It's always a bad idea to invest in the right company at the wrong price. Yet over the past few years, that's precisely what happened when many investors chased some of the market's hottest hypergrowth stocks without considering their skyrocketing valuations.

So with the S&P 500 still looking historically expensive at nearly 30 times earnings, it might be smarter to wait for the next market crash before embracing those market darlings. When that pullback finally happens, I'd buy IonQ (NYSE: IONQ) and Palantir (NASDAQ: PLTR) -- two companies that are firing on all cylinders but trading at sky-high valuations.

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IonQ is an early mover in quantum computing, which processes specific tasks much faster than classical computers. Unlike older electron-driven systems, which require cryogenic refrigeration, IonQ's "trapped ion" systems can operate at room temperature. That makes them smaller, more scalable, and more accurate for complex calculations than electron-based systems.

From 2025 to 2028, analysts expect IonQ's revenue to grow at a 64% CAGR as it sells more of its systems (Aria, Forte, Forte Enterprise, and Tempo) while expanding its cloud-based quantum computing platform. Much of that growth will also be driven by large government contracts.

IonQ's future looks bright, but its stock is already richly valued at 25 times its 2028 sales. If a market crash significantly reduces that price-to-sales ratio, I'd eagerly buy its stock.

Palantir is a data-mining and analysis company that serves most U.S. government agencies. It aggregates data from disparate sources to help those agencies make informed decisions, and it's widely used to plan military and law enforcement missions. It also provides commercial services to large companies seeking to streamline their operations.

From 2025 to 2028, analysts expect Palantir's revenue and EPS to grow at CAGRs of 49% and 53%, respectively. The recent domestic and overseas conflicts should drive the U.S. government to ramp up spending on its services. In contrast, the push to optimize businesses with AI-powered services should generate robust tailwinds for its commercial business. It's also been rolling out more tools for companies to develop their own customized AI applications.

Those growth rates are explosive, but Palantir's stock already trades at 23 times and 64 times its projected 2028 sales and earnings, respectively. Therefore, I'd only buy this hypergrowth stock if a market crash reduces its valuations to more sustainable levels.

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Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends IonQ and Palantir Technologies. The Motley Fool has a disclosure policy.

Market Crash: 2 Stocks I'd Buy Without Hesitation was originally published by The Motley Fool