As of Q4'25, IONQ's P/S Ratio stands at 250.66, marking the highest value observed in the reported period. This latest figure reflects a significant increase compared to previous quarters, indicating a sharp upward movement in the company's price-to-sales valuation. From Q1'23 to Q4'25, the P/S Ratio has exhibited notable volatility, with pronounced fluctuations across the quarters. After peaking at 175.62 in Q2'23, the ratio declined to a low of 46.65 in Q2'24 before rebounding strongly in the following quarters. The most recent trend shows a sustained and rapid rise from Q3'24 onward, suggesting renewed investor optimism or changes in revenue expectations for IONQ.