<p>IonQ 的股价波动剧烈，2025 年达到峰值$84.64，随后 <strong>下跌超过 35%</strong>。</p>
<p>2025 年 12 月 24 日的股价为 <strong>$49.82</strong>，公司在市场上的市值仍约为 <strong>187 亿美元</strong>。</p>
<p>首次上涨的原因可以归因于对量子计算的普遍兴奋，而随后的下跌则表明市场状况不稳定。</p>
<p>因此，利益相关者认为当前的估值是进入该行业的机会，价格在战略上是有利的。</p>
<h2>量子优势</h2>
<p>IonQ 通过采用捕获离子设计而与众不同，其中使用铒-171 和钡离子运行 <strong>99.99% 的保真度</strong>。</p>
<p>这些性能指标高于其他竞争公司如 Rigetti Computing 所报告的，尽管他们的计算系统具有更高的门速率，但错误率较低。</p>
<p>IonQ 平台可以减少量子信息处理中的计算错误这一根本问题，从而缩小被认为是量子计算主要障碍的可扩展性差距。</p>
<p>尽管支持叠加和纠缠，这在规模效应中至关重要，但长期的可行性依赖于高保真度，正如现有文献所论证的那样。</p>
<h2>收入激增</h2>
<p>IonQ 正在迅速扩大业务，第三季度的 <strong>年同比收入增长 222%</strong>，达到 3990 万美元。</p>
<p>管理层现在预计 2025 年的收入将在 <strong>1.06 亿到 1.1 亿美元</strong> 之间，高于之前的指导范围 8200 万到 1 亿美元。</p>
<p>与此同时，<strong>IonQ 赢得了与美国空军的 5450 万美元合同</strong>，并在 11 家竞争者中脱颖而出，参与 DARPA 量子基准测试计划的第二阶段。</p>
<p>其流动比率使其能够进行战略收购，例如最近收购的 LightSynq，提供与 Nvidia 的 NVLink 相似的光子互连技术，能够实现小型捕获离子阵列的可扩展模块化设计。</p>
<h2>买入还是等待？</h2>
<p>IonQ 本季度报告了令人印象深刻的 222% 的年同比收入增长，其 <strong>3987 万美元的收入</strong> 超出了华尔街的预期 47.8%。</p>
<p>与前两年相比，卖方分析师预测未来 12 个月收入将 <strong>增长 90.7%</strong>。</p>
<p>尽管如此，这一预测是合理的，表明市场预期其商品和服务将取得成功。</p>
<h2>前景？</h2>
<p>IonQ 的战略计划旨在到本十年末建立容错量子系统。</p>
<p>因此，简单的股权持有在十年后将大幅增值，具体取决于其生态系统是否能够有效地制度化。</p>
<p>尽管这一建议意味着巨大的风险，但历史表明，主导市场的参与者很少在长期低估值的情况下不恢复。</p>

IONQ

<p>IonQ 的股票从 2025 年的峰值下跌超过 35%，目前价格为 49.82 美元，市值为 187 亿美元。尽管波动性较大，IonQ 仍显示出强劲的增长，收入增长 222%，并与美国空军签署了 5450 万美元的合同。分析师预测明年的收入增长将达到 90.7%。IonQ 在容错量子系统上的战略重点暗示了潜在的长期增值，尽管存在固有风险</p>

