"IonQ, one of the best known publicly traded quantum computing companies, is facing a raft of questions about the quality of its revenues and insider stock sales following a research report published today by short seller Wolfpack Research.Wolfpack, which is short IonQ's stock and thus stands to gain financially from its allegations, said that the company has consistently misled investors about the extent to which there is organic demand for its quantum computing technology."
"In particular, the report said the company did not disclose to investors the extent to which its reported revenues had been dependent on secretive "backdoor earmarks" inserted into the Pentagon budget by friendly lawmakers-and that those earmarks were cancelled after the Republicans took control of Congress in 2025.IonQ was worth more than $13.8 billion before the start of trading Wednesday. Following publication of the Wolfpack research, its shares dropped more than 11% before recovering slightly. As of market close Wednesday, they were down about 8%."
Wolfpack Research, which is short IonQ's stock, alleged that IonQ misled investors about organic demand and the quality of its revenues. The allegations claim reported revenues depended on secretive "backdoor earmarks" inserted into the Pentagon budget by friendly lawmakers, and that those earmarks were cancelled after Republicans took control of Congress in 2025. IonQ was valued at more than $13.8 billion before trading; shares fell more than 11% after the allegations and closed down about 8%. IonQ did not respond to requests for comment. Quantum computing remains in early commercial stages with few use cases beyond pilots and active debate over viable technologies.
Read at Fortune
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