IonQ is the First Pure-Play Quantum Computing Company To Generate Over $100 Million in Revenue. Is the Stock Headed to $100?

IonQ has become the first pure-play quantum computing company to exceed $100 million in annual revenue, growing from $2 million in 2021 to $130 million in 2025. While the company's trapped-ion technology and government contracts show promise with projected 70% CAGR through 2028, analyst Leo Sun argues the stock is unlikely to reach $100 this year due to rich valuations (40x 2028 sales), continued unprofitability, shareholder dilution, and insider selling outpacing buying.