Price History
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Dashed lines mark market-closed periods (overnight, weekends & holidays)
About D-Wave Quantum
D-Wave Quantum (QBTS) has a market cap of $3.83B as of November 2026 — #3 of the 12 pure-play quantum computing stocks by market value.
D-Wave is the world's first commercial quantum computing company, specializing in quantum annealing technology for optimization problems. Its systems are used in logistics, finance, and drug discovery.
Sector
Technology
Industry
Computer Hardware
Employees
382
Founded
1999
Headquarters
Burnaby, BC, Canada
Shares Outstanding
369.3M
Quantum Division
https://www.dwavequantum.com/learn/quantum-computing/
Quantum Technology
Annealing Qubits
5,627
Advantage_system4
Hardware Type
Physical Qubits (Quantum Annealing, Pegasus topology)
Cloud Access
D-Wave Leap (Annealing + select gate-model simulator beta)
Roadmap Target
Dual-platform: annealing utility today + gate-model roadmap — gate-model simulator beta launched October 2026; initial 17-qubit gate-model system targeted for 2026; 49 qubits in 2027; 181 qubits in 2028; 10 logical qubits in 2030; 100 logical qubits executing 1M+ operations by 2032 via dual-rail qubits
Advantage_system4 is a currently available Leap solver with 5,627 calibrated qubits and 40,279 couplers in a Pegasus topology. It has more qubits than the newer 4,400+ qubit Advantage2 flagship, so it is used for this largest-currently-available ranking. Quantum annealing is a specialized optimization paradigm and its qubit counts are not directly comparable to gate-model systems. Separate from the commercial annealing platform, D-Wave's dual-rail gate-model program reported approximately 99.9% two-qubit entangling-gate fidelity and launched a select-customer beta of an up-to-21-qubit error-aware simulator through Leap and Ocean in October 2026; the beta is classical simulation, not a physical gate-model QPU.
▲
Dilution Risk121 shelf or ATM filings on record (S-3/424B/SUPPL). These filings can provide a channel for new share sales.
Cash Position & Runway
Total Cashⓘ
$546.24M
TTM Cash Burnⓘ
$110.88M
per year (TTM)
Cash Runwayⓘ
59 mo
Total Debtⓘ
$34.89M
Quarterly Operating Cash Flow
Red bars = cash burn (negative operating CF). Green = cash-flow positive. Source: SEC EDGAR 10-Q filings.
Financial Metrics (Annual)
Total Revenueⓘ
$24.59M
Revenue Growth (YoY)ⓘ
+178.5%
Gross Marginsⓘ
82.59%
Operating Marginsⓘ
-408.22%
Net Marginsⓘ
-1444.10%
Total Debtⓘ
$34.89M
P/E Ratio (TTM)ⓘ
—
EPS (TTM)ⓘ
$-1.1100
Price / Bookⓘ
3.54
Earnings Per Share (TTM)
EPS (TTM)ⓘ
$-1.1100
Unprofitable
P/E Ratioⓘ
—
Price / Bookⓘ
3.54
Price-to-Book
Returns vs S&P 500
1Y
QBTS-66.5%
S&P 500+13.2%
vs Index-79.7%
3Y
QBTS+1226.0%
S&P 500+76.0%
vs Index+1150.0%
5Y
QBTS+5.7%
S&P 500+63.7%
vs Index-58.0%
Source: price_history vs SPY · Periods where price history is unavailable are hidden
Government Contracts & Grants
Total Obligated
$40.00K
Awards Found
1
Included: Federal contracts & grants (USAspending.gov, prime recipient only).
Excluded: Subcontracts, state/local funding, classified contracts, awards <~$30k.
Excluded: Subcontracts, state/local funding, classified contracts, awards <~$30k.
Source: USAspending.gov · Updated quarterly
Shares Outstanding History
2021-12
Source: SEC EDGAR XBRL · 10-K and 10-Q filings · Rising trend = dilution
SPAC Warrant Overhang
D-Wave Quantum went public via SPAC merger with DPCM Capital (2022-08). SPAC warrants allow holders to buy shares at the strike price — exercising them creates new shares and dilutes existing holders.
Strike Price
$11.50
Outstanding
Not in filing
Dilution Ceiling
—
Dilution ceiling = outstanding warrants × strike price. Outstanding count changes as warrants are exercised or expire — sourced from latest SEC 10-K/20-F.
Daily Short Volume (FINRA)
Latest Short Vol %
39%
2026-11-04
Short Volume
1,878,126
| Date | Short Vol | Total Vol | Short % |
|---|---|---|---|
| 2026-11-04 | 1,878,126 | 4,820,102 | 39% |
| 2026-10-28 | 3,309,140 | 6,567,392 | 50.4% |
| 2026-10-21 | 2,357,847 | 4,728,636 | 49.9% |
| 2026-10-20 | 2,076,798 | 4,809,128 | 43.2% |
| 2026-10-14 | 5,144,782 | 11,146,770 | 46.2% |
| 2026-10-09 | 2,557,018 | 5,140,144 | 49.7% |
| 2026-10-07 | 3,510,175 | 5,588,124 | 62.8% |
| 2026-10-02 | 6,442,855 | 8,935,393 | 72.1% |
| 2026-09-30 | 2,708,131 | 5,580,437 | 48.5% |
| 2026-09-25 | 3,048,449 | 6,597,947 | 46.2% |
Source: FINRA CNMS · Not the same as total short interest (outstanding positions) · Updated daily
Recent Research Papers (arXiv)
arXiv ↗Unconventional SOC-activated Altermagnetic Spin Splitting and Half-Angle Locking of Spin Transport
Weiwei Chen, Ziyu Zhou, Pan Gao et al.·2026-10-27·arXiv:2610.37367 ↗
Structural supermodulation enables resonant Raman determination of crystalline orientation in Bi2Sr2CaCu2O8+x flakes
Flavia Lo Sardo, Tommaso Confalone, Shreya Kumbhakar et al.·2026-10-27·arXiv:2610.36995 ↗
The fate of $s_{\pm}$ superconductivity in the bilayer nickelate La$_3$Ni$_2$O$_7$
Kaustubh Roy, Piers Coleman·2026-10-26·arXiv:2610.35814 ↗
Flexural Altermagnetism
Songbo Li, Jinxiong Jia, Zeyu Li et al.·2026-10-26·arXiv:2610.35238 ↗
Magnetic susceptibility and superfluid density of inhomogeneous superconducting films: the Tc-mosaic model
Ruslan Prozorov·2026-10-26·arXiv:2610.34796 ↗
Nodeless d-wave pairing in monolayer FeSe revealed by intra-unit-cell Josephson interferometry
Runxin Li, Yuchen Huo, Jiong Mei et al.·2026-10-25·arXiv:2610.34382 ↗
Altermagnetism in Folded Iron Chain Systems
Ling-Fang Lin, Yang Zhang, Satoshi Okamoto et al.·2026-10-22·arXiv:2610.31732 ↗
Higher-order Angular Momentum Transport of Alteraxial Phonons in 2D Magnets
Linxin Liu, Fuyi Wang, Huaiqiang Wang·2026-10-21·arXiv:2610.29453 ↗
Source: arXiv.org API · Papers mentioning company name · Updated every 48 hours
StockTwits Sentiment
64.3%
35.7%
▲ 9 Bullish▼ 5 Bearish14 scored
Source: StockTwits · last 30 messages · updated every 4h
Recent News
● neutral
Inseego (INSG) Reports Q3 Loss, Tops Revenue Estimates
Zacks · Nov 4, 2026
▼ bearish
Why D-Wave Quantum Stock Led a Quantum Computing Crash in October
Motley Fool · Nov 4
● neutral
IonQ Q3 2026 Earnings Tomorrow: Time to Buy Stock, Wait or Sell?
Zacks · Nov 4
▲ bullish
A2Z Cust2Mate Solutions Corp. (AZ) Expected to Beat Earnings Estimates: Should You Buy?
Zacks · Nov 4
● neutral
Wedbush Cuts Price Target on D-Wave Quantum to $30 From $37, Keeps Outperform Rating
MT Newswires · Nov 4
● neutral
D-Wave Boosts Stride Hybrid Solver Performance, Launches Developer Training to Accelerate Quantum Optimization Adoption
Business Wire · Nov 4
● neutral
Not IonQ. Not Rigetti. This Quantum Computing Stock Could Be the Next to Soar.
Motley Fool · Nov 4
● neutral
Rigetti and D-Wave Just Dropped 11% and 15% in a Week. Is It Time to Sell, or Load Up?
TIKR · Nov 3
● neutral
IonQ Just Dropped 32% In a Month: Is IONQ Stock Hopeless or Ready for a Rebound?
24/7 Wall St. · Nov 3
● neutral
Quantinuum Q3 Preview: Should You Buy the Dip Ahead of Earnings?
Zacks · Nov 3
● neutral
Quantum Stocks Tumble as Wall Street Bank Slashes Price Targets by Up to 32%
GuruFocus.com · Nov 3
● neutral
Prediction: This Will Be D-Wave Quantum's Stock Price by the End of 2030
Motley Fool · Nov 3
● neutral
The Zacks Analyst Blog Highlights IonQ, D-Wave Quantum, Rigetti Computing and Quantum Computing
Zacks · Nov 3
▼ bearish
B. Riley Cut Its D-Wave Target to $27. It’s Still 168% Above the Stock Price
TIKR · Nov 3
▼ bearish
Quantum Stocks Plunge in October: Can Q3 Earnings Halt the Slide?
Zacks · Nov 2
▲ bullish
3 Quantum Computing Stocks With Revenue Growth Up To 49%
Simply Wall St. · Nov 2
● neutral
B. Riley Adjusts D-Wave Quantum Price Target to $27 From $40, Maintains Buy Rating
MT Newswires · Nov 2
● neutral
What Is The Case For Waiting On Rigetti Computing Stock?
Trefis · Nov 2
● neutral
D-Wave Quantum vs. Rigetti Computing: Which Quantum Computing Stock Is a Better Buy for 2027?
Motley Fool · Nov 2
● neutral
Are These 3 Quantum Computing Stocks Worth Buying Before 2027?
Motley Fool · Oct 31
Press Releases
GlobeNewswire ↗Nov 4, 2026D-Wave Boosts Stride Hybrid Solver Performance, Launches Developer Training to Accelerate Quantum Optimization AdoptionBusiness WireNov 4, 2026D-Wave Boosts Stride Hybrid Solver Performance, Launches Developer Training to Accelerate Quantum Optimization AdoptionNewsroomNov 2, 2026FAU Researchers Explore Quantum Computing to Predict Lung Cancer with Limited DataNewsroomOct 28, 2026LG CNS and D-Wave Announce Strategic Relationship to Advance Quantum Optimization Adoption in South KoreaBusiness WireOct 28, 2026D-Wave Customer Shionogi Wins First Place in NEDO Quantum Computing Challenge’s Quality of Life CategoryBusiness WireOct 28, 2026D-Wave Customer Shionogi Wins First Place in NEDO Quantum Computing ChallengeNewsroomOct 28, 2026LG CNS and D-Wave Announce Strategic Relationship to Advance Quantum Optimization Adoption in South KoreaNewsroomOct 27, 2026D-Wave Quantum to Report Third Quarter 2026 Financial Results on November 10, 2026Business WireOct 27, 2026D-Wave Quantum to Report Third Quarter 2026 Financial ResultsNewsroomOct 26, 2026D-Wave Quantum to Participate in Upcoming Investor ConferencesBusiness WireOct 26, 2026D-Wave Quantum to Participate in Upcoming 2026 Investor ConferencesNewsroom
Source: Company newsroom (direct) + wire services (GlobeNewswire, PR Newswire) via Finnhub
News Mention Volume (30 days)
Articles indexed every 4h · Sentiment scored via Loughran-McDonald financial word lists (bullish/bearish keyword frequency). Not ML-based — scores reflect word presence only and may not capture context or sarcasm.
SEC Filings & Earnings Reports
View annual, quarterly, and material-event filings on SEC EDGAR
Financial Story
FY 2025
Revenue
$24.59M
▲ 178.5% YoY
Net Income
-$355.06M
Cash
$635.35M
D-Wave revenue surges 179% to $24.6M but net loss balloons to $355M on $271M warrant charges
·Raised ~$779M in financing during FY2025 via ATM offerings ($537M), warrant exercises ($203M), and Lincoln Park sales ($38M), ending with $635M cash plus $249M in marketable securities.
·Revenue nearly tripled to $24.6M driven by $16.2M in quantum system sales — a new revenue stream not present at scale in 2024.
·All Public Warrants eliminated: 17.6M warrants exercised for $203M cash proceeds and remaining 270,820 redeemed Nov 19, 2025, removing $270M mark-to-market liability drag going forward.
Management expects to continue incurring significant losses for the foreseeable future as it invests in R&D programs and go-to-market initiatives; total cost of revenue and operating expenses are expected to increase in absolute dollars.
FY 2024
Revenue
$8.83M
▲ 0.8% YoY
Net Income
-$143.88M
Cash
$178.00M
D-Wave revenue flat at $8.8M while net loss nearly doubles to $143.9M on warrant liability surge
·Raised $214.2M in net equity proceeds during FY2024 plus additional $146.2M in January 2025, resolving prior going-concern doubt and ending year with $178M cash.
·Net loss ballooned to $143.9M primarily due to $68.2M non-cash charge from rising fair value of warrant liabilities tied to surging stock price.
·Fully repaid $30M Term Loan plus $4.3M PIK interest in October 2024, eliminating key debt obligation and covenant risk.
Company expects continued significant operating losses and negative cash flows as it invests in annealing and gate-model quantum computing R&D and expands go-to-market. Management believes current cash ($178M + $146M raised Jan 2025) is sufficient for at least 12 months. QCaaS revenue mix expected to grow over time.
