Wolfpack said that the quantum computing hardware and software company lost funding for Pentagon contracts that had comprised up to 86% of revenues from 2022-2024, leaving a $54.6 million black hole in their bookings in 2025.
Shares of IONQ Inc (IONQ) slumped 10% on Wednesday at the time of writing after Wolfpack Research divulged a short position in the company.
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Wolfpack said that the quantum computing hardware and software company lost funding for Pentagon contracts that had comprised up to 86% of revenues from 2022-2024, leaving a $54.6 million black hole in their bookings in 2025.
Wolfpack also said that it believes the loss of funding for the contracts spurred the recent CEO exit and insider trading.
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