IONQ Stock Tumbles 12% As Wolfpack Reveals Short Position

• Wolfpack also said that it believes the loss of funding for the contracts spurred the exit of the CEO Peter Chapman and insider trading.
• The report further alleged that IONQ backfilled the lost Pentagon dollars by acquiring non-quantum computing businesses such as Capella, Vector Atomics and ID Quantique. 
• In March 2025, Kerrisdale Capital also issued a short report on the manufacturer of high-performance quantum computers.

Shares of IONQ Inc (IONQ) slumped 12% on Wednesday at the time of writing after Wolfpack Research divulged a short position in the company.

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 exit of the CEO Peter Chapman and insider trading. As per the firm, insiders dumped about $396.6 million in stock.

Other Allegations

The firm alleged that Pentagon was directed to enter the contracts with IONQ via secretive “backdoor earmarks” by politicians friendly to the company.

The report further alleged that IONQ backfilled the lost Pentagon dollars by acquiring non-quantum computing businesses such as Capella, Vector Atomics and ID Quantique.

The form also criticized the company’s announced acquisition of Skywater Technology. “Is buying low-margin, highly cyclical businesses like $SKYT really the best use of the billions that IONQ has raised through dilution?,” the firm wrote.

Other Short Seller Reports

Wolfpack is not the first to reveal a short position in IONQ. In March 2025, Kerrisdale Capital issued a short report on the manufacturer of high-performance quantum computers.

Kerrisdale then said that IONQ is far from the cusp of a “new era of commercial success” due to its limited error-prone systems. The firm also expressed skepticism regarding the company's exponential growth claims and called out the management’s lack of transparency.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment toward IONQ stock stayed within the ‘bullish’ territory over the past 24 hours, while message volume remained at ‘normal’ levels.

A Stocktwits user dismissed the short seller report, instead urging shareholders to hold for a few years.

Another deems the report as confirmation of a “scam.”

IONQ stock has lost 19% over the past 12 months. 

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