The author argues IonQ, with a $12 billion market cap, could rise tenfold to about $120 billion by 2035 if quantum computing takes off. IonQ's trapped-ion approach holds the world record in two-qubit gate fidelity, and its 256-qubit quantum computer, expected in early 2027, has already drawn several orders. The company also closed its SkyWater acquisition for chip fabrication and bought cybersecurity platform Elisity, though it is currently unprofitable. Reaching $120 billion at 10 times sales would require about $12 billion in annual revenue, versus just over $800 million analysts project for next year. The article cites industry expectations of viable commercial quantum computers around 2029 and McKinsey's projection of up to $72 billion in annual industry revenue by 2035, but notes there is no guarantee IonQ will succeed.
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