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As of Q4'25, IONQ's EV/EBITDA ratio stands at 17.72, marking a significant shift into positive territory after several quarters of negative values. This latest data point reflects a notable turnaround in the company's valuation relative to its earnings before interest, taxes, depreciation, and amortization. From Q1'23 to Q3'25, IONQ's EV/EBITDA ratio remained consistently negative, fluctuating between -26.88 and -9.58, indicating persistent operational losses or high enterprise value relative to EBITDA. The trend shows a gradual improvement through 2024, followed by volatility in 2025, and culminating in a dramatic positive inflection in Q4'25. This reversal suggests a substantial change in either profitability or valuation dynamics, signaling a potential shift in the company's financial outlook over the observed period.