New York, February 5, 2026, 13:51 EST — Regular session
- IonQ shares dropped roughly 11% in afternoon trading, deepening the steep decline in the quantum-computing sector.
- Wolfpack Research released a short report challenging IonQ’s dependence on U.S. defense funding. IonQ has denied the claims.
- Investors are turning to IonQ’s February 25 results and any additional comments from the company for clearer insight.
Shares of IonQ, Inc. fell roughly 11% to $31.49 in Thursday afternoon trading, after hitting a high of $34.79 earlier and dropping to a low of $31.36. The stock closed $3.86 lower than Wednesday’s finish.
The slide adds strain to a heavily traded quantum-computing stock as investors grapple with fresh doubts over the stability of the company’s revenue stream — and whether the upcoming earnings report will offer any clarity, even for a moment.
IonQ now serves as a barometer for how eager investors are about quantum computing—a sector that offers revolutionary problem-solving tools but remains in its infancy commercially. When skepticism hits, the stock tends to swing sharply both ways.
Wolfpack Research revealed a short position on IonQ, releasing a report focused on the company’s Pentagon-linked funding. 1
Wolfpack’s report claimed IonQ lost funding from U.S. defense contracts, which made up a significant chunk of its revenue in recent years. It also questioned how the company reported “bookings,” a metric for expected future business not yet recorded as revenue. IonQ fired back, labeling the report as “false, misleading, and unsubstantiated.” Wolfpack founder and CEO Dan David countered, saying, “We’re providing transparency, and government earmarks do not.” 2
IonQ said Wednesday it plans to release its fourth-quarter and full-year 2025 financial results on Feb. 25, after the market closes. The company will follow up with a conference call at 4:30 p.m. Eastern to review the numbers and provide an outlook. 3
The timing is crucial since short-seller allegations usually stick around until a company releases its earnings, guidance, and—just as vital—more detailed disclosure on revenue breakdowns and customer pipelines. In IonQ’s case, government-related contracts have repeatedly drawn investor attention.
The slump wasn’t limited to just one player. Shares of other U.S.-listed quantum firms also tumbled, with Rigetti Computing and D-Wave Quantum each dropping around 11%, while Quantum Computing Inc slipped close to 10%.
Thursday’s action was notable despite a milder drop in the wider market. The Invesco QQQ Trust slipped roughly 1%, while the Technology Select Sector SPDR Fund fell around 1.3%.
Investors will be looking to see if IonQ provides more clarity on the contested issues, such as its classification of government-related projects. They’ll also watch for any deeper financial breakdowns that could allow the market to scrutinize the short thesis more closely.
That said, a feedback loop could emerge: disputed allegations might still dampen sentiment, tighten funding for volatile sectors, and trigger increased trading in downside hedges. Shares could stay under pressure if earnings guidance remains cautious or fails to provide fresh insights.
On Feb. 25, IonQ will release its Q4 and full-year results after the market closes. The company’s conference call is set for 4:30 p.m., marking the next opportunity for management to respond directly to the claims.
