IonQ (NYSE: IONQ), a developer of quantum computing technologies, went public by merging with a special purpose acquisition company (SPAC) on Oct. 1, 2021. The combined company's shares started trading at $10.60 and nearly tripled to a record high of $31.00 about a month later.

But today, IonQ trades at around $13. A $1,000 investment in its public debut would have grown to over $2,900 before shrinking back to about $1,200. Let's see why the bulls initially rushed to IonQ, why it lost its luster, and where it might be headed.

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Source Fool.com