Norway’s Sovereign Wealth Fund Bets Big on IonQ Amid a Rough Patch

IonQ’s stock has been under pressure this year, sliding roughly 33% as investors wrestle with a wave of negative headlines. In a surprising counter current to the prevailing mood, Norway’s sovereign wealth fund, Norges Bank, has stepped in with a substantial investment, reportedly around $200 million, signaling confidence in the quantum computing firm despite the turmoil.

Short-seller claims and company response

The stock’s weakness has been amplified by a scathing report from short-seller Wolfpack Research issued on February 4, 2026. The firm contends that IonQ misrepresented the sources and reliability of its revenues, with a particular focus on contracts tied to the Pentagon. IonQ’s management rejected the allegations as inaccurate and misleading, and the leadership reiterated the company’s revenue guidance for the current year, affirming a range of $106 million to $110 million at the upper end.

Legal and strategic developments

Market uncertainty persists even as the Norway investment adds a notable counterweight. On February 12, 2026, law firm Scott+Scott disclosed investigations into IonQ’s leadership over potential fiduciary breaches, introducing a fresh legal dimension to the stock’s ongoing volatility.

Simultaneously, IonQ is pressing ahead with an ambitious expansion strategy. In January 2026, the company announced plans to acquire SkyWater Technology for approximately $1.8 billion, a deal expected to close in the second or third quarter. The objective is to gain tighter control over both chip manufacturing and design, a move the management considers critical for scaling IonQ’s ion-trap technology footprint.

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

Analyst perspective and near-term catalysts

There is a notable disconnect between the current share price and what market observers expect in terms of value. IonQ trades well below its 52-week high of $84.64, and analysts, on average, anticipate a target price near $76. This suggests that market strategists see substantial upside relative to the present market capitalization, which sits around $11 billion.

Upcoming earnings and what investors will watch

Investors are eyeing the company’s next quarterly results, due on February 25, 2026. The report is expected to shed light on whether the contentious government orders have begun to appear in the books and provide an update on SkyWater’s integration progress.

In sum, IonQ remains at a crossroads: a heavyweight institutional investor has stepped in to counter the negative sentiment sparked by short-seller scrutiny, while the company advances its vertical integration through the SkyWater deal and continues to face legal and regulatory headwinds. The coming earnings release should offer additional clarity on the revenue trajectory and the integration timeline.