FY 2023
Revenue
$8.76M
▲ 22.1% YoY
Net Income
-$82.72M
Cash
$41.30M
D-Wave posts 22% revenue growth but net loss widens 54% to $82.7M with going concern doubt
·Raised $63.7M via 42.1M share issuances to Lincoln Park and drew $30M from a new $50M PSPIB Term Loan, providing near-term liquidity runway.
·G&A expenses surged 72% to $37M driven by public company scaling costs, while R&D rose 18% to $37.9M for gate-model quantum computing development.
·Management identified going concern doubt; material weakness in internal controls persists with multiple financial statement restatements across 2022–2023.
Company expects continued significant losses and negative cash flows as it invests in gate-model quantum computing and QCaaS growth; no specific guidance provided. NYSE compliance restored as of March 2024 but ongoing share price and covenant compliance risks remain.
FY 2022
Revenue
$7.17M
Net Income
-$51.53M
D-Wave posts $7.2M revenue but net loss balloons to $51.5M amid going concern doubt
·Completed SPAC merger with DPCM in August 2022, raising only ~$9M from trust due to ~29.1M share redemptions; PIPE added $40M gross.
·Total operating expenses surged 47% to $63.7M driven by R&D (+26%), G&A (+81%), and S&M (+63%) as company scaled post-merger public company costs.
·Going concern flagged — board retained advisor and secured $15M Term Loan tranche in April 2023; stock below $1.00 Floor Price, blocking Lincoln Park $150M equity facility.
Expects continued significant losses as R&D and go-to-market investment increases; QCaaS share of revenue expected to dip in 2023 due to professional services demand, then recover longer-term. Benchmark revenue of $70M needed to trigger SIF loan repayment, projected between 2025–2027.
10-K · 10-Q · 20-F · 40-F · 6-K filings
All Filings ↗| Date Filed | Form | Period Covered | |
|---|---|---|---|
| 2026-08-06 | 10-Q | 2026-06-30 | EDGAR ↗ |
| 2026-05-12 | 10-Q | 2026-03-31 | EDGAR ↗ |
| 2026-02-26 | 10-K | 2025-12-31 | EDGAR ↗ |
| 2025-11-06 | 10-Q | 2025-09-30 | EDGAR ↗ |
| 2025-08-07 | 10-Q | 2025-06-30 | EDGAR ↗ |
| 2025-05-08 | 10-Q | 2025-03-31 | EDGAR ↗ |
| 2025-03-14 | 10-K | 2024-12-31 | EDGAR ↗ |
| 2024-11-14 | 10-Q | 2024-09-30 | EDGAR ↗ |
| 2024-08-08 | 10-Q | 2024-06-30 | EDGAR ↗ |
| 2024-05-13 | 10-Q | 2024-03-31 | EDGAR ↗ |
| 2024-03-29 | 10-K | 2023-12-31 | EDGAR ↗ |
| 2024-03-18 | 10-K/A | 2022-12-31 | EDGAR ↗ |
| 2024-03-18 | 10-Q/A | 2023-06-30 | EDGAR ↗ |
| 2024-03-18 | 10-Q/A | 2023-03-31 | EDGAR ↗ |
| 2024-03-18 | 10-Q/A | 2023-09-30 | EDGAR ↗ |
| 2023-11-09 | 10-Q | 2023-09-30 | EDGAR ↗ |
| 2023-08-10 | 10-Q | 2023-06-30 | EDGAR ↗ |
| 2023-05-19 | 10-Q | 2023-03-31 | EDGAR ↗ |
| 2023-04-18 | 10-K | 2022-12-31 | EDGAR ↗ |
| 2023-04-18 | 10-Q/A | 2022-09-30 | EDGAR ↗ |
| 2022-11-10 | 10-Q | 2022-09-30 | EDGAR ↗ |
| 2022-08-26 | 10-Q | 2022-06-30 | EDGAR ↗ |
Source: SEC EDGAR · Annual: 10-K / 20-F / 40-F · Quarterly: 10-Q / 6-K · AI summaries generated automatically
Market Events
Earnings releases, contracts, leadership changes, offerings
All 8-Ks ↗2026-07-14
8-K
D-Wave Quantum Inc. (QBTS) announced on July 14, 2026 that it is voluntarily transferring the listing of its common stock from the New York Stock Exchange to the Nasdaq Stock Market, acting on authorization from its Board of Directors. Trading on NYSE will end at market close on July 24, 2026, with Nasdaq trading beginning at market open on July 27, 2026. The stock will continue to trade under the same ticker symbol, "QBTS," and the filing was signed by President & CEO Alan Baratz.↗2026-07-07
8-K
On July 7, 2026, D-Wave Quantum Inc. (NYSE: QBTS) announced it was named one of only two companies in the Leaders category of the IDC MarketScape: Worldwide Quantum Computing 2026 Vendor Assessment. The recognition highlights D-Wave's commercial deployment across industries, with over 200 million problems submitted to its systems, 314% year-over-year growth in Advantage2 system usage, and 114% growth in Stride hybrid solver usage over six months. The filing also references D-Wave's forward roadmap, including a planned 100,000-qubit Advantage3 system and expansion into gate-model quantum computing following its acquisition of Quantum Circuits, Inc.↗2026-06-30
8-K
On June 30, 2026, D-Wave Quantum Inc. (QBTS) announced it was selected to receive a $1,566,250 grant from the U.S. National Science Foundation through its National Quantum Virtual Laboratory program to support the ERASE project, a Yale University-led initiative focused on fault-tolerant quantum computing. D-Wave will contribute access to superconducting dual-rail gate-model quantum computing resources via its subsidiary Quantum Circuits, LLC, based in New Haven, Connecticut. The award marks ERASE's entry into the second phase of the NQVL program and complements D-Wave's previously announced Letter of Intent for $100 million in proposed CHIPS and Science Act funding.↗2026-06-18
8-K
On June 18, 2026, D-Wave Quantum Inc. (NYSE: QBTS) announced the forthcoming launch of a gate-model quantum computing simulator designed for error-aware programming, built on the company's dual-rail technology. The simulator, which will be offered through Starter and Premium developer bundles, is scheduled to become accessible in September 2026. The announcement was made under Regulation FD and signed by President & CEO Alan Baratz.↗2026-06-08
8-K
D-Wave Quantum Inc. (QBTS) held its 2026 annual meeting of stockholders on June 4, 2026, at which shareholders elected Alan E. Baratz and Sharon Holt as Class I directors through 2029, approved executive compensation on an advisory basis, voted for annual Say-on-Pay frequency, and ratified Grant Thornton LLP as auditor for fiscal year ending December 31, 2026. Following the meeting, the Board made several leadership changes, including electing Sharon Holt as Chair of the Board replacing Steven M. West, and designating Rohit Ghai as chair of the Compensation Committee replacing John D. DiLullo.↗2026-06-01
IR Event
D-Wave Quantum Inc. (NYSE: QBTS) held its first Investor Day on June 1, 2026, at the New York Stock Exchange and online, featuring management presentations and a Q&A session. The event, signed off by President & CEO Alan Baratz, included slide presentations filed as Exhibit 99.1 and made available for replay on the company's investor relations website. The disclosure was made under Regulation FD (Item 7.01) and is not deemed "filed" for liability purposes under the Securities Exchange Act.↗2026-06-01
8-K
On June 1, 2026, D-Wave Quantum Inc. (NYSE: QBTS) announced a gate-model quantum computing roadmap targeting 100 logical qubits capable of performing over one million operations by 2032, using its superconducting dual-rail architecture. Key interim milestones include a 17-physical-qubit system in 2026, scaling through progressively larger systems to achieve the first fault-tolerant algorithms by 2030. The announcement was made under Regulation FD by CEO Dr. Alan Baratz and is furnished, not filed, for Exchange Act purposes.↗2026-05-26
8-K
On May 26, 2026, D-Wave Quantum Inc. (NYSE: QBTS) filed an 8-K to publicly rebut claims that recent classical simulation work by the Flatiron Institute had overturned the company's previously published demonstration of quantum computational supremacy. CEO Dr. Alan Baratz stated that the new classical work does not reproduce the full scope of D-Wave's peer-reviewed *Science* result and does not solve the hardest problem instances reported in that study. D-Wave maintains that its beyond-classical computation demonstration remains valid under scientific scrutiny.↗2026-05-26
Leadership
On May 26, 2026, D-Wave Quantum Inc. (QBTS) announced that its subsidiary Quantum Circuits, LLC was awarded second-year funding for the SQFab (Improved Materials for Superconducting Qubits with Scalable Fabrication) project by NORDTECH, a U.S. Department of War-backed regional defense technology hub. The SQFab project is one of four programs selected under the U.S. Microelectronics Commons initiative, which is executed through the Naval Surface Warfare Center Crane Division. No specific funding dollar amounts were disclosed; the announcement was furnished under Regulation FD and is not deemed "filed" for Exchange Act liability purposes.↗2026-05-21
LeadershipGov Contract
On May 21, 2026, D-Wave Quantum Inc. (QBTS) announced it signed a Letter of Intent with the U.S. Department of Commerce for $100 million in proposed funding under the CHIPS and Science Act to accelerate development of its annealing and gate-model quantum computing systems. In connection with finalizing the award, D-Wave would issue $100 million in common stock shares to the Department, subject to execution of definitive award documents. The funding would support R&D activities at D-Wave's facilities in Boca Raton, Florida; New Haven, Connecticut; and Burnaby, BC, Canada.↗2026-05-13
8-K
D-Wave Quantum Inc. (QBTS) filed this 8-K on May 12, 2026, to correct an error in the share count reported on the cover page of its Form 10-Q for the quarter ended March 31, 2026. The originally reported figure of 366,737,601 shares of common stock outstanding as of May 11, 2026, was incorrect; the accurate count is 367,269,074 shares. Both figures exclude 3,176,096 exchangeable shares outstanding as of the same date.↗2026-05-12
EarningsIR Event
D-Wave Quantum Inc. (NYSE: QBTS) filed an 8-K on May 12, 2026, disclosing its financial results for the first quarter ended March 31, 2026, via a press release and an investor presentation posted to its website. The filing was signed by President and CEO Alan Baratz. No specific revenue or earnings figures were included in the 8-K body itself; the detailed financials are contained in the attached Exhibit 99.1 press release and Exhibit 99.2 investor presentation.↗2026-05-05
8-K
D-Wave Quantum Inc. (QBTS) announced on May 5, 2026, that it will host Qubits Europe 2026: Quantum Realized, a full-day quantum computing user conference in London, England, on June 18, 2026. The event will showcase real-world applications of D-Wave's quantum computing technology for customers, innovators, and experts across business, science, and government. The announcement was made under Regulation FD (Item 7.01) and signed by President and CEO Dr. Alan Baratz.↗2026-05-04
Equity Grant
D-Wave Quantum Inc. (QBTS) disclosed on April 30, 2026 that it amended its employment agreement with President and CEO Dr. Alan Baratz via a Third Amendment approved by the Board of Directors. The amendment raises Dr. Baratz's annual base salary to $700,000 retroactive to January 1, 2026, and grants him restricted stock units valued at $13,488,000 under the company's 2022 Equity Incentive Plan. The Board cited Dr. Baratz's years of service and commitment to the company as justification for the compensation increases.↗2026-04-29
IR Event
D-Wave Quantum Inc. (NYSE: QBTS) announced on April 29, 2026, that it will host its first-ever Investor Day on June 1, 2026, at the New York Stock Exchange and online, themed "The D-Wave Difference." The event will cover the company's technology leadership, product roadmap, commercial momentum, and long-term growth strategy. CEO Dr. Alan Baratz will present D-Wave's case for its competitive position in the quantum computing market.↗2026-02-26
EarningsEquity GrantAgreement
D-Wave Quantum Inc. (QBTS) reported its fiscal year 2025 financial results on February 26, 2026, disclosing revenue of $24.6 million, a 179% increase from $8.8 million in 2024, and a record cash and marketable securities balance of $884.5 million. The company also announced several strategic developments, including a $20 million system purchase by Florida Atlantic University, a $10 million enterprise license with a Fortune 100 company, and the completed acquisition of Quantum Circuits, Inc. Additional highlights include a new U.S. government business unit led by Jack Sears Jr., a defense collaboration with Davidson Technologies and Anduril Industries showing 10x faster time-to-solution versus classical-only approaches, and new advancements to its Advantage2 quantum computer.↗2026-02-19
8-K
On February 19, 2026, D-Wave Quantum Inc. (QBTS) announced it joined the Southeastern Quantum Collaborative (SQC) as an inaugural member alongside The University of Alabama in Huntsville, Davidson Technologies, IBM, and Alabama A&M University. The SQC aims to advance quantum information science and develop a quantum-ready workforce across the Southeast by uniting academia, industry, and government. D-Wave is positioned to support the initiative partly through a D-Wave Advantage2 system already hosted at Davidson Technologies' headquarters in Huntsville, Alabama.↗2026-01-27
Agreement
On January 27, 2026, D-Wave Quantum Inc. (QBTS) announced a $10 million, two-year Quantum Computing as a Service (QCaaS) agreement with an undisclosed Fortune 100 company. The deal involves collaboration to develop and deploy quantum-powered applications using D-Wave's annealing quantum computing technology. CEO Dr. Alan Baratz characterized the agreement as a significant milestone in enterprise adoption of D-Wave's quantum computing platform.↗2026-01-27
Agreement
On January 27, 2026, D-Wave Quantum Inc. (QBTS) disclosed several material developments, including a $20 million agreement with Florida Atlantic University (FAU) to purchase and install an Advantage2 annealing quantum computer at its Boca Raton campus, expected later in 2026, along with plans to relocate its corporate headquarters from Palo Alto, California to Boca Raton, Florida before year-end. The company also announced a collaboration with Davidson Technologies and Anduril Industries to develop quantum-classical hybrid applications for U.S. air and missile defense, with results showing D-Wave's Stride hybrid solver delivered at least 10x faster time-to-solution and 9–12% improved threat mitigation compared to classical-only approaches. Additionally, D-Wave highlighted technology advancements across both its annealing and gate-model quantum computing platforms, including new solver capabilities and progress toward bringing an initial gate-model system to market in 2026, supported in part by its recent acquisition of Quantum Circuits, Inc.↗2026-01-20
Offering
