Wedbush initiated coverage of IonQ, Inc. (NYSE: IONQ) with an Outperform rating and a $60 price target, highlighting the company's differentiated quantum computing technology and accelerating commercial momentum.

The analyst said IonQ's trapped-ion quantum computing architecture, developed through more than 25 years of academic research, represents a unique and powerful approach within the quantum computing space. While the technology remains in its early stages and adoption is currently limited to a small group of commercial, industrial, and academic users, Wedbush said IonQ has built a strong and expanding sales pipeline.

IonQ's revenue nearly doubled from $22 million in 2023 to $43 million in 2024 and was projected to more than double again in 2025 to exceed $100 million. Wedbush said broader commercial adoption represents the next major catalyst for IonQ and the wider quantum computing industry, despite the sector still being in its infancy.