Overview
- Jefferies initiated coverage this week with a buy rating and a $100 price target, pointing to IonQ’s trapped‑ion architecture as a key differentiator.
- IonQ reported $39.9 million in Q3 2025 revenue, a 222% year‑over‑year increase that exceeded the top of guidance by 37%.
- The company is described as high risk for investors, even as coverage notes growing commercial traction and solution‑based contracts.
- Recent technical updates include a Tempo system with an algorithmic qubit score of 64 and reported 99.99% two‑qubit fidelity.
- Management outlines goals of 256 physical qubits in 2026 and 10,000 in 2027, targets that, if met, could support the bullish case tied to the new price objective.