On January 20, 2026, D-Wave Quantum Inc. (QBTS) filed a prospectus supplement to its Form S-3ASR registration statement, covering the resale of 10,430,444 shares of common stock by certain selling stockholders. The filing is a secondary offering, meaning proceeds go to the selling stockholders rather than the company itself. Paul, Weiss, Rifkind, Wharton & Garrison LLP provided the associated legal opinion, and the filing was signed by CEO Alan Baratz.↗2026-01-20
Equity GrantAgreement
D-Wave Quantum Inc. (QBTS) completed its acquisition of Quantum Circuits, Inc. on January 20, 2026, pursuant to a Merger Agreement dated January 6, 2026. The total consideration consisted of 10,430,444 shares of D-Wave common stock plus $250 million in cash, subject to net debt and other adjustments. In connection with the closing, D-Wave and Quantum Circuits securityholders entered into a Registration Rights Agreement covering the shares issued as stock consideration.↗2026-01-07
IR Event
On January 7, 2026, D-Wave Quantum Inc. (NYSE: QBTS) hosted a press conference to present details about its previously announced agreement to acquire all issued and outstanding equity of Quantum Circuits, Inc. The filing, signed by President and CEO Alan Baratz, furnishes the investor presentation (Exhibit 99.1) used at that conference under Regulation FD. No new financial terms were disclosed in the filing itself.↗2026-01-07
Agreement
On January 6, 2026, D-Wave Quantum Inc. (NYSE: QBTS) entered into a Merger Agreement to acquire Quantum Circuits, Inc., a private quantum computing company. The total consideration is approximately $550 million, consisting of $300 million in D-Wave common stock and $250 million in cash, subject to adjustments, with a share price collar of $22.30–$39.03 per share for calculating stock consideration. The deal is subject to regulatory approvals including HSR antitrust clearance and NYSE listing approval, with a termination deadline of April 6, 2026 if closing has not occurred.↗2026-01-06
8-K
On January 6, 2026, D-Wave Quantum Inc. (NYSE: QBTS) announced a breakthrough in gate-model quantum computing, successfully demonstrating scalable on-chip cryogenic control of qubits — described as an industry first. The achievement, highlighted by Chief Development Officer Dr. Trevor Lanting, reduces the wiring needed to control large numbers of qubits without degrading fidelity, and leverages technology already proven in D-Wave's commercial annealing quantum processors. The company believes this positions it to deliver the first commercially scalable gate-model quantum computing system.↗2025-12-08
IR Event
D-Wave Quantum Inc. (QBTS) announced on December 8, 2025, that its annual Qubits 2026 user conference will be held in Boca Raton, Florida on January 27–28, 2026. The event will feature presentations from company executives, customers, and scientists highlighting D-Wave's annealing quantum computers and hybrid-quantum solvers. D-Wave also plans to unveil its latest technology roadmap covering both annealing and gate-model initiatives at the conference.↗2025-12-02
Leadership
On December 2, 2025, D-Wave Quantum Inc. (QBTS) announced the formation of a new U.S. government-focused business unit to drive adoption of its quantum computing products and services across federal defense and national security markets. The unit will be led by Jack Sears Jr., a 25-year federal government and defense industry veteran, who joins D-Wave's executive team as Vice President of U.S. Government Solutions. Additionally, D-Wave's Advantage2™ quantum computer is now operational at Davidson Technologies' Alabama headquarters, supporting U.S. Department of Defense mission-critical applications.↗2025-11-21
8-K
D-Wave Quantum Inc. (QBTS) completed the redemption of all outstanding public warrants as of November 19, 2025, with the warrants ceasing to trade on the NYSE effective November 18, 2025. Prior to redemption, 4,746,358 warrants were exercised at $11.50 each, generating approximately $54.6 million in cash proceeds and issuing roughly 6.9 million shares of common stock. The remaining 270,820 unexercised warrants were redeemed at $0.01 per warrant for a total redemption payout of $2,708.20, leaving no warrants outstanding.↗2025-11-13
8-K
D-Wave Quantum Inc. (QBTS) issued an 8-K on November 13, 2025, reminding warrant holders that the company is redeeming all outstanding public warrants on November 19, 2025, at a redemption price of $0.01 per warrant, as previously announced on October 20, 2025. Holders may exercise their warrants before 5:00 p.m. NYC time on the redemption date, with each warrant entitling the holder to purchase 1.4541326 shares of common stock at $11.50 per warrant; any unexercised warrants will become void after that deadline. The redemption was triggered because QBTS common stock met the $18.00 per share price threshold across 20 of 30 consecutive trading days, and November 17, 2025 is expected to be the last day the warrants trade on the NYSE.↗2025-11-06
EarningsIR Event
D-Wave Quantum Inc. (NYSE: QBTS) filed an 8-K on November 6, 2025, disclosing its financial results for the fiscal third quarter ended September 30, 2025, via a press release and supplemental investor presentation. The filing was signed by President and CEO Alan Baratz. No specific revenue or earnings figures were included in the 8-K body itself; the detailed financials are contained in the attached exhibits.↗2025-11-05
8-K
On November 5, 2025, D-Wave Quantum Inc. (QBTS) and BASF announced the completion of a joint proof-of-concept project using D-Wave's hybrid-quantum technology to optimize manufacturing workflows at a BASF liquid-filling facility. The application reduced production scheduling time from 10 hours to seconds, cut lateness by 14%, reduced setup times by 9%, and shortened tank unloading durations by up to 18%, outperforming BASF's existing optimization solution. D-Wave views the results as a significant milestone toward commercial deployment of hybrid-quantum applications in manufacturing and supply chain operations.↗2025-11-03
Agreement
On November 3, 2025, D-Wave Quantum Inc. (QBTS) and Davidson Technologies, Inc. announced that D-Wave's Advantage2 quantum computer is now operational at Davidson's headquarters in Huntsville, Alabama, marking a major milestone in their multi-year collaboration. The system, D-Wave's second U.S.-based annealing quantum computer and the first in Alabama, is intended to support mission-critical U.S. government and national defense applications. It is accessible via D-Wave's Leap real-time quantum cloud service, with planned use cases including radar detection, military logistics optimization, and national security.↗2025-10-22
Gov ContractAgreement
On October 22, 2025, D-Wave Quantum Inc. (QBTS) announced a €10 million contract to deploy a D-Wave Advantage2 annealing quantum computer in Lombardy, Italy, as part of the newly formed Q-Alliance supporting Italy's national quantum technology strategy. The agreement provides 50% system capacity for five years with an option to purchase the full system, serving Italy's scientific, academic, and industrial communities. D-Wave is also hosting educational seminars at Italian universities, including Università dell'Insubria and Università della Svizzera Italiana, to promote quantum computing awareness and research.↗2025-10-20
8-K
D-Wave Quantum Inc. (QBTS) announced on October 20, 2025, that it will redeem all approximately 5 million outstanding public warrants at a price of $0.01 per warrant, with the redemption date set for November 19, 2025. Warrant holders may instead choose to exercise their warrants before the deadline at $11.50 per warrant, with each warrant convertible into 1.4541326 shares of common stock; if all warrants are exercised, approximately 7.2 million new shares would be issued, representing less than 2.1% dilution. The redemption was triggered after QBTS common stock met the required threshold of at least $18.00 per share for 20 trading days within a 30-day trading period, and the warrants are expected to cease trading on the NYSE on November 17, 2025.↗2025-10-15
Agreement
On October 15, 2025, D-Wave Quantum Inc. (QBTS) announced an agreement with Swiss Quantum Technology SA (SQT) to deploy a D-Wave Advantage2 annealing quantum computer in Europe. SQT committed €10 million over approximately five years under a Quantum Computing as a Service (QCaaS) arrangement, with an option to purchase the system. The 4,400+ qubit system will be accessible via D-Wave's Leap cloud service and will also support the Q-Alliance, an initiative aimed at advancing quantum computing infrastructure in Italy.↗2025-10-14
Agreement
On October 14, 2025, D-Wave Quantum Inc. (QBTS) disclosed via Regulation FD that it was named a winner in Fast Company's 2025 Next Big Things in Tech Awards in the Computing, Chips and Foundational Technology category. The recognition highlights D-Wave's Advantage2 quantum computer, a 4,400+ qubit annealing system launched in May 2025 and capable of addressing complex real-world problems in optimization, materials simulation, and AI. No financial transactions or material agreements were involved; the filing is purely an announcement of the award.↗2025-10-14
8-K
On October 14, 2025, D-Wave Quantum Inc. (QBTS) announced it joined as a founding member of Q-Alliance, a new quantum computing initiative formalized via a Memorandum of Understanding signed in Como, Italy, aimed at establishing what the parties describe as the world's most powerful quantum hub in the Lombardy region. The initiative is aligned with Italy's national digital transformation strategy and supported by the Italian government, including Undersecretary of State Senator Alessio Butti. D-Wave's CEO, Dr. Alan Baratz, will contribute the company's annealing quantum computing technology to support research, industrial innovation, and workforce development in Italy.↗2025-09-30
8-K
On September 30, 2025, D-Wave Quantum Inc. (QBTS) and North Wales Police announced the successful completion of a joint proof-of-technology project using D-Wave's hybrid-quantum application to optimize police vehicle deployment for emergency response. The solution, powered by D-Wave's Leap quantum cloud service, reduced vehicle coordination time from four months to four minutes and demonstrated the ability to cut average incident response times by nearly 50%. The filing was signed by CEO Alan Baratz and disclosed under Regulation FD as furnished, not filed, information.↗2025-08-13
8-K
D-Wave Quantum Inc. (QBTS) disclosed on August 13, 2025, that it will host its first Qubits Japan 2025 quantum computing user conference in Tokyo on September 17, 2025, targeting growing adoption of its annealing quantum computing technology across the Asia Pacific region. The company reported that APAC bookings have grown 83% over the past 12 months, with notable customer engagements including Japan Tobacco Inc. (quantum AI drug discovery), NTT DOCOMO Inc. (optimization pilot), and a strategic relationship with Yonsei University and Incheon Metropolitan City in South Korea. The filing was signed by President and CEO Alan Baratz and was furnished under Regulation FD rather than filed as a formal Exchange Act document.↗2025-08-07
EarningsIR Event
On August 7, 2025, D-Wave Quantum Inc. (QBTS) filed an 8-K disclosing its financial results for the fiscal second quarter ended June 30, 2025, via a press release and investor presentation posted to its website. The filing was signed by President and CEO Alan Baratz. No specific revenue or earnings figures were included in the 8-K body itself; the detailed financial results are contained in the attached exhibits (99.1 and 99.2).↗2025-08-04
Equity Grant
D-Wave Quantum Inc. (QBTS) promoted Diane Nguyen from General Counsel to Executive Vice President, Chief Legal Officer and General Counsel, effective July 31, 2025. Her annual base salary was increased to $381,000, she becomes eligible for an on-target bonus of up to 70% of base salary, and she received a promotional grant of 16,098 restricted stock units vesting 25% on the first anniversary with equal quarterly installments thereafter. The employment agreement amendment was filed as Exhibit 10.1 and the 8-K was signed by CEO Alan Baratz on August 4, 2025.↗2025-08-04
8-K
On August 4, 2025, D-Wave Quantum Inc. (QBTS) announced the release of an open-source quantum AI toolkit and demo designed to help developers integrate D-Wave's annealing quantum processors into machine learning architectures. The toolkit, available for immediate download, includes a demo showing how D-Wave quantum processors can be used to generate simple images, representing a step forward in quantum AI development. D-Wave noted it is working with customers including Japan Tobacco Inc., Jülich Supercomputing Centre, and TRIUMF on exploratory quantum AI projects.↗2025-07-30
Agreement
On July 30, 2025, D-Wave Quantum Inc. (QBTS) announced a new strategic initiative focused on advanced cryogenic packaging to accelerate development of both its annealing and fluxonium-based gate-model quantum processors. The initiative involves a collaboration with NASA's Jet Propulsion Laboratory (JPL), managed by Caltech, leveraging JPL's superconducting bump-bond process to demonstrate end-to-end superconducting interconnects between chips. D-Wave stated the effort supports its product roadmap toward scaling to 100,000 qubits, with the announcement signed by CEO Alan Baratz.↗2025-07-21
Agreement
On July 21, 2025, D-Wave Quantum Inc. (QBTS) disclosed under Regulation FD that it published a market research report in collaboration with Wakefield Research highlighting business leader sentiment toward quantum optimization. The report, based on a May 2025 survey of 400 business leaders across North America, Europe, and Asia Pacific, found that 46% of respondents expect an ROI of $1–$5 million and 27% expect over $5 million within the first 12 months of implementing quantum optimization. Additionally, 81% of surveyed leaders believe they have reached the limits of classical computing optimization, and 80% are planning or considering integrating quantum computing into their workflows.↗2025-07-01
Offering
D-Wave Quantum Inc. (QBTS) announced on July 1, 2025 that it completed a $400 million at-the-market equity offering, selling common stock between June 11 and June 27, 2025 at an average price of $15.18 per share. The completed ATM program brings the company's total cash balance to approximately $815 million, representing a 149% premium over its prior $150 million ATM program completed in January 2025. The company intends to use the proceeds primarily for strategic acquisitions, working capital, and capital expenditures.↗2025-06-17
