B. Riley Initiates Coverage on IonQ with Buy Rating, Sees 44% Upside

B. Riley Financial analyst Craig Ellis has initiated coverage on IonQ Inc. (IONQ) with a Buy rating and a $61 price target, suggesting a 44% upside from current levels NEAR $42. The quantum computing firm is lauded as the sector's revenue growth leader, poised for a third consecutive year of 100% year-over-year gains.

IonQ's fifth-generation trapped-ion quantum system, slated for release in late 2025, anchors an expanding product pipeline. The company has secured four deals since December 2024 with another pending, backed by a $1.6 billion pro forma cash position representing 12% of market capitalization. This war chest funds its path to profitability later this decade.

The analyst projects a total addressable market reaching $10-$15 billion within five years, potentially expanding to $28-$86 billion over a decade. Strategic hires from top-tier firms and development of compute/network/space capabilities further strengthen IonQ's market position.