Just caught up on how IonQ played out a few months back in late February. The stock absolutely popped that day—up over 21% after they dropped Q4 numbers that were clearly exceeding expectations. Revenue hit $130M for 2025, and they guided for $235M in 2026, which definitely caught traders' attention.

What's interesting is the volume spike that day was nuts, like 234% above the three-month average. Meanwhile the broader market was actually down—S&P 500 dropped 0.53% and Nasdaq fell 1.18%—but quantum stocks were having their own thing. D-Wave and Quantum Computing made gains too, but nothing close to IonQ's move. The company's been on a tear since their 2021 IPO, up nearly 280% overall.

They also announced this European quantum network deployment and are acquiring SkyWater Technology to strengthen their chip foundry capabilities. The thing is, with a $14.5B market cap, a lot of that growth story is already priced in. They're still not profitable, so the market's basically betting hard on them hitting those 2026 targets and continuing to scale. It's one of those situations where the fundamentals are solid but the valuation's definitely reflecting the hype. Interesting to watch how they execute from here.