Agreement
On June 17, 2025, D-Wave Quantum Inc. (QBTS) announced it signed a memorandum of understanding with Yonsei University and Incheon Metropolitan City to advance quantum computing adoption in South Korea. The partnership aims to collaborate on research, talent development, and use cases in biotechnology and materials science, and includes efforts toward installing a D-Wave Advantage2 system at Yonsei University's International Campus in Songdo. No financial terms were disclosed, and the MOU is non-binding in nature.↗2025-06-11
8-K
D-Wave Quantum Inc. (QBTS) held its annual stockholder meeting on June 5, 2025, at which shareholders elected Steven M. West, Kirstjen Nielsen, and Roger Biscay as Class III directors through 2028, and ratified Grant Thornton LLP as the company's independent auditor for fiscal year 2025. Following the meeting, the Board reorganized its Nominating and Governance Committee, appointing Sharon Holt as chair (replacing West) and Roger Biscay as a member (replacing Nielsen), while West remains Chair of the Board.↗2025-06-10
Offering
On June 10, 2025, D-Wave Quantum Inc. (QBTS) entered into an at-the-market equity Sales Agreement with eight agents—including Needham & Company, Evercore Group, and TD Securities—allowing the company to sell up to $400 million in common stock on the NYSE over time. The agents will earn up to 3.0% commission on gross sales proceeds, and the offering is registered under a Form S-3 that became effective the same day. The company intends to use net proceeds for general corporate purposes, including capital expenditures, potential acquisitions, and working capital.↗2025-06-04
8-K
D-Wave Quantum Inc. (QBTS) disclosed that between May 29 and June 3, 2025, it received total proceeds of approximately $95.8 million from the exercise of roughly 8.33 million warrants at $11.50 per share — approximately $80.5 million from ~7.0 million warrants exercised on May 29, and an additional ~$15.3 million from ~1.33 million warrants exercised May 30–June 3. The warrants were originally assumed by D-Wave in connection with its August 5, 2022 merger with DPCM Capital, Inc. The filing was signed by President and CEO Alan Baratz on June 4, 2025.↗2025-05-30
8-K
On May 29, 2025, D-Wave Quantum Inc. (QBTS) received approximately $80.5 million in proceeds from the exercise of roughly 7.0 million warrants at $11.50 per share. These warrants were originally assumed by D-Wave in connection with its August 5, 2022 merger with DPCM Capital, Inc. The filing was signed by President and CEO Alan Baratz on May 30, 2025.↗2025-05-20
8-K
On May 20, 2025, D-Wave Quantum Inc. (NYSE: QBTS) announced the general availability of its sixth-generation Advantage2 quantum computing system, accessible via its Leap cloud service in over 40 countries and also available for on-premises purchase. The system, led by CEO Dr. Alan Baratz, features advanced qubit connectivity, higher energy scale, lower noise, and improved coherence, and is claimed to solve complex problems beyond the reach of leading exascale GPU-based supercomputers. Notable deployments include a forthcoming on-premises installation at Davidson Technologies for national security research and a planned upgrade at the Jülich Supercomputing Centre in Germany, with expected integration with the JUPITER exascale supercomputer.↗2025-05-12
8-K
On May 12, 2025, D-Wave Quantum Inc. (QBTS) filed an 8-K disclosing that CEO Dr. Alan Baratz appeared on Fox Business' *The Claman Countdown* to discuss the company's recent quantum supremacy demonstration and commercial progress. During the interview, Baratz noted that D-Wave's quantum systems carry significant price tags, ranging from $20 million to $40 million per system, with correspondingly long sales cycles. The disclosure was made under Regulation FD and is not deemed "filed" for liability purposes under the Securities Exchange Act.↗2025-05-08
EarningsIR Event
On May 8, 2025, D-Wave Quantum Inc. (NYSE: QBTS) filed an 8-K disclosing its financial results for the fiscal first quarter ended March 31, 2025, via a press release and investor presentation. The filing was signed by President and CEO Alan Baratz. No specific revenue or earnings figures were included in the 8-K text itself; the detailed results are contained in the attached exhibits (99.1 and 99.2).↗2025-05-07
Equity Grant
On May 1, 2025, D-Wave Quantum Inc.'s Board of Directors adopted a formal Severance Policy for executive officers Alan Baratz (CEO), John Markovich, and Diane Nguyen, with amended employment agreements executed on May 6, 2025. Under a non-change-in-control termination, executives receive 12 months of base salary continuation, a prorated target bonus, and up to 12 months of COBRA reimbursement (6 months for non-CEO executives), while the CEO also receives accelerated vesting of time-based equity awards that would have vested within the following 12 months. In a change-in-control termination, executives receive a lump sum of 1.0x (1.5x for the CEO) combined base salary and target bonus, 12–18 months of COBRA reimbursement, and full acceleration of time-based equity awards.↗2025-04-23
Agreement
On April 23, 2025, D-Wave Quantum Inc. (QBTS) and Davidson Technologies, Inc. announced the completed physical assembly of a D-Wave Advantage2 annealing quantum computing system at Davidson's headquarters in Huntsville, Alabama. The system, which is undergoing final calibration and readiness testing, will be the first on-premises annealing quantum computer in Alabama and is intended to support national defense and other mission-critical applications. The installation represents a key milestone in the D-Wave/Davidson partnership and is expected to eventually operate within a secure facility for sensitive quantum computing workloads.↗2025-03-31
Offering
On March 31, 2025, D-Wave Quantum Inc. (NYSE: QBTS) announced product updates and expanded use cases for its commercial quantum optimization offerings at its Qubits 2025 user conference. Key updates include enhancements to its hybrid quantum nonlinear (NL) solver, which now supports continuous variables with linear interactions, enabling new applications such as budget allocation and resource distribution. The disclosure was made under Regulation FD and signed by President & CEO Alan Baratz.↗2025-03-31
Agreement
On March 31, 2025, D-Wave Quantum Inc. (QBTS) announced two separate commercial milestones involving its quantum computing technology. First, D-Wave and the pharmaceutical division of Japan Tobacco Inc. completed a joint proof-of-concept project using quantum-hybrid AI to generate novel drug-like molecular structures in the drug discovery process. Second, Ford Otosan — a Ford Motor Company and Koç Holding joint venture in Turkey — deployed D-Wave's annealing quantum computing technology in production to optimize vehicle production sequencing for its Ford Transit line, achieving results beyond what classical computing alone could deliver.↗2025-03-20
8-K
On March 20, 2025, D-Wave Quantum Inc. (QBTS) announced the publication of a research paper introducing a novel blockchain architecture that uses a "proof of quantum" algorithm, leveraging quantum computation to generate and validate blockchain hashes. As part of the research, D-Wave scientists deployed the architecture across four of its cloud-based annealing quantum computers in Canada and the U.S., marking the first instance of distributed quantum computing of this kind. The filing was signed by President and CEO Alan Baratz and was furnished under Regulation FD (Item 7.01), meaning it is not subject to liability under Section 18 of the Exchange Act.↗2025-03-13
EarningsIR Event
On March 13, 2025, D-Wave Quantum Inc. (NYSE: QBTS) filed an 8-K disclosing its financial results for the fiscal fourth quarter and full year ended December 31, 2024, via a press release and supplemental investor presentation. The filing was signed by President and CEO Alan Baratz. No specific revenue or earnings figures were included in the 8-K body itself; the detailed financial results are contained in the attached exhibits.↗2025-03-12
8-K
On March 12, 2025, D-Wave Quantum Inc. (QBTS) announced a scientific breakthrough published in the journal *Science*, in which its Advantage2 annealing quantum computer outperformed the Frontier supercomputer at Oak Ridge National Laboratory in simulating complex magnetic materials problems. The quantum computer completed the most complex simulation in minutes with high accuracy, while the equivalent classical computation would take nearly one million years and consume more than the world's entire annual electricity supply. D-Wave CEO Dr. Alan Baratz characterized this as the world's first confirmed demonstration of quantum computational supremacy on a practically useful problem.↗2025-02-18
8-K
On February 18, 2025, D-Wave Quantum Inc. (QBTS) and Staque announced they have jointly developed a commercial hybrid-quantum application designed to simulate and optimize the movements of autonomous agriculture vehicles at scale. The application is described as one of the world's first customer-facing, real-world quantum computing products for agricultural optimization. No specific financial figures were disclosed; the announcement was furnished under Regulation FD and is not deemed "filed" for liability purposes under the Exchange Act.↗2025-02-13
Offering
On February 13, 2025, D-Wave Quantum Inc. (QBTS) announced that Forschungszentrum Jülich's Jülich Supercomputing Centre (JSC) purchased a D-Wave Advantage quantum computing system, making it the first high-performance computing center in the world to own such a system, featuring over 5,000 qubits and 15-way connectivity. D-Wave also announced a new on-premises sales offering for research centers, academic institutions, and governments, along with a "Quantum Uplift" program providing incentives for organizations dissatisfied with competitor quantum systems to switch to D-Wave Advantage. Both announcements were made under Regulation FD disclosure and are not deemed "filed" for liability purposes under the Securities Exchange Act.↗2025-02-05
IR Event
D-Wave Quantum Inc. (NYSE: QBTS) announced on February 5, 2025, that its annual Qubits 2025 user conference will be held in Scottsdale, Arizona on March 31 and April 1, 2025. The event, themed "Quantum Realized," will feature presentations from D-Wave executives, customers, and industry leaders covering quantum optimization, hardware development, AI integration, and product roadmap updates. The filing was signed by President and CEO Alan Baratz.↗2025-02-03
8-K
On February 3, 2025, D-Wave Quantum Inc. (NYSE: QBTS) announced the launch of a brand campaign called "Quantum Realized," aimed at highlighting the commercial viability of its quantum computing technology. CEO Dr. Alan Baratz published an open letter in The Wall Street Journal outlining three benchmarks for evaluating quantum companies, asserting that D-Wave is currently the only company meeting all three criteria. The disclosure was filed under Regulation FD (Item 7.01) and is not deemed legally "filed" for Exchange Act liability purposes.↗2025-01-23
Offering
D-Wave Quantum Inc. (NYSE: QBTS) announced on January 23, 2025, that it completed its $150 million at-the-market equity offering program, which ran from January 15 to January 21, 2025, selling shares at an average price of $6.10 per share — a 3.7% premium to the four-day volume weighted average price. The completion brings the company's total cash balance to approximately $320 million, which will be used for working capital and capital expenditures to support ongoing operations and technical development. CEO Alan Baratz indicated the raise provides sufficient capital to execute D-Wave's operating plan through to sustained profitability and positive cash flow.↗2025-01-22
Offering
On January 22, 2025, D-Wave Quantum Inc. (NYSE: QBTS) announced the launch of its Leap Quantum LaunchPad™ program, an initiative offering free trial access to D-Wave's annealing quantum computing technology and expertise to help businesses and researchers solve complex problems beyond the reach of classical computers. The disclosure was made under Regulation FD (Item 7.01) and signed by President & CEO Alan Baratz.↗2025-01-15
IR Event
D-Wave Quantum Inc. (QBTS) filed this 8-K on January 15, 2025, to disclose an investor presentation used at the 27th Annual Needham Growth Conference on January 14–15, 2025. The presentation, posted to the company's website and signed off on by CEO Alan Baratz, includes financial highlights for fiscal year 2024 and the fourth quarter ended December 31, 2024, along with a business and product update. The filing is made under Regulation FD and is furnished, not filed, meaning it is not subject to standard Exchange Act liability provisions.↗2025-01-15
Gov ContractAgreement
On January 15, 2025, D-Wave Quantum Inc. (QBTS) announced a partnership with Carahsoft Technology Corp., in which Carahsoft will act as D-Wave's Master Government Aggregator to distribute D-Wave's quantum computing technologies to the public sector. The agreement gives government customers access to D-Wave's annealing quantum computing solutions through multiple Carahsoft contract vehicles, including NASA SEWP V, ITES-SW2, TIPS, OMNIA Partners, E&I Cooperative Services, and The Quilt. The partnership is intended to accelerate quantum computing adoption within the U.S. government.↗2025-01-10
Offering
On January 10, 2025, D-Wave Quantum Inc. (QBTS) entered into an at-the-market sales agreement with six broker-dealer agents — Needham & Company, Stifel Nicolaus, B. Riley Securities, Roth Capital Partners, The Benchmark Company, and Craig-Hallum Capital Group — allowing the company to sell up to $150 million of its common stock on the NYSE from time to time at its discretion. Sales will be conducted under the company's Form S-3 registration statement (effective December 27, 2024) and a related prospectus supplement filed the same day, with agents receiving a commission of up to 3.0% of gross sales proceeds. The company has no obligation to sell any shares under the agreement.↗2025-01-10
8-K
