IonQ Update, November 2025

In this episode of FOMO Investing, Brian and Mik revisit IonQ (IONQ).

Building on our original Theory of the Case from November 2024 and our January 2025 update, we unpack recent developments, including:

Management changes (CEO and CFO),IonQ's competitive position in the broader quantum market.Challenging valuation metrics ($15 -16 billion on $100 million of revenue)IonQ's $2 billion in Equity financing at $93/share  (h/t to Andrew Walker's piece that has a great breakdown of this, link below)

🔗 Links

Theory of the Case — IonQ (Nov 2024): https://fomo.transistor.fm/episodes/theory-of-the-case-ionqIonQ Update (Jan 2025): https://fomo.transistor.fm/episodes/ionq-january-2025Andrew Walker on IonQ financing: https://www.yetanothervalueblog.com/p/the-evolution-of-meme-stock-financingChris Monroe on quantum computing and IonQ https://www.youtube.com/watch?v=-eo_VV0Z4aE&t=6249s