When IonQ (NYSE: IONQ) went public by merging with a special purpose acquisition company (SPAC) in October 2021, it called itself the only "public pure-play" on the quantum computing market. It provides its quantum computing power as a cloud-based service, and it's shrinking down quantum processing units (QPUs) with its proprietary "trapped ion" technology.

IonQ's stock started trading at $10.60 on the first day, nearly tripled to a record high of $31 a month later, but now trades at about $8. Like many other SPAC-backed tech companies, IonQ burned out as it broadly missed its pre-merger forecasts. Rising interest rates also highlighted its steep losses and popped its bubbly valuations.

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Source Fool.com