IonQ and Rigetti Computing were among 18 companies chosen by the Defense Advanced Research Projects Agency (or DARPA) to take part in the first stage of the Quantum Benchmarking Initiative, a program aimed at assessing the feasibility of developing industrially useful quantum computers. Shares in IonQ and other quantum computing stocks pulled back on Thursday as Wall Street mulled the economic impact of President Donald Trump's "reciprocal" tariffs.
The 18 companies also included IBM and Hewlett Packard Enterprise as well as many startups, both foreign and U.S.-based.
The Quantum Benchmarking Initiative's first stage focuses on defining the technical concept for a utility-scale quantum computer.
"While many companies in the quantum computing industry are focused on theoretical milestones, IonQ is focused on solving customers' real-world problems today, said Chief Executive Niccolo de Masi, in a press release. "Our participation in QBI allows us to both define the future of quantum computing and continue delivering commercially available quantum technologies now."
Further, IonQ has delivered a quantum networking system to the U.S. Air Force Research Lab.
On the stock market today, IonQ stock fell more than 6% to 23.48. Shares in D-Wave Quantum retreated more than 4% to 7.03. Rigetti pulled back 5% to 8.07. Quantum Computing dropped more than 6% to 7.34.
Meanwhile, quantum computing stocks have been volatile in 2025 amid controversy involving Nvidia over how soon commercially viable quantum technology will be available.
Quantum Computing Stocks Down In 2025
In 2025, D-Wave stock has dipped 15%, Rigetti shares are down 46%, Quantum Computing stock has dropped 55%, and IonQ has retreated 44%.
Quantum computing works on a subatomic level and uses exotic technologies, like supercold superconductor chips. Further, quantum computing aims to solve problems too complex for today's classical computers, such as simulating chemical reactions. Other applications are expected in material design.
The Trump tariffs impact manufacturing and assembling in China, Taiwan, Japan, Europe, India and other close U.S. trading partners. Semiconductors as well as steel, aluminum, copper, pharmaceuticals and oil were exempted from the additional Trump tariffs.
Apple and computer makers were among tech stocks that sold off on Thursday.
Follow Reinhardt Krause on X, formerly Twitter, @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
