$QNT vs $IONQ
$QNT
2025 revenue: $31 million
Backlog as of Q1 2026: $76,8 million
Cash balance as of Q1 2026: $677 million
Market cap: $14,5 billion
$IONQ
2025 revenue: $130 million
Backlog as of Q1 2026: $470 million
Cash balance as of Q1 2026: $3,1 billion
Market cap: $13,3 billion
$IONQ is delivering 4x revenue, holding 6x backlog, and carrying 4,5x cash balance.
Is $QNT overvalued or $IONQ undervalued?