Shares of IonQ (IONQ -5.72%) stock popped 142.8% in November, according to data from S&P Global Market Intelligence. The start-up is trying to revolutionize the quantum computing market and bring this nascent technology into commercial hands. With investors eating up growth and deep technology stocks at the moment, it is no surprise to see IonQ crushing the market in 2024. Shares are up close to 200% year to date (YTD) as of this writing on Dec. 5, 2024.

Here's why IonQ stock was up more than 100% in November.

Commercializing quantum computing

Quantum computing uses quantum mechanics to solve complex problems much faster than traditional computing methods. The problem is that building and maintaining these computers is extremely tricky and requires intensely stable operating environments. IonQ is working to solve these issues and help scale quantum computing, now selling its services on the three big cloud providers: Amazon Web Services, Google Cloud, and Microsoft Azure.

The idea is to use these rapid computing methods to solve problems with high computational intensity. Applications of quantum computing could include self-driving cars, biotechnology and pharmaceuticals, artificial intelligence, and supply chain management. The possibilities are endless. For example, IonQ just partnered with advanced computer design simulation company Ansys to utilize quantum computing to perform faster and more advanced simulations for commercial design customers.

So far, it looks like companies are lining up to spend money with IonQ. Last quarter, revenue grew over 100% year over year to $12.4 million. Perhaps more importantly, IonQ booked $63.8 million in new orders just in the third quarter. Investors likely celebrated these results, shooting up IonQ's stock after the earnings were released. There is clearly a ton of potential for these products.

Should you buy IonQ stock?

IonQ is clearly an exciting company. Personally, I hope they succeed and commercialize quantum computing, as it would be a phenomenal development that would further increase human prosperity. I don't think the stock is a buy at these prices, though.

At a market cap of $8 billion, IonQ trades at a price-to-sales (P/S) ratio of 200. This is an absurd valuation that makes it extremely unlikely IonQ will ever generate positive returns for shareholders. The expectations embedded into the stock price are just too high. IonQ will be a fun company to watch, but don't go chasing the stock after its monster November returns.