While still in its nascent stages, the burgeoning field of quantum computing is rapidly attracting significant investor attention due to its immense long-term economic potential, pushing stock valuations well above what near-term revenue or earnings would justify.

IonQ, Inc. (NYSE:IONQ) stands out among the frontrunners, with Cantor Fitzgerald analyst Troy Jensen initiating coverage with an Overweight rating and a $45 price forecast.

IonQ’s trapped-ion approach, which supports room-temperature operations and strong performance, is based on a scalable modular architecture that also supports quantum networking.

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The company plans to scale from its current 36 physical qubits in the Forte Enterprise system to 10,000 qubits on a single chip by 2027, and connect two such chips to reach 20,000 qubits in 2028, aided by its Lightsynq acquisition and planned Oxford Ionics deal.

Jensen notes that IonQ’s technology could eventually support millions of qubits, with photonic links enabling distributed systems.

The analyst highlights IonQ’s strong financial position, noting that the company ended the first quarter of 2025 with nearly $700 million in cash following a $373 million equity raise.

This capital base supports IonQ’s aggressive push into product innovation, international growth, and strategic acquisitions like Lightsynq and Oxford Ionics.

Despite a significant share price rebound, up around 511% over the past year and 3% year-to-date, Jensen sees additional upside.

With IonQ still in the early stages of commercialization, the analyst estimates it could secure 20% of the quantum computing market by 2035, representing a present value of $636 million.

Per Jensen, IonQ is uniquely situated at the convergence of quantum computing and networking, backed by acquisitions such as ID Quantique and Lightsynq.

With solid revenue momentum, nearly $700 million in cash, and a strong patent base, the company is progressing along a well-defined technical roadmap aimed at scalable commercial use.

Its expanding base of enterprise, government, and global partners further underscores its leadership in the emerging quantum sector.

Price Action: IONQ shares are trading higher by 5.29% to $42.22 at last check Wednesday.

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