NEW YORK, July 27, 2026, 12:01 EDT — U.S. regular session
- IonQ gained 6.4% to end at $34.96 after earlier reaching $37.14 on Monday.
- D-Wave Quantum Inc. NASDAQ:QBTS rose 16.0% following news that AT&T Inc. NYSE:T broadened a network optimization agreement.
- IonQ is valued at $13.0 billion, roughly 49 times the midpoint of its projected 2026 revenue.
IonQ stock rose by up to 13.1% before pulling back some gains. Benchmark initiated coverage, assigning a Buy rating and a price target of $60. The target is approximately 72% higher than IonQ’s most recent closing price.
The increase is significant as IonQ’s upcoming operating report has not yet been released. Results for the June quarter are expected after market close on August 5.
D-Wave and AT&T provided the key momentum for the sector. An initial project reduced a network-optimization process from close to an hour to less than 15 seconds. AT&T intends to extend trials into outage response, routing, and network planning.
AT&T data-science director Lucus Haugen said, “The speed we’re seeing with D-Wave challenges what’s currently possible.” The release gave no contract value. Business Wire
The main issue for IonQ shareholders is valuation. With a market capitalisation of $13.0 billion, the company trades at roughly 49 times the midpoint of its projected revenue for 2026. That represents a high multiple.
However, among these four stocks, IonQ holds the smallest revenue multiple. Present activity and market capitalizations reflect the most recent trades available.
The reported first-quarter results are the basis for the revenue figures. These figures are annualized from a single quarter, so the resulting multiples are considered preliminary instead of forward-looking projections.
| Company | Monday change | Market capitalization | Q1 2026 sales | Market capitalization to annualized Q1 sales |
|---|---|---|---|---|
| IonQ NYSE:IONQ | +6.4% | $13.0 billion | $64.7 million | 50x |
| D-Wave Quantum NASDAQ:QBTS | +16.0% | $6.9 billion | $2.9 million | 604x |
| Rigetti Computing, Inc. NASDAQ:RGTI | +7.3% | $5.1 billion | $4.4 million | 289x |
| Quantum Computing Inc. NASDAQ:QUBT | +5.9% | $1.8 billion | $3.7 million | 119x |
The approach benefits firms that have recently delivered significant systems. QCi stated that acquisitions accounted for the majority of its revenue growth. D-Wave posted just $86,000 in system sales for the quarter.
IonQ’s annual forecast offers minimal short-term flexibility. It reported $64.7 million in revenue for the first quarter, leaving $200.3 million to achieve by year-end. That sets the quarterly average needed at roughly $66.8 million through December. The second-quarter outlook is between $65 million and $68 million.
Initial calculations highlight the pressure. Achieving $65 million in the second quarter means an average of $67.7 million per quarter is needed for those that follow. If the second quarter totals $68 million, the requirement for each of the subsequent quarters drops to $66.2 million.
Remaining performance obligations and available cash offer balance. RPO totaled $470 million, with cash and investments amounting to $3.1 billion. CFO Inder Singh stated IonQ achieved “not only record revenues, but an increase in our backlog as well.” Business Wire
However, RPO does not represent revenue for the current year, as contract schedules may vary. IonQ continues to project an adjusted EBITDA loss of $310 million-$330 million for this year.
Valuation and timing continue to be the main risks. Missing sales targets could pressure the multiple, and peer comparisons do not account for cash, debt, or potential dilution ahead.
Monday’s surge highlights proof that quantum tools are becoming part of routine operations. IonQ faces a key test on August 5 to see if it can turn that optimism into revenue.
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