On January 9, 2025, D-Wave Quantum Inc. (QBTS) disclosed that CEO Dr. Alan Baratz appeared on CNBC's The Exchange to respond to NVIDIA CEO Jensen Huang's recent comments questioning quantum computing's near-term readiness. Dr. Baratz countered that D-Wave's annealing quantum computing systems are commercially available today and are already solving real-world problems, citing an example where D-Wave solved a materials simulation problem in minutes that would take classical supercomputers millions of years. The filing was made under Regulation FD and is not intended to be deemed "filed" for liability purposes under the Securities Exchange Act.↗2025-01-10
Earnings
D-Wave Quantum Inc. (QBTS) disclosed its preliminary fiscal year 2024 and Q4 booking results via a press release dated January 10, 2025, signed by CEO Alan Baratz. Q4 2024 bookings are expected to reach at least $18 million, a roughly 500% increase over Q4 2023's $3 million, while full-year 2024 bookings will exceed $23 million, up approximately 120% year-over-year. The company also reported a record cash position of approximately $178 million at fiscal year-end 2024.↗2024-12-18
Agreement
D-Wave Quantum Inc. (QBTS) disclosed on December 18, 2024 that it successfully completed its second SOC 2 Type 2 audit, with an audit date of November 25, 2024, demonstrating continued compliance with data security standards. The filing also noted that D-Wave is introducing service-level agreements (SLAs) for customers of its Leap quantum cloud service who are moving applications into production. The report was signed by President and CEO Alan Baratz.↗2024-12-16
Agreement
D-Wave Quantum Inc. (QBTS) filed an 8-K on December 16, 2024, under Regulation FD, disclosing that CEO Dr. Alan Baratz appeared on Yahoo! Finance's "Catalysts" show on December 13, 2024, to discuss quantum computing's advantages and D-Wave's annealing quantum computing approach. The disclosure highlights D-Wave's position that annealing quantum computing is a key driver of commercial adoption, particularly for enterprise optimization problems. No financial transactions or material agreements were announced; the filing relates solely to the media appearance and accompanying press release.↗2024-12-12
EarningsOffering
D-Wave Quantum Inc. (NYSE: QBTS) announced on December 12, 2024, that it completed $175 million in gross proceeds from common stock sales under its at-the-market equity offering programs. As a result, the company expects to end Q4 2024 with at least $160 million in cash, which will be used for working capital, capital expenditures, and ongoing technical development. The filing was signed by President and CEO Alan Baratz.↗2024-12-09
Offering
On December 9, 2024, D-Wave Quantum Inc. (QBTS) entered into an at-the-market sales agreement with four agents—Needham & Company, Roth Capital Partners, B. Riley Securities, and Craig-Hallum Capital Group—allowing the company to sell up to $75 million in common stock on the NYSE at its discretion. Sales will be conducted under an existing Form S-3 registration statement (effective April 12, 2024), with agents receiving up to 3.0% commission on gross proceeds. The company is under no obligation to sell any shares, and the agreement may be terminated by either party with five business days' notice.↗2024-12-09
LeadershipAgreement
On December 6, 2024, Ziv Ehrenfeld resigned from the Board of Directors of D-Wave Quantum Inc. (QBTS), stepping down from his roles on both the Audit Committee and Compensation Committee. The resignation was effective immediately and was stated to not be the result of any disagreement with the company over its operations, policies, or practices.↗2024-12-06
Agreement
On December 6, 2024, D-Wave Quantum Inc. (QBTS) filed an 8-K disclosing that CEO Dr. Alan Baratz appeared on Fox Business' *Making Money with Charles Payne* to discuss D-Wave's annealing quantum computing technology and its commercial applications. The filing highlights D-Wave's position that annealing quantum computing is a key driver of enterprise adoption, particularly for optimization problems. No financial transactions or material agreements were disclosed; the filing was made under Regulation FD as a press release furnishing.↗2024-11-25
8-K
D-Wave Quantum Inc. (QBTS) appointed Sharon Holt as a Class I director to its Board of Directors, effective November 22, 2024, where she will serve until the 2026 annual stockholders' meeting. Holt, co-founder and principal of Fraser Stuart Ventures and a current board member of Infinera Corporation, will also serve on the company's Audit Committee. She will receive standard non-employee director compensation, and no reportable related-party transactions exist between her and the company.↗2024-11-14
EarningsIR Event
D-Wave Quantum Inc. (NYSE: QBTS) filed an 8-K on November 14, 2024, disclosing its financial results for the fiscal third quarter ended September 30, 2024. The company issued a press release and posted an investor presentation on its website containing supplemental financial data and a business and product update. The filing was signed by President and CEO Alan Baratz.↗2024-11-06
8-K
On November 6, 2024, D-Wave Quantum Inc. (QBTS) announced the completed calibration and benchmarking of its 4,400+ qubit Advantage2 processor, representing a key milestone in its sixth-generation annealing quantum computing system. Compared to its current Advantage system, the new processor delivers doubled coherence time, a 40% increase in energy scale, and expanded qubit connectivity from 15 to 20-way, improving performance in optimization, AI, and materials science applications. The filing was signed by President and CEO Alan Baratz.↗2024-11-04
8-K
On November 4, 2024, D-Wave Quantum Inc. (NYSE: QBTS) announced it received notice from the NYSE that it had regained compliance with Section 802.01C of the NYSE Listed Company Manual, which relates to minimum share price requirements. The filing was signed by President and CEO Alan Baratz.↗2024-10-31
LeadershipGov Contract
On October 31, 2024, D-Wave Quantum Inc. (QBTS) announced it achieved "Awardable" status on the U.S. Department of Defense's Chief Digital and Artificial Intelligence Office Tradewinds Solutions Marketplace, a platform designed to accelerate procurement of emerging technologies. This designation allows D-Wave's annealing quantum computing technology to be offered alongside AI/ML, data, and analytics capabilities to DoD buyers. The filing was signed by President and CEO Alan Baratz.↗2024-10-30
LeadershipAgreement
D-Wave Quantum Inc. (QBTS) disclosed that directors Amy Cappellanti-Wolf and Emil Michael resigned from its Board of Directors effective October 28, 2024, with their departures unrelated to any disagreement with the company. Also effective October 28, 2024, the Board appointed John DiLullo (CEO of Deepwatch) and Rohit Ghai (CEO of RSA) as replacement directors, serving terms through the 2027 Annual Meeting of Stockholders. Both new directors will receive standard non-employee director compensation, and their committee assignments had not yet been determined as of the filing date.↗2024-10-09
8-K
D-Wave Quantum Inc. (QBTS) filed an 8-K on October 9, 2024, disclosing its participation in the 2024 INFORMS Annual Meeting scheduled for October 20-23 in Seattle, Washington. The company, led by CEO Alan Baratz, will serve as a featured speaker in the Technology Showcase, host a workshop on quantum computing fundamentals, conduct live demonstrations, and meet with job seekers at the event. This is a routine Regulation FD disclosure with no financial transactions or material business changes reported.↗2024-10-04
8-K
On October 2, 2024, D-Wave Quantum Inc. (NYSE: QBTS) received a noncompliance notice from the NYSE for failing to maintain a minimum average closing stock price of $1.00 over a consecutive 30 trading-day period, as required by Section 802.01C of the NYSE Listed Company Manual. The company has six months from the notice date to regain compliance and has stated its intent to cure the deficiency, with a reverse stock split among the options under consideration pending shareholder approval. The stock will remain listed and tradeable on the NYSE during the cure period, provided the company meets all other continued listing standards.↗2024-10-03
Agreement
On October 3, 2024, D-Wave Quantum Inc. (NYSE: QBTS) announced the introduction of formal service-level agreements (SLAs) for customers of its Leap™ quantum cloud service who are moving applications into production. The SLAs are designed to guarantee availability, reliability, and scalability of the Leap platform for commercial-grade quantum and hybrid-quantum deployments. The filing was signed by President and CEO Alan Baratz.↗2024-10-01
Agreement
On October 1, 2024, D-Wave Quantum Inc. (QBTS) announced a joint proof-of-concept collaboration with the pharmaceutical division of Japan Tobacco Inc. (JT) to apply quantum computing and AI to drug discovery. D-Wave's annealing quantum computing solutions will be used to accelerate the training of JT's AI-driven analysis systems, with the goal of discovering novel "first-in-class" small pharmaceutical compounds. The filing was disclosed under Regulation FD and signed by D-Wave President and CEO Alan Baratz.↗2024-09-23
8-K
On September 23, 2024, D-Wave Quantum Inc. (QBTS) announced the appointment of Sophie Ames as Chief Human Resources Officer. Ames will oversee the company's global human capital strategy and focus on aligning people, performance, and processes across the employee lifecycle. The disclosure was made under Regulation FD and signed by President & CEO Alan Baratz.↗2024-09-20
Agreement
D-Wave Quantum Inc. (QBTS) announced a strategic partnership with Staque, an AI, blockchain, and quantum computing consulting firm, on September 20, 2024. The partnership aims to accelerate commercial adoption of annealing quantum computing across the Middle East, focusing on enterprise optimization and AI applications. The filing was signed by President & CEO Alan Baratz.↗2024-09-13
8-K
D-Wave Quantum Inc. (QBTS) announced it is hosting Qubits UAE 2024, the first-ever quantum computing event in Dubai, co-organized with AI and quantum consulting firm Staque, scheduled for September 20, 2024. The event will highlight real-world optimization use cases, quantum-fueled AI, and demonstrations of annealing quantum computing performance. The disclosure was made under Regulation FD on September 12, 2024, and signed by President and CEO Alan Baratz.↗2024-09-05
8-K
On September 5, 2024, D-Wave Quantum Inc. (QBTS) announced it joined the Chicago Quantum Exchange (CQE) as a corporate partner. D-Wave plans to collaborate with the CQE's roughly 50 partners on materials science research, quantum education, and practical optimization applications for manufacturing and logistics. The filing was signed by President and CEO Alan Baratz.↗2024-08-20
8-K
On August 20, 2024, D-Wave Quantum Inc. (QBTS) and NTT DOCOMO Inc., Japan's largest mobile carrier with over 90 million subscribers, announced results of a quantum optimization pilot using D-Wave's annealing quantum computing technology. The pilot demonstrated a 15% reduction in paging signals during peak calling times, reducing base station congestion and potentially lowering infrastructure costs. DOCOMO plans to deploy the hybrid-quantum solution in production across its Japanese branch offices in the coming months.↗2024-08-08
EarningsIR Event
D-Wave Quantum Inc. (QBTS) filed an 8-K on August 8, 2024, disclosing its financial results for the fiscal second quarter ended June 30, 2024. The company issued a press release and posted an investor presentation on its website, both including supplemental financial and business updates. The filing was signed by President and CEO Alan Baratz.↗2024-08-06
8-K
On August 6, 2024, D-Wave Quantum Inc. (QBTS) announced strong support from local and federal lawmakers for installing a D-Wave quantum computer at Davidson Technologies, Inc.'s new global headquarters in Huntsville, Alabama to support national defense efforts. D-Wave and Davidson Technologies joined Huntsville Mayor Tommy Battle at the Space and Missile Defense Symposium to highlight the strategic importance of the planned installation. No financial figures were disclosed; the filing was made under Regulation FD and signed by President & CEO Alan Baratz.↗2024-07-29
8-K
On July 29, 2024, D-Wave Quantum Inc. (NYSE: QBTS) announced an expansion of its product development roadmap, extending its Leap™ quantum cloud service to deliver new Quantum AI solutions targeting artificial intelligence and machine learning workloads. The enhancements are designed to support use cases such as pre-training optimization, more efficient model training, and quantum supply chain optimization. The disclosure was made under Regulation FD and was signed by President and CEO Alan Baratz.↗2024-07-19
LeadershipAgreement
On July 18, 2024, Philip Adam Smalley III resigned as a director of D-Wave Quantum Inc. (QBTS), effective immediately, stepping down from his roles on both the Audit Committee and the Nominating and Governance Committee. The resignation was not due to any disagreement with the company over its operations, policies, or practices. The filing was signed by President and CEO Alan Baratz on July 19, 2024.↗2024-07-10
8-K
On July 10, 2024, D-Wave Quantum Inc. (QBTS) disclosed via a Regulation FD press release that enrollment in its quantum training courses grew significantly in the first half of 2024 compared to the same period in 2023. Specifically, enrollment in the "Quantum Programming Core" course rose 53%, while total enrollments across both core and foundational courses increased 85%. The filing was signed by President and CEO Alan Baratz.↗2024-07-08
Agreement
On July 8, 2024, D-Wave Quantum Inc. (QBTS) and Zapata Computing Holdings Inc. announced a significant expansion of their joint commercial partnership to accelerate development of integrated quantum and generative AI solutions. The expanded agreement combines Zapata's Universal Generative AI software with D-Wave's Leap cloud platform to deliver quantum, hybrid quantum, and classical AI solutions. The filing was signed by D-Wave President and CEO Alan Baratz.↗2024-06-17
LeadershipAgreement
On June 17, 2024, D-Wave Quantum Inc. (QBTS) announced the launch of a new hybrid quantum solver for nonlinear programs, supporting up to two million variables and constraints, unveiled at its Qubits 2024 user conference. The company also announced a partnership with Davidson Technologies to place a second U.S.-based D-Wave Advantage quantum computer at Davidson's new global headquarters in Huntsville, Alabama, intended for use in a secure facility supporting sensitive Department of Defense applications. Both announcements were disclosed under Regulation FD and are not considered "filed" for liability purposes under the Securities Exchange Act.↗2024-06-10
