{
  "docId": "019dd923-622c-750b-8b9a-7ccae0d478d8",
  "docSlug": "9a39f9b2035f",
  "documentTitle": "IonQ Inc. (IONQ)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-02-04 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 1,
  "pageCount": 33,
  "prevPage": null,
  "nextPage": 2,
  "slideType": "executive_summary",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 7,
  "notes": "The slide serves as an executive summary for a short report by Wolfpack Research.",
  "elementsJson": [
    "logo_grid",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": "https://imgproxy.kitesheet.com/Yaj38psaZVbXmVcM7m8kXioV1yjkHSYdVdqSFT8FkrM/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85YTM5ZjliMjAzNWYvcDAwMS5wbmc",
  "slideHref": "/slides/019dd923-622c-750b-8b9a-7ccae0d478d8/1",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-7ccae0d478d8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-7ccae0d478d8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-7ccae0d478d8#slide-1",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We are short IONQ because our investigation reveals IONQ lost its funding for vital Pentagon contracts that provided up to 86% percent of IONQ’s revenues from 2022-2024, leaving a $54.6 million black hole in its expected quantum computing revenues.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70fa-7556-8658-6228b368911d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.78,
        "x": 0.11,
        "y": 0.68
      },
      "kind": "list",
      "text": "We found that IONQ definitively lost its funding for its most consequential contracts with the Pentagon on March 11th-14th when the FY 2025 budget was passed, and insiders sold $396.6 million in stock.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6d46013a-8cc0-49d9-ba2f-9e7fbaac0aeb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.78,
        "x": 0.11,
        "y": 0.46
      },
      "kind": "list",
      "text": "We can reveal that only $21 million of its supposed $75.6 million in Pentagon contracts booked in 2024 was funded in FY 2025, leaving a $54.6 million black hole in its bookings.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "80292012-bb7d-4838-b4ae-a21e3f649ca2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.78,
        "x": 0.11,
        "y": 0.24
      },
      "kind": "list",
      "text": "We are short IONQ because our investigation reveals IONQ lost its funding for vital Pentagon contracts that provided up to 86% percent of IONQ’s revenues from 2022-2024, leaving a $54.6 million black hole in its expected quantum computing revenues.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8ca5bf3d-561d-44f1-981e-023c511eff00",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "revenue: 86%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70fa-7556-8658-65aa1d4827f1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.4,
        "x": 0.11,
        "y": 0.04
      },
      "kind": "paragraph",
      "text": "Report Date: 2/04/2026 Company: IonQ Inc Ticker: IONQ Industry: Quantum Stock Price (USD): $38.47 Market Cap (USD, Millions): $13,629",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1ba2452c-5a66-4581-8897-0b8fac6022b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.18
      },
      "kind": "title",
      "text": "IONQ HAS LOST FUNDING FOR VITAL PENTAGON CONTRACTS THAT HAD REPRESENTED UP TO 86% OF REVENUES",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a529730-cced-4f34-9e44-c16f7a71d21f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "7c4c43d6-19f9-4865-8fee-c2da707e549d",
      "evidence": "The slide explicitly outlines a short thesis based on undisclosed loss of revenue and insider trading allegations.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 5,
      "from": 1,
      "beatId": "def1279a-eed8-4738-90f7-01776f0b8e8b",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "IONQ's Pentagon contract issues and credibility problems",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [],
  "imagePathAlt": "https://imgproxy.kitesheet.com/gj45pF17_AstP-oPwTFVpYqatpvTy6hpZoLr6GZcRcQ/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85YTM5ZjliMjAzNWYvcDAwMS5qcGc",
  "thumbSrc": "https://imgproxy.kitesheet.com/tJYMis_rSWJJuUgwkRuD63gH7Hhuw0qqC8Jx-AQU4Yc/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85YTM5ZjliMjAzNWYvcDAwMS5wbmc",
  "thumbSrcAlt": "https://imgproxy.kitesheet.com/sk0OVTBNsDFfPFOauno1wzh3lMIwEYnJHjwFLIeSWpQ/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85YTM5ZjliMjAzNWYvcDAwMS5qcGc"
}