IonQ, a quantum computing developer, is down 65% from its all-time high of $82.09 on Oct. 13, 2025, and trades at about $29. The article attributes the drop to a lofty valuation (a $27.2 billion peak market cap, or 209 times 2025 revenue), the Iran war, persistent inflation, and the Fed's first rate hike in three years, which pushed investors away from growth stocks. A $1.3 billion all-stock acquisition of Elisity and a $2 billion stock and warrant offering in mid-October are expected to dilute shareholders for the foreseeable future. IonQ now trades at about 30 times this year's sales, but many analysts still expect further Fed rate hikes within 12 months. The article suggests the stock could trade sideways rather than plunge to single digits if rates keep rising, noting its all-time low of $3.02 on Dec. 28, 2022, when its market cap was $624 million.
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