Forget IonQ: This Quantum Computing Stock Is a Better Buy

By Rich Smith – Dec 12, 2025 at 11:00PM ESTKey PointsIonQ has made technological progress in quantum computing.It's also lost a lot of money in the progress.These 10 Stocks Could Mint the Next Wave of Millionaires ›NYSE: IONQIonQMarket Cap$19BToday's Changeangle-down(-4.19%) $2.20Current Price$50.35Price as of December 12, 2025 at 4:00 PM ETTo win the quantum computing race, you need cash -- and Alphabet has a lot of cash.Quantum computing is hot, hot, hot, with the Defiance Quantum ETF (QTUM 3.29%) up 40% year to date and trading near its all-time high. And yet investors are starting to sour on one quantum computing stock in particular: IonQ (IONQ 4.19%). From early January 2025 through about mid-October, shares of IonQ nearly tripled in price. But since mid-October, IonQ's stock price has been cut by one-third, falling to $52 and change at the close on Dec. 5. Image source: Getty Images. Quantum successes... What's ailing IonQ? A leader in trapped-ion quantum computing, which can operate at room temperature and does not require cold for superconduction, IonQ's fatal flaw as a stock -- in my opinion -- is the fact that it's basically still just a research and development shop. IonQ's technology is certainly whiz-bang, and the company boasts powerful-sounding benchmarks such as "world-record 2 cubic gate fidelity of 99.99%." That's great from a science experiment perspective, but when it comes to IonQ's attractiveness as a business, I'm more interested in how much money the company can make. Unfortunately for quantum investors, for both the time being and for the foreseeable future, the answer to that question seems to be: zero.Advertisement ... and quantum travails Don't get me wrong. IonQ has made significant progress, growing its revenue from the single-digit millions (four years ago) to nearly $80 million today. The problem is that the more IonQ's revenue grows, the more money it seems to lose. Net losses that were just a hair over $100 million four years ago have grown 14 times in size, to just under $1.5 billion, over the last 12 months. Analysts polled by S&P Global Market Intelligence don't see IonQ turning profitable as far out as anyone's willing to make estimates (2030). Meanwhile, IonQ is burning through nearly $260 million a year, and only has $1.1 billion in the bank -- meaning it's on course to run out of money before reaching breakeven. This may be a great way to do science -- but it's a lousy way to run a business. ExpandNYSE: IONQIonQToday's Change(-4.19%) $-2.20Current Price$50.35Key Data PointsMarket Cap$19BDay's Range$49.00 - $53.0052wk Range$17.88 - $84.64Volume14MAvg Vol30MGross Margin-747.41% A better quantum stock than IonQ But if not IonQ, what's a better way to invest in quantum computing? Might I suggest investing in a company that's got more cash than it knows what to do with -- and certainly enough to fund its quantum research for as long as it takes to make reliable quantum computing a reality? Last year, Google-owner Alphabet (GOOG 1.01%) (GOOGL 1.03%) made headlines when its Willow quantum computing chip proved to be arguably the fasted quantum computer in the world, completing a computation that would take the fastest supercomputers in the world 100,000,000,000,000,000,000,000,000 years to solve ... in just five minutes. Granted, even Alphabet admits it's only at "step two" along a "six-step timeline" toward creating a reliable quantum chip, so this is still a work in progress. Crucially, though, Alphabet has the financial muscle to go the distance. Thanks to its multiple other successful, cash-producing businesses, Alphabet boasts nearly $100 billion of cash in the bank, and $73.5 billion in new free cash flow rolling in every year. That's enough money for Alphabet to win the quantum race itself ... or buy anybody who beats it to the finish.About the AuthorRich Smith is a contributing Motley Fool defense and stock market analyst covering publicly traded and emerging companies in defense, space, aerospace, and other sectors. Prior to The Motley Fool, Rich practiced international corporate law for Clifford Chance in Russia, and for the Russian-Ukrainian Legal Group in Moscow, Kyiv, and Washington, D.C. He holds a bachelor’s degree in international relations from the College of William & Mary, a law degree from the University of Baltimore, and a language certification from the International Institute of Russian Language & Culture in Tver, Russian Federation. The Globe and Mail once featured him as “one of the best stock pickers since 2009.”TMFDittyX@RichSmithFoolRead NextDec 12, 2025 •By Keithen DruryWill This Quantum Computing Stock Be a Must-Own in 2026?Dec 11, 2025 •By Manali Pradhan, CFAShould You Invest $1,000 in IonQ Right Now?Dec 11, 2025 •By Chris NeigerIs IonQ a Buy?Dec 11, 2025 •By Brett SchaferShould You Buy Quantum Computing Stocks in 2026?Dec 11, 2025 •By Parkev Tatevosian, CFAIs IonQ Stock a Buying Opportunity Before 2026?Dec 11, 2025 •By Keith SpeightsWhat to Watch With IonQ Stock in 2026