Key Takeaways
- IonQ shares rose 7% today, Rigetti rose 8% and D-Wave rose about 4%, after Intel agreed to buy quantum software company Classiq in a deal reportedly worth about $2.3 billion.
- A major chipmaker paying that much for quantum software is a vote of confidence in the sector, and IonQ’s selloff over the past month looks overdone.
- IonQ fell 24% in a month amid a broader quantum selloff and worries about new shares, and its share count has nearly doubled since the end of 2024.
- IonQ reports third-quarter results on Nov. 5, its first quarter with SkyWater included, and Wall Street expects 254% revenue growth.
IonQ (IONQ) is up 7% today after Intel (INTC) agreed to buy quantum software company Classiq, a deal Bloomberg reported is worth about $2.3 billion. The rest of the group came along for the ride: Rigetti Computing (RGTI) rose 8%, and D-Wave Quantum (QBTS) gained about 4%.
Intel announced the deal after Monday’s close and didn’t give a price. In its announcement, CEO Lip-Bu Tan said Classiq “transforms Intel’s Quantum Computing Group into a full-stack quantum computing business.”
Intel Just Put a Price on Quantum Software
That’s a big check for software alone. And Classiq’s code runs on all kinds of quantum hardware, including trapped-ion machines like the ones IonQ builds.
The timing helps IonQ, too. The stock had dropped 24% in a month as quantum stocks sold off broadly and investors worried about dilution from its $2 billion stock sale and its all-stock Elisity deal, worth up to $1.3 billion.
The dilution is real. IonQ’s diluted share count roughly doubled from 2021 to 2025:
And 429 million shares were outstanding as of Oct. 23, before a single Elisity share has been issued.
IonQ Stock Looks Cheap Against Its Own History
IonQ ended Monday at 19x forward sales. Its three-year average is 75x, and it peaked at 215x in October 2025:
Part of that drop is the revenue mix, though. Forward sales now include SkyWater’s foundry revenue, which BofA valued at just 2x sales in September.
TIKR Tracks 14 Analysts on IonQ. How Many Say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on IonQ, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See IonQ’s Analyst Ratings
Intel Wants What IonQ Already Has
IonQ calls itself “the world’s leading full-stack quantum platform and foundry.” Now Intel is building the same thing, with far deeper pockets. That’s a vote for IonQ’s strategy, even if Intel’s deal won’t close until the first half of 2027.
I think the selloff went too far. A chipmaker paying a reported $2.3 billion for quantum software tells you the big players see real value here, and IonQ now trades at about a quarter of its three-year average multiple. More dilution is coming with Elisity, but at this price, a lot of it looks baked in.
Nov. 5 is the next test, when IonQ reports its first quarter with SkyWater. Wall Street expects third-quarter revenue to jump 254% from a year earlier. I’d watch two things: organic growth, which management expects to hit 100% this year, and gross margin, which fell to 24.9% in the second quarter from 59.8% a year earlier. D-Wave reports on Nov. 10, and Rigetti hasn’t set a date yet.
So what is IonQ stock actually worth?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