<p>The IonQ equity was closely volatile with a peak value of $84.64 in 2025 followed by a <strong>drop of over 35%</strong>.</p>
<div class="lb-trans"><p>IonQ 的股价波动剧烈，2025 年达到峰值$84.64，随后 <strong>下跌超过 35%</strong>。</p>
</div><p>The share price on December 24, 2025, was at <strong>$49.82</strong>, with the company still having a market capitalization of around <strong>$18.7 billion</strong> in the marketplace.</p>
<div class="lb-trans"><p>2025 年 12 月 24 日的股价为 <strong>$49.82</strong>，公司在市场上的市值仍约为 <strong>187 亿美元</strong>。</p>
</div><p>The fact that the first increase could be explained by an omnipresent excitement about quantum computing, the following drop indicates an unstable situation in the market.</p>
<div class="lb-trans"><p>首次上涨的原因可以归因于对量子计算的普遍兴奋，而随后的下跌则表明市场状况不稳定。</p>
</div><p>As a result, stakeholders consider the current valuation an opportunity to enter the industry, which is at a strategically favorable price.</p>
<div class="lb-trans"><p>因此，利益相关者认为当前的估值是进入该行业的机会，价格在战略上是有利的。</p>
</div><h2>Quantum Edge</h2>
<div class="lb-trans"><h2>量子优势</h2>
</div><p>IonQ distinguishes itself by having trapped-ion designs, wherein ytterbium-171 and barium ions are used to run <strong>fidelity rates of 99.99%</strong>.</p>
<div class="lb-trans"><p>IonQ 通过采用捕获离子设计而与众不同，其中使用铒-171 和钡离子运行 <strong>99.99% 的保真度</strong>。</p>
</div><p>These performance measurements are higher than the reported ones by the other competing companies like Rigetti Computing whose computer systems even though they have a higher rate of gate speed have lower error rates.</p>
<div class="lb-trans"><p>这些性能指标高于其他竞争公司如 Rigetti Computing 所报告的，尽管他们的计算系统具有更高的门速率，但错误率较低。</p>
</div><p>The essential problem of computational errors in quantum information processing can be reduced through the IonQ platform, which can narrow the gap in scalability that is identified as the major barrier to quantum computing.</p>
<div class="lb-trans"><p>IonQ 平台可以减少量子信息处理中的计算错误这一根本问题，从而缩小被认为是量子计算主要障碍的可扩展性差距。</p>
</div><p>Despite a supporting superposition and entanglement, which are vital in the scale effect, long-term tractability depends on the high fidelity, as the existing body of literature argues.</p>
<div class="lb-trans"><p>尽管支持叠加和纠缠，这在规模效应中至关重要，但长期的可行性依赖于高保真度，正如现有文献所论证的那样。</p>
</div><h2>Revenue Surge</h2>
<div class="lb-trans"><h2>收入激增</h2>
</div><p>IonQ is rapidly scaling its business, as evidenced by its <strong>222% year-over-year revenue growth</strong> to $39.9 million in the third quarter.</p>
<div class="lb-trans"><p>IonQ 正在迅速扩大业务，第三季度的 <strong>年同比收入增长 222%</strong>，达到 3990 万美元。</p>
</div><p>Management now expects 2025 revenues to be in the range of <strong>$106 million to $110 million</strong>, up from its previous guidance range of $82 million to $100 million.</p>
<div class="lb-trans"><p>管理层现在预计 2025 年的收入将在 <strong>1.06 亿到 1.1 亿美元</strong> 之间，高于之前的指导范围 8200 万到 1 亿美元。</p>
</div><p>At the same time, <strong>IonQ won a $54.5 million contract</strong> with the United States Air Force and was chosen out of 11 competitors to take part in Phase 2 of the DARPA Quantum Benchmarking Initiative.</p>
<div class="lb-trans"><p>与此同时，<strong>IonQ 赢得了与美国空军的 5450 万美元合同</strong>，并在 11 家竞争者中脱颖而出，参与 DARPA 量子基准测试计划的第二阶段。</p>
</div><p>Its liquidity ratio makes it open to strategic acquisitions e.g. the recent acquisition of LightSynq which offers photonic interconnect technologies that is similar to that of Nvidia, NVLink enabling scalable modular designs of small-trap ion arrays.</p>
<div class="lb-trans"><p>其流动比率使其能够进行战略收购，例如最近收购的 LightSynq，提供与 Nvidia 的 NVLink 相似的光子互连技术，能够实现小型捕获离子阵列的可扩展模块化设计。</p>
</div><h2>Buy or Wait?</h2>
<div class="lb-trans"><h2>买入还是等待？</h2>
</div><p>IonQ reported impressive year-over-year revenue growth of 222% this quarter, and its <strong>$39.87 million in revenue</strong> exceeded Wall Street projections by 47.8%.</p>
<div class="lb-trans"><p>IonQ 本季度报告了令人印象深刻的 222% 的年同比收入增长，其 <strong>3987 万美元的收入</strong> 超出了华尔街的预期 47.8%。</p>
</div><p>In contrast to the previous two years, sell-side analysts predict that revenue will <strong>grow by 90.7%</strong> over the next 12 months.</p>
<div class="lb-trans"><p>与前两年相比，卖方分析师预测未来 12 个月收入将 <strong>增长 90.7%</strong>。</p>
</div><p>Nevertheless, this forecast is sound and indicates that the market anticipates success for its goods and services.</p>
<div class="lb-trans"><p>尽管如此，这一预测是合理的，表明市场预期其商品和服务将取得成功。</p>
</div><h2>Outlook?</h2>
<div class="lb-trans"><h2>前景？</h2>
</div><p>The strategic plan of IonQ is aimed at building fault-tolerant quantum systems by the end of the present decade.</p>
<div class="lb-trans"><p>IonQ 的战略计划旨在到本十年末建立容错量子系统。</p>
</div><p>A simple equity holding would therefore appreciate massively after a decade, depending on whether or not its ecosystem is institutionalized productively.</p>
<div class="lb-trans"><p>因此，简单的股权持有在十年后将大幅增值，具体取决于其生态系统是否能够有效地制度化。</p>
</div><p>Although this suggestion would imply immense risk, history would say that dominant market participants rarely survive long periods of underpricing without a recovery.</p>
<div class="lb-trans"><p>尽管这一建议意味着巨大的风险，但历史表明，主导市场的参与者很少在长期低估值的情况下不恢复。</p>
</div>

IonQ 股票下跌 35%——现在是否是买入的好时机？