IonQ (IONQ) is drawing attention after acquiring SkyWater Technology and preparing to share multiyear revenue forecasts at its upcoming investor day, supported by fresh board appointments in technology and finance.

IonQ’s recent acquisition of SkyWater and its upcoming multiyear guidance have arrived after a mixed share price run, with the stock down 37.07% on a 90 day share price return and 15.50% year to date, yet delivering a 104.34% three year total shareholder return that signals longer term momentum.

Compare IonQ’s set up ahead of investor day with other quantum and chip stocks that could be primed for their own rerating by scanning 25 quantum computing stocks.

IonQ’s recent swing, with sharp near term weakness set against a strong three year run, raises a simple question: Are investors repricing the business after SkyWater and new guidance, or is sentiment just resetting around the same fundamentals?

Most Popular Narrative: 17.7% Undervalued

IonQ’s most followed narrative pegs fair value at $48.00 per share, compared with the last close of $39.52. That gap frames the investor day debate around how much future quantum adoption the stock already reflects.

The company just reported Q1 2026 revenue of $64.7 million, raised full-year revenue guidance to a range of $260 to $270 million, and ended the quarter with Remaining Performance Obligations (RPO) of $470 million. About 60% of Q1 revenue came from commercial customers, 35% from international customers, and 35% from multi-product customers, which suggests that IonQ is increasingly becoming more than just a research-backed quantum name.

Read the complete narrative..

Want to see why that revenue mix supports a higher fair value for IonQ. The narrative leans on rapid top line expansion, richer customer contracts, and improving unit economics that are not yet obvious in headline losses.

Result: Fair Value of $48.00 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, IonQ’s user narrative could be challenged if acquisition integration proves messy or if trapped ion technology falls behind other quantum approaches in commercial relevance.

Find out about the key risks to this IonQ narrative.

Next Steps

If this mix of optimism and concern around IonQ leaves you undecided, consider taking action now. Review the data carefully and weigh the 1 key reward and 3 important warning signs.

Looking for more investment ideas beyond IonQ?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.