$IonQ posted a 755% year-over-year revenue increase in Q1 2026 to nearly $65 million and raised its full-year guidance to $260-270 million after selling its first 256-qubit system, signaling commercial viability. Remaining performance obligations jumped to $470 million, up 554% year-over-year. Commercial customers now drive 60% of revenue, and IonQ has sold into over 30 countries. From 2025 to 2028, analysts expect IonQ's revenue to grow at a 67% CAGR to $600 million. The main risk is of course valuation. It's already at $20B market cap and stays unprofitable for the foreseeable future. A 10x from here requires the quantum thesis to fully materialize, but it's the purest play on a potentially generational technology shift.