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AEACapital Research

Independent student research — not an investment firm or financial advice

Watchlist · Not Owned

IonQ Inc (IONQ)

$36.44 +1.87% · Prices as of July 31, 2026 close · not a position, not a recommendation

Compare vs. competitors: IonQ vs. Rigetti Computing →

Download full 3-statement model (.xlsx) →

Market cap$16.83B
P/E ratio (TTM)69.5x (recently turned positive)
EPS (Q1 2026)$2.24
Dividend yieldNone
SectorQuantum computing
EBITDAEarnings Before Interest, Taxes, Depreciation, and Amortization — a measure of operating profitability before financing and accounting decisions. EV/EBITDA compares a company's full value (including debt) to this figure, often used to compare companies with different capital structures.FY26 Adj. EBITDA loss guidance ($310)–($330)M; Q1 FY26 loss ($96.8)M
PEG ratioPrice/Earnings-to-Growth: the P/E ratio divided by expected earnings growth. Below 1.0 is often read as cheap relative to growth; above suggests the market is pricing in a lot of future growth already. Different providers use different growth-rate assumptions, so figures vary by source.0.55
Capex−$22.48M (TTM)

Fundamentals sourced as cited below; figures vary slightly by provider and reporting date, consistent with real-world data variance across sources. EBITDA, PEG ratio, and capex sourced from public filings and financial-data aggregators (GuruFocus, StockAnalysis, company earnings releases). PEG ratio is sourced primarily from GuruFocus where available; different providers calculate PEG using different growth-rate assumptions (trailing vs. forward, 1-year vs. 5-year), so figures from other sources for the same stock can vary by several multiples — a known limitation of PEG as a metric, not unique to any name here.

Why it's on the list

Quantum computing is a genuine long-horizon technology bet, and IonQ is one of the more credible pure-play public companies in the space — the kind of small, speculative, real-optionality position the IPS's speculative sleeve is built for.

Why it's not in the book yet

This is pre-revenue-at-scale, story-driven investing almost by definition — the speculative sleeve is already at 6.6% of the book (RKLB, WYFI, SPCX, TEM), and I don't think a fifth deeply speculative name is the right next move before that bucket's existing positions prove out.

What would move me to buy

Room opening up in the speculative sleeve, or a clear commercial milestone (a real paying enterprise customer, not just a research partnership) that changes this from a pure science bet to something closer to an early-revenue company.

Sources: public.com, financecharts.com, companiesmarketcap.com, SEC Form 8-K (as of July 11, 2026). This is a watchlist entry, not a position — see Watchlist for the full list and Investment Policy Statement for what it takes for a name to become a real position. Not investment advice.