IonQ is up nearly 280% over the last five years and just hit 99.99% fidelity at higher temperatures. This makes their trapped-ion system more efficient for cooling, helping them compete on speed against rivals like Rigetti. The valuation is tough to justify right now though. They are trading at a $16.5B market cap with only $79.8M in revenue and a $1.5B net loss. Commercial viability isn't expected until 2030 when they scale to 1 million qubits. They are buying up smaller companies like Skyloom and SkyWater to grow. While they have $1B in cash, the burn rate and acquisitions suggest dilution is likely coming. It seems like a high risk play at these levels.