8-K
D-Wave Quantum Inc. (QBTS) held its annual stockholder meeting on June 6, 2024, at which Emil Michael, Amy Cappellanti-Wolf, and Philip Adam Smalley III were elected as Class II directors through 2027, Grant Thornton LLP was ratified as auditor for fiscal year 2024, and a proposed amendment to permit officer exculpation failed to receive the required 66⅔% supermajority approval. Additionally, the Board appointed Sec. Kirstjen Nielsen to the Nominating and Governance Committee, replacing Emil Michael, effective immediately after the meeting.↗2024-06-06
Agreement
On June 6, 2024, D-Wave Quantum Inc. (QBTS) announced via press release that it has extended its agreement with Aramco to apply quantum technologies to geophysical optimization problems. The filing, signed by CEO Alan Baratz, was made under Regulation FD and is not subject to Exchange Act liability. No financial terms of the agreement extension were disclosed.↗2024-06-03
AgreementIR Event
On June 3, 2024, D-Wave Quantum Inc. (QBTS) filed an 8-K under Regulation FD to announce the posting of a recorded fireside chat from the 19th Annual Needham Technology, Media and Consumer Conference. The discussion featured D-Wave CEO Dr. Alan Baratz, CFO John Markovich, and Needham senior analyst Quinn Bolton covering topics related to D-Wave's position in the quantum computing industry. No financial transactions or material agreements were disclosed; the filing solely relates to investor communications.↗2024-05-29
8-K
On May 29, 2024, D-Wave Quantum Inc. (QBTS) filed an 8-K under Regulation FD to disclose that it was featured in a Wall Street Journal article titled "Quantum Computing Gets Real: It Could Even Shorten Your Airport Connection," highlighting its technology's strengths in real-world optimization problems. The article cited D-Wave's recent research as making what a quoted source called "actually the strongest" computational supremacy claim to date. The filing was signed by President and CEO Alan Baratz and is informational in nature, not subject to Exchange Act Section 18 liability.↗2024-05-28
8-K
D-Wave Quantum Inc. (QBTS) announced on May 28, 2024, that it is set to join the Russell 3000® Index as part of the 2024 Russell US Indexes annual Reconstitution, effective at the open of US equity markets on July 1, 2024. The addition was based on a preliminary list posted on May 24, 2024. The filing was signed by President and CEO Alan Baratz.↗2024-05-24
Offering
On May 24, 2024, D-Wave Quantum Inc. (QBTS) entered into an at-the-market equity Sales Agreement with Needham & Company, LLC, B. Riley Securities, Inc., and Roth Capital Partners, LLC, allowing the company to sell up to $100 million in common stock over time on the NYSE. The agents will earn a commission of up to 3.0% of gross sales proceeds, and D-Wave is under no obligation to sell any shares. The offering is registered under a Form S-3 that became effective April 12, 2024, with a prospectus supplement filed the same day as the agreement.↗2024-05-13
EarningsAgreementIR Event
On May 13, 2024, D-Wave Quantum Inc. (NYSE: QBTS) disclosed its financial results for the fiscal first quarter ended March 31, 2024, via press release and an accompanying investor presentation. The company also announced the renewal of a multiyear agreement with the University of Southern California to advance annealing quantum computing research and adoption. The filing was signed by President and CEO Alan Baratz.↗2024-04-19
Equity Grant
D-Wave Quantum Inc. (QBTS) entered into a Sixth Amendment to its Loan and Security Agreement with lender PSPIB Unitas Investments II Inc. on April 16, 2024, exempting up to $30 million in gross proceeds raised between April 16 and September 30, 2024 from mandatory loan prepayment requirements, with an additional $20 million prepayment premium exemption beyond that threshold. The company also amended employment agreements for CFO John Markovich, raising his base salary to $440,000 annually effective April 1, 2024, along with a grant of 150,000 RSUs, and for General Counsel Diane Nguyen, raising her salary to $330,000 annually effective April 1, 2024, along with grants of 80,000 RSUs, a promotional award of 100,000 RSUs, and 100,000 stock options.↗2024-03-28
EarningsIR Event
On March 28, 2024, D-Wave Quantum Inc. (NYSE: QBTS) filed an 8-K to announce its financial results for the fourth quarter and full fiscal year ended December 31, 2023, via a press release and supplemental investor presentation. The filing was signed by President and CEO Alan Baratz. No specific revenue or earnings figures were included in the 8-K itself, with the detailed results contained in the attached exhibits.↗2024-03-18
EarningsIR Event
On March 18, 2024, D-Wave Quantum Inc. (QBTS) announced two executive appointments: Lorenzo Martinelli was named the company's first Chief Revenue Officer, and Dr. Trevor Lanting was promoted to Chief Development Officer. The company also released a new investor presentation for use at the 36th Annual ROTH Conference, hosted by ROTH Capital Partners at The Ritz Carlton Laguna Niguel in Dana Point, California on March 18–19, 2024. The filing was signed by President and CEO Alan Baratz.↗2024-03-05
8-K
On March 4, 2024, D-Wave Quantum Inc. (QBTS) disclosed via Regulation FD that it published a scientific preprint paper titled "Computational supremacy in quantum simulation," claiming to be the first demonstration of quantum supremacy on a real-world problem — specifically, quantum simulation of nonequilibrium magnetic spin dynamics. The paper has been submitted for peer review to a scientific journal and is currently available on arXiv. The filing was signed by CEO Alan Baratz on March 5, 2024.↗2024-03-04
8-K
On March 4, 2024, D-Wave Quantum Inc. (QBTS) announced via press release that it had regained compliance with Section 802.01C of the NYSE Listed Company Manual, resolving a prior listing standards deficiency. The notification was received from the New York Stock Exchange, and the filing was signed by President and CEO Alan Baratz.↗2024-02-12
8-K
On February 12, 2024, D-Wave Quantum Inc. (QBTS) announced the availability of its 1,200+ qubit Advantage2™ prototype through its Leap™ real-time quantum cloud service. The filing was signed by President and CEO Alan Baratz. No financial transactions or figures were disclosed; the event was a product/service availability announcement.↗2024-02-08
Agreement
On February 8, 2024, D-Wave Quantum Inc. (QBTS) announced a strategic technical and commercial collaboration with Zapata Computing, Inc. (Zapata AI) aimed at advancing quantum-enabled machine learning. The filing, signed by President and CEO Alan Baratz, disclosed the partnership via a press release attached as Exhibit 99.1. No financial terms or deal values were specified in the filing.↗2024-02-02
EarningsRestatement
D-Wave Quantum Inc. (QBTS) disclosed on January 30, 2024, that its Audit Committee determined that previously issued financial statements for fiscal years 2020, 2021, and 2022, as well as quarterly filings through Q3 2023, can no longer be relied upon and must be restated. The restatements stem from an accounting error in how the company treated certain below-market-rate conditionally repayable government loans originated before 2021, where the company had incorrectly analogized to IFRS standards rather than applying the applicable U.S. GAAP guidance that prohibits interest imputation on government-restricted loans. The misstatements affect only non-cash, non-operating items such as other income/expense and net loss, as well as research incentives receivable and loans payable on the balance sheet, and the Audit Committee and management confirmed the errors were unintentional and not the result of fraud.↗2024-01-23
IR Event
On January 23, 2024, D-Wave Quantum Inc. (QBTS) hosted an analyst day at its Burnaby office, with some participants attending virtually. The event was disclosed under Regulation FD, and the accompanying presentation was filed as Exhibit 99.1 to the 8-K. The filing was signed by President and CEO Alan Baratz.↗2024-01-17
Leadership
D-Wave Quantum Inc. (QBTS) appointed former U.S. Department of Homeland Security Secretary Kirstjen Nielsen as an independent director, effective January 10, 2024, to serve until the 2025 Annual Meeting of Stockholders. Nielsen, 51, will join the Board's Compensation Committee and be compensated on the same basis as other non-employee directors. She brings over two decades of national security experience, including her tenure as DHS Secretary from 2017 to 2019, where she oversaw a $70 billion annual budget and 240,000 employees.↗2023-12-12
EarningsIR Event
On December 6, 2023, D-Wave Quantum Inc. (NYSE: QBTS) posted an investor presentation to its website disclosing its financial results for the fiscal third quarter ended September 30, 2023, along with a business and product update. The filing, signed by President and CEO Alan Baratz, furnishes the presentation as Exhibit 99.1. No specific revenue or earnings figures were included in the 8-K text itself; the detailed results are contained within the attached presentation.↗2023-11-09
Earnings
On November 9, 2023, D-Wave Quantum Inc. (NYSE: QBTS) filed an 8-K to announce its financial results for the fiscal third quarter ended September 30, 2023, via a press release (Exhibit 99.1). The filing was signed by President and CEO Alan Baratz. The disclosed information is furnished, not filed, and therefore not subject to liability under Section 18 of the Securities Exchange Act.↗2023-10-24
8-K
D-Wave Quantum Inc. (QBTS) received a noncompliance notice from the NYSE on October 20, 2023, because its common stock's average closing price fell below $1.00 for 30 consecutive trading days, triggering a six-month cure period during which the stock will remain listed. The company notified the NYSE on October 24, 2023, of its intent to cure the deficiency, with options including a reverse stock split subject to shareholder approval. Separately, the Board also cancelled all 2022 annual cash incentive bonuses for all eligible employees, including previously disclosed bonuses for named executive officers, citing cost management and profitability goals.↗2023-10-11
8-K
On October 6, 2023, D-Wave Quantum Inc. (QBTS) entered into the Fourth Amendment to its Loan and Security Agreement with lender PSPIB Unitas Investments II Inc., originally dated April 13, 2023. The amendment extends the deadline for D-Wave to deliver a board-approved operating budget and plan (covering fiscal years 2023–2027) to December 31, 2023, and also extends to that same date the period during which no loan prepayment is required on up to $50 million in gross proceeds raised through share issuances under the company's equity line of credit. The filing was signed by CEO Alan Baratz and reported on October 11, 2023.↗2023-09-18
IR Event
On September 18, 2023, D-Wave Quantum Inc. (NYSE: QBTS) filed an 8-K disclosing that it issued an investor letter discussing the potential of quantum computing and the development and impact of its technology. The letter, signed by President and CEO Alan Baratz, was attached as Exhibit 99.1 to the filing. No financial figures or transactions were disclosed; this was an informational communication to investors.↗2023-09-11
LeadershipEquity GrantAgreement
On September 4, 2023, Michael Rogers resigned from the board of directors of D-Wave Quantum Inc. (QBTS) to pursue a U.S. Senate seat in the 2024 election. His departure was not related to any disagreement with the company over its operations, policies, or practices.↗2023-08-25
8-K
D-Wave Quantum Inc. (QBTS) disclosed on August 24, 2023 that it engaged Grant Thornton LLP as its new independent registered public accounting firm for fiscal year ending December 31, 2023, beginning with the third quarter ending September 30, 2023. The change was approved by the company's Audit Committee on August 23, 2023. No prior consultations with Grant Thornton on accounting or auditing matters had occurred during the two preceding fiscal years or the subsequent interim period.↗2023-08-10
Earnings
D-Wave Quantum Inc. (NYSE: QBTS) filed an 8-K on August 10, 2023, disclosing its financial results for the fiscal second quarter ended June 30, 2023. The results were announced via a press release furnished as Exhibit 99.1 and signed by President & CEO Alan Baratz. No specific financial figures were included in the 8-K body itself, with the detailed results contained in the attached press release.↗2023-07-21
8-K
On July 20, 2023, D-Wave Quantum Inc. (QBTS) entered into the Third Amendment to its Loan and Security Agreement with lender PSPIB Unitas Investments II Inc., originally dated April 13, 2023. The amendment exempts up to $50 million in gross proceeds raised through share issuances under the company's Equity Line of Credit (ELOC) from triggering mandatory loan prepayments, provided those proceeds are received before October 18, 2023. The filing was signed by President and CEO Alan Baratz.↗2023-07-21
EarningsGov Contract
On July 20, 2023, D-Wave Quantum Inc. (NYSE: QBTS) filed an 8-K disclosing a preliminary financial update for its fiscal second quarter ended June 30, 2023, including an expected revenue range, bookings figures, updated earnings guidance, and a liquidity update. The company, led by President & CEO Alan Baratz, also highlighted new and expanded customer contracts signed during the first half of 2023. The filing was furnished, not filed, under Item 2.02 and is therefore not subject to liability under Section 18 of the Exchange Act.↗2023-07-20
Agreement
On July 13, 2023, D-Wave Quantum Inc. (QBTS) entered into a Limited Waiver and Second Amendment to its Loan and Security Agreement with PSPIB Unitas Investments II Inc. (an affiliate of PSP Investments), allowing D-Wave to draw on Loan B by waiving two prior conditions: the requirement to deliver a board-approved operating budget (deadline extended to August 31, 2023) and the immediate board director nomination requirement. PSPIB retained the right to enforce the director nomination condition upon five business days' notice, and the amendment also relaxed the IP registration notification timeline from five business days of filing to five business days after month-end.↗2023-07-05
