadmap, more than doubles revenue, and enables rapid scaling of its Superion quantum platform. IONQ now targets $450–460 million in 2026 revenue post-acquisition, with the potential to surpass $1 billion in revenue next year. IONQ trades at its lowest historical valuation versus peers, offering a compelling entry point despite sector liquidity and scaling risks.