IonQ, Inc. (IONQ) shares experienced a significant decline on January 13, 2025, closing at $27.86, down 13.83% from the previous close of $32.33. The stock opened at $29.55 and fluctuated between a high of $32.82 and a low of $27.16, with trading volume surging to 50,798,301 shares, well above the average of 30,056,395. The sell-off was primarily driven by comments from industry leaders, including Meta CEO Mark Zuckerberg and Nvidia CEO Jensen Huang, who expressed skepticism about the near-term viability of quantum computing, suggesting practical applications could be decades away. This sentiment triggered a broader sell-off in quantum computing stocks, with IonQ being no exception.
Adding to the pressure, D-Wave Quantum Inc.'s announcement of a $150 million share sale agreement raised concerns about the financial stability of companies in the sector. Despite the negative sentiment, IonQ announced a $21.1 million contract with the U.S. Air Force Research Lab to develop quantum network infrastructure, highlighting ongoing strategic partnerships. However, the broader market dynamics overshadowed this positive development, contributing to the stock's decline.