8-K
D-Wave Quantum Inc. (QBTS) disclosed on July 3, 2023 that it received notice from the NYSE that it had regained compliance with Section 802.01C of the NYSE Listed Company Manual, which relates to minimum share price requirements. The filing was signed by President and CEO Alan Baratz and formally submitted on July 5, 2023.↗2023-06-14
8-K
D-Wave Quantum Inc. (QBTS) held its annual stockholder meeting on June 8, 2023, at which shareholders elected Alan Baratz and Ziv Ehrenfeld as Class I directors to serve until the 2026 annual meeting. Stockholders also ratified PricewaterhouseCoopers LLP (Canada) as the company's independent auditor for fiscal year ending December 31, 2023, with 91,018,642 votes in favor. Baratz received 71,685,960 votes and Ehrenfeld received 72,553,472 votes in their respective director elections.↗2023-06-13
EarningsLeadershipAgreementRestatement
On June 7, 2023, PricewaterhouseCoopers LLP (Canada) notified D-Wave Quantum Inc. (QBTS) that it would not stand for re-election as the company's independent auditor, though PwC agreed to complete the review of D-Wave's Q2 2023 Form 10-Q before fully departing. PwC's prior audit reports for fiscal years 2021 and 2022 included going concern doubts due to net losses and negative cash flows, and a material weakness in internal controls over financial reporting was identified for fiscal year 2022. There were no disagreements between D-Wave and PwC on any accounting or auditing matters, and the company intends to engage a U.S.-based successor auditor following its planned relocation of principal executive offices to the United States.↗2023-06-02
Agreement
On May 26, 2023, D-Wave Quantum Inc. (QBTS) entered into a Consent and Waiver Agreement with lender PSPIB Unitas Investments II Inc., extending the deadlines for certain post-closing deliverables under their April 13, 2023 Term Loan. The extensions pushed the due dates for Account Control Agreements and the Advisor's Recommendation to June 9, 2023, and the IP Valuation Report to June 16, 2023. No changes to the loan's financial terms were disclosed.↗2023-05-19
Earnings
D-Wave Quantum Inc. (NYSE: QBTS) filed an 8-K on May 19, 2023, disclosing its financial results for the fiscal first quarter ended March 31, 2023, via a press release. The filing was signed by President and CEO Alan Baratz. The results were furnished, not filed, meaning they are not subject to Section 18 liability under the Securities Exchange Act.↗2023-04-24
Agreement
On April 19, 2023, D-Wave Quantum Inc. and its subsidiary D-Wave Systems Inc. entered into Amendment No. 2 to a Contribution Agreement with the Canadian federal government (represented by the Minister of Industry). The amendment extends the project completion date to June 30, 2023, expands the scope of development work, adjusts the repayment schedule accordingly, and adds D-Wave Quantum as a guarantor for D-Wave Systems' obligations under the agreement. The filing was signed by CEO Alan Baratz and reported on April 21, 2023.↗2023-04-19
Agreement
On April 13, 2023, D-Wave Quantum Inc. (QBTS) entered into a $50 million Loan and Security Agreement with PSPIB Unitas Investments II Inc., an affiliate of the Public Sector Pension Investment Board and existing shareholder, with an initial $15 million advance disbursed on April 14, 2023, and two subsequent tranches of $15 million and $20 million subject to conditions. The term loan bears interest at either 10% cash or 11% PIK, carries a 2% drawdown fee, is secured by substantially all company assets, and matures March 31, 2027. As a condition of the loan, the Board was expanded to nine members and Philip Adam Smalley III, an affiliate of PSPIB, was appointed as a Class II director effective April 13, 2023.↗2023-04-17
EarningsRestatement
D-Wave Quantum Inc. (QBTS) disclosed on April 13, 2023 that its Audit Committee determined the previously filed Q3 2022 financial statements (for the period ended September 30, 2022) can no longer be relied upon due to multiple accounting errors, with an amended 10-Q planned for filing on April 17, 2023. The errors involve: misclassification of the Lincoln Park Capital Fund $150 million purchase agreement (should have been recorded as a derivative at fair value rather than equity-indexed), incorrect eligibility dates for Canadian SR&ED tax credits, deferred revenue recognition mistakes, and stock-based compensation errors including use of a wrong share price ($5.72 instead of the correct $10.07 NYSE closing price on August 18, 2022) in Black-Scholes calculations. The Audit Committee, management, and the company's auditors were all involved in identifying and approving the restatement approach.↗2023-04-14
Earnings
On April 14, 2023, D-Wave Quantum Inc. (NYSE: QBTS) filed an 8-K to announce its financial results for the fiscal fourth quarter and full year ended December 31, 2022, via a press release. The filing was signed by President and CEO Alan Baratz. No specific financial figures were included in the 8-K itself, as the detailed results were furnished in the attached Exhibit 99.1 press release.↗2023-04-10
LeadershipAgreement
On April 4, 2023, Eduard van Gelderen resigned from D-Wave Quantum Inc.'s Board of Directors, with his departure unrelated to any disagreement with the company. The same day, the Board appointed Ziv Ehrenfeld to fill the remainder of van Gelderen's term, with an anticipated future appointment to the Compensation Committee. Ehrenfeld will not receive compensation for his Board service and has entered into the company's standard Director & Officer Indemnification Agreement.↗2023-03-21
8-K
On March 16, 2023, D-Wave Quantum Inc. (NYSE: QBTS) received a notice from the New York Stock Exchange that it was not in compliance with Section 802.01C of the NYSE Listed Company Manual, as its common stock's average closing price had fallen below $1.00 for 30 consecutive trading days. The company notified the NYSE on March 20, 2023, of its intent to cure the deficiency and has a six-month window to regain compliance by sustaining a closing price at or above $1.00. D-Wave is considering available remedies, including a reverse stock split subject to shareholder approval, while its shares remain listed and trading on the NYSE during the cure period.↗2023-03-03
Agreement
On March 1, 2023, D-Wave Systems Inc., a wholly-owned subsidiary of D-Wave Quantum Inc. (NYSE: QBTS), entered into the Thirteenth Amendment to its Agreement for Semiconductor Line Operation with SkyWater Technology Foundry, Inc., originally signed with Cypress Semiconductor Corporation in December 2012. The amendment revised the pricing and quarterly purchase commitments for capacity on an 8-inch wafer semiconductor manufacturing line used to produce wafers for D-Wave's quantum computing hardware. The filing was signed by CEO Alan Baratz on March 3, 2023, with certain financial terms redacted from the public exhibit.↗2023-02-17
8-K
On February 16, 2023, D-Wave Quantum Inc. (NYSE: QBTS) filed an 8-K under Regulation FD to disclose a press release announcing several product and business updates. The filing was signed by President and CEO Alan Baratz on February 17, 2023. No specific financial figures were included in the filing itself, as the detailed updates were contained in the attached press release (Exhibit 99.1).↗2022-12-28
Agreement
D-Wave Quantum Inc. (QBTS) disclosed that its subsidiary, D-Wave Commercial Inc., entered into a Second Amendment to its office lease with Embarcadero Joint Venture on September 9, 2022, extending the lease on approximately 6,000 square feet of space in Palo Alto, California by one year from June 2023 to June 2024. The base rent for the extended period (July 1, 2023 through June 30, 2024) is $19,200 per month.↗2022-12-21
Agreement
On October 14, 2022, Omni Circuit Boards Ltd., a wholly-owned subsidiary of D-Wave Quantum Inc. (QBTS), entered into a Lease Renewal Agreement with 0937847 B.C. Ltd. to extend the lease on approximately 7,000 square feet of space in Richmond, B.C. from December 2022 to December 2024. The renewed lease sets Omni's annual basic rent at CAD $139,308.↗2022-11-10
Earnings
D-Wave Quantum Inc. (NYSE: QBTS) filed an 8-K on November 10, 2022, disclosing its financial results for the third quarter ended September 30, 2022, via a press release (Exhibit 99.1). The filing was signed by President and CEO Alan Baratz. No specific financial figures were included in the 8-K itself, as the detailed results were contained in the accompanying press release.↗2022-11-02
Equity Grant
On October 27, 2022, D-Wave Quantum Inc. (QBTS) amended the employment agreement of CEO Alan Baratz, increasing his base salary to $575,000 annually (effective September 1, 2022), setting his on-target bonus at 100% of base salary, and granting him 2,500,000 RSUs under the 2022 Equity Incentive Plan. CFO John Markovich also received a salary increase to $400,000 per year and a one-time grant of 875,000 RSUs, while independent directors were collectively granted 167,605 RSUs vesting at the 2023 annual stockholder meeting. The compensation changes were approved by the Board in recognition of prior contributions, including taking the company public, and to incentivize future performance.↗2022-09-27
Agreement
On September 26, 2022, D-Wave Quantum Inc. (QBTS) entered into an Amended and Restated Side Letter Agreement with the Public Sector Pension Investment Board (PSP). Under the agreement, PSP — which owns 50% or more of voting shares — agreed to cap its voting power at 49.99% of eligible votes at any stockholder meeting and to vote its shares in favor of board-nominated director candidates. The agreement effectively limits PSP's voting control despite its majority ownership position.↗2022-08-16
Earnings
D-Wave Quantum Inc. (NYSE: QBTS) filed this 8-K on August 16, 2022, to report its financial results for the second quarter ended June 30, 2022, via an accompanying press release (Exhibit 99.1). The filing was signed by President and CEO Alan Baratz. No specific financial figures were included in the 8-K itself, as the detailed results were contained in the furnished press release.↗2022-08-11
Equity GrantAgreement
On August 5, 2022, D-Wave Quantum Inc. (QBTS) completed its business combination with DPCM Capital, Inc., a SPAC, pursuant to a Transaction Agreement originally dated February 7, 2022 and approved by DPCM stockholders on August 2, 2022. The deal resulted in D-Wave Systems Inc. becoming a subsidiary of the newly public D-Wave Quantum Inc., with D-Wave shareholders receiving approximately 99.7 million combined common and exchangeable shares as consideration. Holders of 29,097,787 DPCM Class A shares elected to redeem their shares at approximately $10.01 per share, totaling roughly $291.4 million in redemptions, and the combined company's common stock and warrants began trading on the NYSE under the symbols QBTS and QBTS.WS.↗2022-08-05
Equity Grant
On August 2, 2022, DPCM Capital, Inc. held a special stockholder meeting at which shareholders approved the proposed business combination with D-Wave Systems Inc. and D-Wave Quantum, Inc., under a Transaction Agreement dated February 7, 2022. The Transaction Proposal passed with 25,653,568 votes for and 1,287,943 against, along with approval of a 2022 Equity Incentive Plan and an Employee Stock Purchase Plan. Shareholders holding 29,097,787 shares of Class A Common Stock elected to redeem their shares, resulting in approximately $291.4 million (roughly $10.01 per share) being withdrawn from the company's Trust Account.↗Source: SEC EDGAR · Material events, earnings releases, contract announcements · Updated weekly
S-3 shelf registrations, 424B prospectuses, and document-verified foreign-issuer supplements represent potential dilution events. D-Wave Quantum has 121 such filings on record.
All Shelf Filings ↗2025-06-10424B5QBTS launches $400M ATM offering via 8 agents at ~$17.95/share, diluting existing holders ~7.1%↗
ATMShelfLarge ($50M+)Dilutive
2025-06-10424B5QBTS files $400M shelf registration to sell common stock, preferred stock, debt, warrants, and units over time.↗
ShelfLarge ($50M+)Dilutive
2025-06-03S-3QBTS files $400M universal shelf to sell stock, debt, warrants, and units at its discretion over time.↗
ShelfLarge ($50M+)Dilutive
2025-04-03424B3QBTS registers 5M shares for Lincoln Park equity line with up to $37.8M remaining capacity↗
Equity LineSecondaryMid ($10-50M)DilutiveShelf
2025-03-21S-3QBTS registers 5M shares for Lincoln Park equity line — up to $37.8M remaining draw capacity↗
Equity LineShelfSecondaryMid ($10-50M)Dilutive
2025-01-10424B5QBTS launches $150M ATM offering at ~$6.10/share via 6 sales agents, ~9.2% dilution to existing holders.↗
ATMShelfLarge ($50M+)Dilutive
2025-01-02424B5QBTS files $125M shelf registration to sell common stock, preferred stock, debt, warrants & units over time.↗
ShelfLarge ($50M+)Dilutive
2024-12-23S-3D-Wave Quantum (QBTS) files $125M universal shelf to sell stock, debt, warrants & units over time.↗
ShelfLarge ($50M+)Dilutive
2024-12-09424B5QBTS launches $75M ATM offering at ~$5.06/share via 4 agents, diluting ~6% of shares outstanding.↗
ATMShelfLarge ($50M+)Dilutive
2024-05-24424B5QBTS launches $100M ATM offering at $1.17/share via Needham, B. Riley & Roth Capital — ~49% dilution risk.↗
ATMShelfLarge ($50M+)Dilutive
2024-04-16424B3QBTS resale shelf registers 144M+ shares (89% of float) from SPAC merger insiders & early investors.↗
SecondaryShelfWarrant RegistrationDilutiveLarge ($50M+)
2024-04-16424B3QBTS registers 35M shares for Lincoln Park equity line resale — up to $82.1M in potential dilutive draws↗
Equity LineSecondaryDilutiveMid ($10-50M)Shelf
2024-04-16424B5QBTS files $175M universal shelf registration to sell stock, debt, warrants, or units over time.↗
ShelfLarge ($50M+)DilutiveATM
2024-04-10S-3/AQBTS S-3/A registers 144M+ resale shares from insiders & SPAC holders — no new cash raised by company↗
ResaleShelfAmendmentWarrant RegistrationDilutive
2024-04-02S-3QBTS registers 35M shares for Lincoln Park equity line resale, up to $82.1M in potential proceeds.↗
Equity LineShelfDilutiveLarge ($50M+)Secondary
2024-04-02S-3QBTS S-3 Resale Shelf: 144M+ shares from insiders/PIPE holders hit the market, dwarfing public float↗
SecondaryShelfWarrant RegistrationLarge ($50M+)Dilutive
2024-04-02S-3D-Wave Quantum (QBTS) files $175M universal shelf to sell stock, debt, warrants anytime.↗
