Shares of IonQ (NYSE: IONQ) have gained 184% over the last year. The stock trades at an eye-watering 119 times sales; I can't talk about profit-based valuation ratios because the quantum computing specialist isn't profitable.

So it's fair to ask if it might already be too late to buy IonQ stock. I would argue that it's way too early, actually. Let me explain what I mean.

In the context of IonQ's recent stock surge, a closer look reveals a valuation that might be more of a mirage than a miracle.

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Source Fool.com