IonQ Shares Face Selling Pressure Despite Operational Milestones

Shares of quantum computing specialist IonQ have experienced a steep decline, shedding nearly 45% of their value since peaking in October. This significant market correction presents a stark contrast to the company's recent string of operational successes, including accelerated technical achievements and major contract wins secured in December. The growing divergence between fundamental progress and the current share price is drawing attention from market observers.

Despite the stock's retreat to a current trading range around $46—well below its 52-week high of $84.64 set in October—some analysts see potential. In mid-December, Wedbush analysts initiated coverage with an "Outperform" rating and a price target of $60. They cited IonQ's unique system architecture and an expanding sales pipeline as key drivers. The present share price implies a discount of approximately 23% to this analyst target.

December Secures Major Strategic Contracts

The company's technical advances are increasingly translating into commercial deals. In the closing days of 2025, IonQ finalized two significant agreements:

• Switzerland: On December 17, the company expanded its partnership with QuantumBasel. The contract guarantees the partner a future Tempo system and extends the collaborative agreement through 2029.
• South Korea: A contract with the Korea Institute of Science and Technology Information (KISTI) was signed on December 23. It involves the delivery of a 100-qubit Tempo system for the national quantum computing center.

These agreements underscore robust international demand for IonQ's hardware, the capabilities of which were formally validated just months prior.

Technical Roadmap Exceeded

A core component for investor confidence in this sector is the reliable execution of technological development plans. IonQ delivered a critical demonstration of this in September 2025, achieving the #AQ 64 milestone on its Tempo system a full three months ahead of schedule.

Should investors sell immediately? Or is it worth buying IonQ?

This accomplishment is substantial, as it validates the system's capacity to handle significantly more complex algorithms—a fundamental prerequisite for securing a commercial edge. Furthermore, the early achievement helps counter speculation about potential delays for the Tempo generation, which is central to the scaling strategy for 2025.

Key Chart Levels Under Scrutiny

From a technical analysis standpoint, the stock remains in a pronounced cooling-off period following its third-quarter rally. High trading volume on down days suggests that profit-taking activity may not yet be complete.

The price zone between $45 and $46 has emerged as a critical technical support level. Market participants are closely watching to see if this area holds on a closing basis. A sustained breach below this support would increase the risk of the shares testing lower price zones around $40.

The disconnect is clear: IonQ continues to deliver operationally and meet its roadmap, yet the market continues to price in significant risk. However, the now-confirmed technology provides the stock with a fundamental foundation that was absent during previous corrections. A stabilization above the $45 level is now a necessary precondition for any potential price floor to form.