IonQ (NYSE: IONQ) has set the stock market on fire in 2023 with eye-popping gains of 333% thanks to the hype around quantum computing. But it looks like investors are now having second thoughts about this company following its terrific surge.

Shares of IonQ are down 25% since hitting a 52-week high in September this year. While that may seem a tad surprising at first given how fast IonQ is growing, a closer look at the company's financials will tell us why investors have been cashing in some profits recently.

IonQ's red-hot rally this year is mostly a result of the hype around quantum computing, a technology that's currently in a nascent phase. IDC estimates that the global quantum computing market was worth about $1.1 billion last year. It is expected to grow to $7.6 billion in 2027, clocking an annual growth rate of 48%.

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Source Fool.com