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IonQ’s Quantum Mojo: Innovation, Hype, or Insider Payday?

As the battle to dominate the next computing era heats up, few companies have drawn more buzz—and scrutiny—than IonQ. The self-described leader in gate-based quantum computing just posted blowout Q3 2025 results, with 222% year-over-year revenue growth and a flood of bullish headlines. But a blistering short-seller report claims it’s all smoke and mirrors—arguing that IonQ’s revenue is more about Pentagon politics and M&A than quantum breakthroughs. So, which is it? The bulls are pointing to record-setting qubit fidelity, a moonshot roadmap to 2 million qubits, and a platform approach spanning quantum computing, networking, sensing, and cybersecurity. Meanwhile, the bears are raising eyebrows at massive insider selling, questionable defense contract origins, and a string of acquisitions with limited ties to core quantum tech. In this article, we break down two big reasons to believe in IonQ’s story—and two big reasons to question it.