IonQ (NYSE: IONQ), the largest public pure-play quantum computing company by revenue, has drawn a bullish initiation from Bank of America with a buy rating and $60 price objective.
Research analyst Vivek Arya anchors the call on IonQ using strategic deals to “accelerate its quantum-compute roadmap” across networking, security, sensing, space, and foundry services.
The company has moved well beyond simply being a wager on whether quantum computers will eventually work at commercial scale.
IonQ’s recent acquisitions of SkyWater Technology and Seed Innovations give it direct control over chip manufacturing and the advanced AI capabilities needed to scale quantum infrastructure.
The SkyWater deal hands IonQ control over chip development and manufacturing specifically to support its Superion systems, a full-scale quantum computing platform currently in development.
The January acquisition of Seed Innovations, an AI and software development provider, is designed to help the company manage and scale complex quantum workloads more efficiently.
Together, Bank of America said the deals should accelerate the launch of IonQ’s next-generation platform, “supported by its semiconductor-enabled path to scaling qubit count, broad customer engagement and exposure across quantum computing, communications and sensing.”
Bank of America values IonQ’s business segments separately using 2030 enterprise value to sales multiples, with Quantum Hardware and Services projected at $2.5 billion in fiscal 2030 revenue receiving a 7.0x multiple.
The Foundry segment, projected at $1.2 billion in fiscal 2030 revenue, receives a 2.0x multiple, resulting in a blended valuation of 5.4x across both businesses.
Bank of America projects IonQ’s sales will grow at a 69% compound annual growth rate from fiscal 2026 through fiscal 2030, a forecast that hinges on timely product delivery and commercial adoption.
Analyst price targets for the stock range widely from $40 to $100, reflecting the significant uncertainty that still surrounds the broader quantum computing sector.
The average price target of $66.50 points to roughly 50% potential upside from current levels, while the most bullish $100 target implies a rally of as much as 126%.
On the technical side, the 14-day RSI sits around 60, signaling positive momentum without yet crossing into overbought territory.
The MACD line has crossed above the signal line and the histogram has turned positive, indicating that buying momentum is continuing to build.
Bank of America acknowledged that while IonQ has “multiple ways to win,” investors are currently paying for growth that has not yet been realized, and any delays in machines or commercial adoption could put both the forecast and the price target at risk.
The $60 target appears achievable if IonQ can convert its rising backlog, new product pipeline, and expanded semiconductor capabilities into sustained, measurable revenue growth.
