• [Hard positive] — IONQ +60.5% in April, driven by Nvidia's Apr 14 launch of Ising quantum-AI models that materially improve calibration/error correction. Today's +20.1% session extends the move.
• [Hard positive] — DARPA HARQ contract (prior), $130M 2025 revenues (+202% YoY), $370M RPO.
• [Macro] — Quantum basket broadly up: QBTS +15.8%, QUBT +11.5%. Basket-wide confirmation of the NVIDIA catalyst.
• [Soft] — Still -13.6% from cost basis ($41.38) despite the 60% April run. Operating burn $283M projected for 2026.
• [Hard] — Earnings May 6 — 9 trading days.

Today's +20.1% is a continuation of the NVIDIA Ising model catalyst from April 14. The full basket (IONQ, QBTS, QUBT, RGTI) is moving together, which confirms this is macro/thematic buying, not single-name speculation. At $35.76, IONQ is still -13.6% below Oliver's cost basis of $41.38 — still underwater despite a 60% April run. The position is recovering; the question is whether earnings May 6 can sustain the move. No adverse signals today.

Hold.

• IonQ stock soars 60% in April — NVIDIA Ising models catalyst — Yahoo Finance
• Quantum Computing Stocks IONQ, QBTS, RGTI — Fast Company

• [Hard positive] — Awarded contract under DARPA's Heterogeneous Architectures for Quantum (HARQ) program.
• [Hard positive] — Photonic interconnect milestone for connecting quantum systems; expanded University of Maryland partnership.
• [Macro] — Up 60.5% in April; analyst PT $68.08; FY2026 revenue guide ~$235M (vs. $130M in 2025).
• [Soft] — Operating cash burn projected at $283M; adj. EBITDA loss $310–330M for 2026 — long-term funding watch item.

Strong news flow, no adverse signals today. Watch the basket: if QBTS/RGTI/QUBT roll over together (per RGTI's -6.87% session yesterday), IONQ is likely to follow.

Hold.

• Where Will IonQ Be in 5 Years? — Motley Fool