IonQ is up about 12%, trading around $43. The stock has quadrupled since its 2021 SPAC debut. Their quantum tech uses lasers instead of superconducting loops, meaning it doesn't require cryogenic cooling. This advantage helped them secure more government contracts and pushed revenue from $2M in 2021 to $130M in 2025, mostly through their cloud platform. Analysts project they will hit $652M in revenue by 2028. However, the company is still deeply unprofitable and trades at 23 times its projected 2028 sales, so a lot of that expected growth is already priced in. Interest rate fears and other macro headwinds could also cause a near-term pullback.