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  "documentTitle": "IonQ Inc. (IONQ)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
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  "presentationDate": "2026-02-04 00:00:00",
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  "notes": "The diagram illustrates a circular flow of funds ($15M from IonQ to EPB, $7.5M in federal earmarks to EPB, $22M deal value from EPB to IonQ).",
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      "kind": "callout",
      "text": "We calculate this $22 million sale may have accounted for 50% of IONQ's core quantum computing revenues through Q3 in 2025.",
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      "text": "Circular flow diagram showing $15M from IonQ to EPB, $7.5M federal earmarks to EPB, and $22M deal from EPB to IonQ.",
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      "kind": "paragraph",
      "text": "We believe IONQ engaged in some serious shenanigans to create the appearance of a large quantum computing sale in April with their supposed $22 million deal to build a quantum innovation center with EPB Chattanooga.",
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      "kind": "paragraph",
      "text": "The new CEO de Masi has also tried to backfill IONQ’s lost money from the Pentagon by rolling up a motley assortment of non-quantum computing companies.",
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      "kind": "paragraph",
      "text": "The market’s negative reaction to IONQ’s deal to acquire SKYT shows how uneasy it is with the implications of IONQ’s pivot to rolling up subpar non-quantum computing businesses, in our view.",
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