Is IonQ a Buy in 2026? How the Stock Stacks Up Against RGTI, QBTS

At the start of 2026, IonQ IONQ stands ahead of peers D-Wave Quantum QBTS and Rigetti Computing RGTI, banking on solid technical progress and commercial traction as well as a clearer roadmap. Recently, IonQ reached industry-leading two-qubit gate fidelity, a key measure of accuracy that is critical for building useful, scalable quantum systems. This level of performance puts IonQ ahead of rivals that are still refining core reliability.

IonQ is also moving faster on the business side. It has expanded long-term partnerships with enterprise and research customers, signaling growing confidence in its technology and a clearer path to revenues. Leadership additions announced around the start of 2026 further support execution as the company scales.

By comparison, QBTS remains focused on niche annealing systems, while RGTI faces delays in rolling out next-generation hardware. Together, IonQ’s technical lead, commercial momentum and execution focus keep it in front as the quantum race accelerates in 2026.

IONQ’s Execution, Balance Sheet and a Clear 2026 Scale-Up Path

In the last-reported third quarter of 2025, IONQ delivered $39.9 million in revenues, exceeding the top end of the guidance by 37% and growing 222% year over year. This scale-up has materially reset expectations for near-term demand. Technically, IonQ achieved an AQ score of 64 on Tempo, brought the system online three months ahead of schedule and demonstrated 99.99% two-qubit gate fidelity, a critical threshold that directly reduces error correction overhead and lowers the cost of scaling. Financially, the balance sheet stands out. The $3.5 billion in pro forma cash, no debt and rising R&D investment position IonQ to sustain multi-year execution without dilution pressure.

Management guided fourth-quarter 2025 revenues (to be reported in February 2026) to exceed the third quarter, breaking prior seasonality. In 2026, Tempo and Forte Enterprise remain on track for delivery. The Oxford Ionics integration brings electronic qubit control into IonQ’s roadmap, with a 256-qubit system targeted for demonstration in 2026, leveraging standard semiconductor supply chains. At the same time, acquisitions such as Vector Atomic broaden IonQ’s addressable market into quantum sensing, networking and security, supporting larger, solution-level contracts.

IONQ’s 2026 Estimates Show Strong Growth Prospects

IONQ is projected to report 2026 earnings growth of 65.8% on revenue growth of 83.3% from the 2025 estimated figure.

IONQ's Valuation Better Than Its Peers

IonQ’s forward 12-month price/sales (P/S) ratio of 83.57 is far above the industry average of 4.9X but below QBTS (165.1X) and RGTI (308.7X), as you can see below.

Risks Remain

Despite IonQ’s strong positioning, key risks temper the bullish outlook. Revenue growth accelerated sharply in the third quarter, but the company remains deeply loss-making, with an adjusted EBITDA loss of $48.9 million and elevated operating expenses driven by heavy R&D and talent investment. The company has indicated these costs will remain high as IonQ prioritizes technology leadership, pushing profitability several years away.

Execution risk also persists. The successful integration of Oxford Ionics’ electronic qubit control is central to IonQ’s 2026 roadmap and delays could weaken confidence in its scaling narrative. In addition, IonQ’s focus on large government and enterprise contracts entails long sales cycles and budget sensitivity. Meanwhile, competitors such as Rigetti and D-Wave continue to advance and add customers.

In January so far, shares of IonQ, although up 12.3%, have underperformed both D-Wave and Rigetti’s gains of 14.5% and 15.2%, respectively.

Stock Comparison in January 2026

Our Take

While IonQ’s valuation is more reasonable than its peers, we maintain a cautious stance, given the company’s execution and integration risks. Despite strong long-term fundamentals, including solid funding, strategic acquisitions and clear technological leadership, IonQ continues to report sizable operating losses as it scales up. Meanwhile, the quantum computing market remains early-stage, with revenue growth yet to offset heavy R&D spending. Currently, we recommend investors retain IONQ, a Zacks Rank #3 (Hold) stock, and await a clearer earnings inflection for a better entry point. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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