ShelfLarge ($50M+)Dilutive
2024-02-02424B3QBTS files prospectus supplement #18 disclosing financial restatement for 2020-2023 periods — no new shares sold.↗
ShelfAmendment
2024-02-02424B3QBTS files prospectus supplement disclosing financial restatement for FY2020-Q3 2023 — no new shares sold.↗
ShelfAmendment
2024-02-02424B3QBTS files prospectus supplement disclosing financial restatement for 2020–2023 periods; no new capital raised.↗
ShelfAmendment
2024-01-17424B3QBTS files prospectus supplement #17 to disclose new board member — no new shares or capital raise.↗
ShelfAmendment
2024-01-17424B3QBTS files prospectus supplement #39 to report new board director appointment — no new shares offered.↗
ShelfAmendment
2024-01-17424B3QBTS files prospectus supplement #39 to disclose board appointment of ex-DHS Secretary Kirstjen Nielsen.↗
ShelfAmendment
2023-12-12424B3QBTS files prospectus supplement #38 to attach Q3 2023 investor presentation — no new shares sold.↗
ShelfAmendment
2023-12-12424B3QBTS files prospectus supplement #38 attaching Q3 2023 investor presentation — no new capital raised.↗
ShelfAmendmentSecondary
2023-12-12424B3QBTS files prospectus supplement #16 attaching Q3 2023 investor presentation — no new capital raise.↗
ShelfSecondaryAmendment
2023-11-13424B3QBTS files 424B3 supplement #37 attaching Q3 2023 10-Q — no new shares sold, going concern flagged.↗
ShelfEquity LineGoing ConcernDilutiveSecondary
2023-11-13424B3QBTS files 10-Q update to shelf registration; equity line draws raise $61M YTD but going concern persists.↗
ShelfEquity LineAmendmentGoing ConcernDilutive
2023-11-13424B3QBTS files 424B3 supplement #15 attaching Q3 2023 10-Q; equity line draws $61M YTD, going concern flagged.↗
Equity LineShelfGoing ConcernDilutiveMid ($10-50M)
2023-11-09424B3QBTS 424B3 Supplement #14: Q3 2023 earnings update attached to existing resale shelf — no new shares sold↗
ShelfEquity LineDilutiveSecondary
2023-11-09424B3QBTS files Prospectus Supplement No. 36 to attach Q3 2023 earnings 8-K — no new shares sold.↗
ShelfAmendmentEquity LineDilutive
2023-11-09424B3QBTS files prospectus supplement #36 attaching Q3 2023 earnings: $2.6M revenue, $53.3M cash, ongoing ELOC dilution.↗
Equity LineShelfDilutiveSmall (<$10M)
2023-10-24424B3QBTS receives NYSE non-compliance notice for sub-$1 stock price; may pursue reverse split.↗
ShelfAmendment
2023-10-24424B3QBTS receives NYSE non-compliance notice as stock trades below $1.00; reverse split possible.↗
ShelfAmendmentGoing Concern
2023-10-24424B3QBTS receives NYSE non-compliance notice for sub-$1 stock price; may pursue reverse split.↗
ShelfAmendment
2023-10-11424B3QBTS files 424B3 supplement disclosing loan amendment with PSPIB — no new shares offered.↗
ShelfAmendmentEquity Line
2023-10-11424B3QBTS files 424B3 supplement disclosing loan amendment extension — no new shares offered.↗
ShelfAmendmentEquity LineDilutive
2023-10-11424B3QBTS files prospectus supplement #34 disclosing a loan amendment extending ELOC prepayment waiver to Dec 31, 2023.↗
ShelfAmendment
2023-09-18424B3QBTS files prospectus supplement #11 updating shelf registration with CEO investor letter — no new shares sold.↗
ShelfAmendment
ShelfAmendment
2023-09-18424B3QBTS files Prospectus Supplement No. 33 — routine 8-K update with CEO investor letter, no new share issuance.↗
ShelfAmendment
2023-09-11424B3QBTS files prospectus supplement #32 disclosing board director resignation — no new capital raise.↗
ShelfAmendment
2023-09-11424B3QBTS files prospectus supplement No. 32 disclosing director resignation — no new shares or capital raise.↗
ShelfAmendmentSecondary
2023-09-11424B3QBTS files prospectus supplement No.10 updating S-1 resale shelf with board director resignation 8-K.↗
ShelfAmendmentSecondary
2023-08-25424B3QBTS files prospectus supplement #31 to disclose auditor change to Grant Thornton — no new shares sold.↗
ShelfAmendment
2023-08-25424B3D-Wave Quantum (QBTS) files prospectus supplement updating resale shelf with auditor change disclosure.↗
ShelfSecondaryAmendment
2023-08-25424B3QBTS files prospectus supplement #31 disclosing auditor change to Grant Thornton — no new capital raised.↗
ShelfAmendmentSecondary
2023-08-16424B3QBTS files prospectus supplement disclosing auditor change and going concern flag — no new shares sold.↗
ShelfAmendmentGoing Concern
2023-08-16424B3QBTS files prospectus supplement #8 disclosing auditor change — no new shares or capital raise.↗
ShelfAmendmentGoing Concern
2023-08-16424B3QBTS files prospectus supplement #30 disclosing auditor change and going concern flag — no new shares sold.↗
ShelfAmendmentGoing Concern
2023-08-10424B3QBTS files 10-Q update to S-1 shelf — no new shares sold, but going concern flag and heavy dilution via Lincoln Park equity line.↗
Equity LineShelfGoing ConcernDilutiveSecondary
2023-08-10424B3QBTS 424B3 Supplement #29: Prospectus update filing attaching Q2 2023 10-Q; no new shares sold directly.↗
ShelfEquity LineGoing ConcernDilutiveSmall (<$10M)
2023-08-10424B3QBTS 424B3 Supplement #29: 10-Q filing update flags going concern, Lincoln Park equity line active↗
Equity LineShelfGoing ConcernDilutiveSmall (<$10M)
2023-08-10424B3QBTS files 424B3 supplement attaching Q2 2023 earnings: $1.7M revenue, $50M+ cash via ELOC draws.↗
Equity LineShelfDilutiveSmall (<$10M)
2023-08-10424B3QBTS files 424B3 supplement #6 attaching Q2 2023 earnings — no new shares sold, informational update only.↗
ShelfSecondaryEquity Line
2023-08-10424B3QBTS files 424B3 supplement #28 attaching Q2 2023 earnings 8-K; no new share issuance disclosed.↗
ShelfSecondaryEquity LineAmendment
2023-07-21424B3QBTS files risk-factor supplement to existing S-1 resale shelf — no new shares or capital raised.↗
ShelfAmendmentGoing ConcernEquity Line
2023-07-21424B3QBTS Prospectus Supplement No. 27: Risk factor update only — no new shares sold, going concern flagged↗
ShelfAmendmentGoing Concern
2023-07-21424B3QBTS updates Lincoln Park $150M equity line prospectus with expanded risk factor disclosures; going concern flagged.↗
Equity LineShelfLarge ($50M+)Going ConcernDilutive
2023-07-21424B3QBTS files prospectus supplement disclosing auditor PwC declined re-election amid going concern flags.↗
ShelfAmendmentGoing Concern
2023-07-21424B3QBTS amends loan terms to allow up to $50M in ELOC proceeds without mandatory debt repayment through Oct 2023.↗
ShelfAmendmentEquity LineLarge ($50M+)
2023-07-21424B3QBTS files 424B3 supplement disclosing ELOC loan amendment — no new shares sold directly in this filing.↗
Equity LineAmendmentShelf
2023-07-21424B3QBTS files prospectus supplement #26 disclosing ELOC loan amendment — no new shares sold directly.↗
Equity LineAmendmentShelfMid ($10-50M)Dilutive
2023-07-21424B3QBTS files prospectus supplement updating S-1 resale shelf with Q2 2023 preliminary revenue miss and liquidity update.↗
ShelfSecondaryAmendment
2023-07-21424B3QBTS files 424B3 supplement attaching Q2 2023 preliminary results; no new shares sold.↗
ShelfAmendment
2023-07-21424B3QBTS files prospectus supplement #25 updating shelf with Q2 2023 preliminary revenue miss and liquidity update.↗
ShelfAmendmentEquity Line
2023-07-20424B3QBTS files 424B3 supplement disclosing loan amendment with lender PSPIB — no new shares issued.↗
ShelfAmendment
2023-07-20424B3QBTS files prospectus supplement disclosing loan amendment with PSPIB — no new shares offered.↗
ShelfAmendment
2023-07-20424B3QBTS files prospectus supplement #24 disclosing loan amendment with PSPIB — no new shares offered.↗
ShelfAmendment
2023-07-13424B3QBTS registers 35M shares for Lincoln Park equity line resale — up to 27% dilution at current float↗
Equity LineSecondaryDilutiveMid ($10-50M)Shelf
2023-07-05424B3QBTS files prospectus supplement #23 disclosing NYSE compliance regained — no new shares sold.↗
ShelfAmendment
2023-07-05424B3QBTS files 424B3 supplement #23 disclosing NYSE compliance regained — no new shares offered.↗
ShelfAmendment
2023-06-14424B3D-Wave Quantum (QBTS) files prospectus supplement #22 updating S-1 resale shelf with annual meeting 8-K.↗
ShelfAmendmentSecondary
2023-06-14424B3QBTS files prospectus supplement #22 updating shelf registration with annual meeting voting results.↗
ShelfAmendment
2023-06-13424B3QBTS files prospectus supplement #21 disclosing auditor PwC declining re-election amid going concern flags.↗
ShelfAmendmentGoing Concern
2023-06-13424B3QBTS files prospectus supplement disclosing auditor PwC declining re-election amid going concern flag.↗
ShelfAmendmentGoing Concern
2023-06-02424B3QBTS files prospectus supplement #20 disclosing loan deadline extension — no new shares sold.↗
ShelfAmendment
2023-06-02424B3QBTS files prospectus supplement updating S-1 shelf with 8-K disclosing term loan deadline extensions.↗
ShelfAmendment
2023-05-19424B3QBTS files 424B3 prospectus supplement #19 attaching Q1 2023 10-Q — no new shares sold, disclosure update only.↗
ShelfEquity LineGoing ConcernDilutiveSmall (<$10M)
2023-05-19424B3QBTS files 424B3 Supplement No. 19 — prospectus update only, no new capital raise; going concern flagged.↗
ShelfEquity LineGoing ConcernDilutiveAmendment
2023-05-19424B3QBTS files 424B3 supplement #18 attaching Q1 2023 earnings — no new shares sold, prospectus update only.↗
ShelfSecondaryEquity Line
2023-05-19424B3QBTS Prospectus Supplement #18 updates shelf with Q1 2023 earnings: $1.6M revenue, $24.6M net loss, $9M cash.↗
ShelfAmendmentEquity Line
2023-04-24424B3QBTS files prospectus supplement #17 to update shelf with 8-K disclosing Canadian government grant amendment.↗
ShelfAmendment
2023-04-24424B3QBTS files prospectus supplement #17 disclosing govt contract amendment — no new shares or capital raise.↗
ShelfAmendmentSecondary
2023-04-19424B3QBTS files prospectus supplement #16 disclosing additional accounting errors in restated Q3 2022 financials.↗
ShelfAmendmentEquity Line
2023-04-19424B3QBTS files prospectus supplement #16 disclosing additional accounting errors in restated Q3 2022 financials.↗
ShelfAmendment
2023-04-19424B3QBTS secures $50M term loan from major shareholder PSPIB; no new equity shares issued in this filing.↗
ShelfAmendment
2023-04-19424B3QBTS secures $50M term loan from PSPIB; prospectus supplement updates S-1 with new debt agreement.↗
ShelfAmendmentLarge ($50M+)
2023-04-19424B3QBTS 424B3 Supplement No. 14: Prospectus update attaching FY2022 10-K, no new share offering.↗
ShelfAmendmentSecondary
2023-04-19424B3QBTS files 424B3 Prospectus Supplement No. 14 — annual 10-K update, no new shares sold↗
ShelfSecondaryAmendment
2023-04-19424B3QBTS files 424B3 supplement attaching restated 10-Q/A — no new shares sold, disclosure update only.↗
ShelfAmendmentGoing ConcernSecondary
2023-04-19424B3QBTS 424B3 Supplement #13: Restated Q3 2022 financials filed — no new shares sold, disclosure update only.↗
ShelfAmendmentSecondaryGoing Concern
2023-04-17424B3QBTS files 424B3 supplement disclosing financial restatement of Q3 2022 filings — no new shares sold.↗
ShelfAmendmentSecondary
2023-04-17424B3QBTS files 424B3 supplement disclosing restatement of Q3 2022 financials — no new shares sold.↗
ShelfAmendmentSecondary
2023-04-14424B3QBTS files 424B3 supplement attaching Q4/FY2022 earnings release and $50M term loan announcement.↗
ShelfAmendmentEquity Line
2023-04-14424B3QBTS files prospectus supplement #11 to attach Q4/FY2022 earnings release; no new shares sold.↗
ShelfAmendmentSecondary
2023-04-10424B3QBTS files prospectus supplement #10 to disclose board director change — no new capital raised.↗
ShelfAmendment
2023-04-10424B3QBTS files prospectus supplement #10 to disclose board director swap — no new shares or capital raised.↗
ShelfAmendment
2023-03-22424B3QBTS hits NYSE $1 minimum price non-compliance — reverse split possible to avoid delisting↗
ShelfAmendmentGoing Concern
ShelfAmendment
2023-03-03424B3QBTS files prospectus supplement #8 updating shelf with 8-K on SkyWater foundry contract amendment — no new share issuance.↗
ShelfAmendment
2023-03-03424B3QBTS files prospectus supplement #8 updating S-1 with 8-K on semiconductor foundry contract amendment.↗
ShelfAmendment
2023-02-17424B3QBTS files prospectus supplement disclosing $20M raised via ELOC with Lincoln Park Capital since Oct 2022.↗
Equity LineShelfDilutiveMid ($10-50M)
2023-02-17424B3QBTS files prospectus supplement disclosing $20M raised via equity line; stock trades at $0.90↗
Equity LineShelfAmendmentSmall (<$10M)Dilutive
2023-01-10424B3QBTS files Prospectus Supplement No. 6 updating financial disclosures — no new share issuance announced↗
ShelfAmendment
2023-01-10424B3QBTS files Prospectus Supplement No. 6 updating financials on existing S-1 shelf — no new capital raise.↗
ShelfAmendment
2022-12-28424B3QBTS files 424B3 supplement disclosing office lease extension in Palo Alto — no new shares or capital raise.↗
ShelfAmendment
2022-12-28424B3QBTS files prospectus supplement #5 disclosing office lease extension — no new shares or capital raise.↗
ShelfAmendment
2022-12-22424B3QBTS files prospectus supplement No. 4 updating shelf registration with routine lease renewal 8-K disclosure.↗
ShelfAmendment
2022-12-22424B3QBTS files 424B3 supplement disclosing lease renewal for subsidiary — no new shares or capital raise.↗
ShelfAmendment
2022-11-14424B3QBTS 424B3 Supplement No. 3: Routine Q3 2022 10-Q update to resale shelf — no new capital raised.↗
ShelfSecondaryGoing ConcernEquity Line
2022-11-14424B3QBTS 424B3 Supplement No. 3: Resale shelf update attaches Q3 2022 10-Q; no new capital raise, going concern flagged.↗
ShelfSecondaryGoing ConcernAmendment
2022-11-10424B3QBTS files 424B3 supplement attaching Q3 2022 earnings release — no new share issuance.↗
ShelfAmendment
2022-11-10424B3QBTS files 424B3 prospectus supplement attaching Q3 2022 earnings — no new shares sold.↗
ShelfAmendmentSecondary
2022-11-02424B3QBTS files prospectus supplement disclosing CEO/CFO pay hikes and ~3.54M RSU grants to executives and directors.↗
ShelfAmendmentDilutiveSmall (<$10M)
2022-11-02424B3QBTS files prospectus supplement disclosing CEO/CFO pay hikes and RSU grants totaling ~3.54M shares.↗
ShelfAmendmentDilutiveSmall (<$10M)
2022-10-26424B3QBTS registers 15.5M shares for Lincoln Park equity line resale — up to $150M in potential dilution ahead↗
Equity LineSecondaryDilutiveLarge ($50M+)Shelf
2022-10-26424B3QBTS post-merger resale shelf: ~89M shares hit market from insiders, PIPE & warrant holders — company gets none of proceeds↗
SecondaryMerger SharesPIPEWarrant RegistrationDilutive
2022-09-27424B3QBTS files S-4 supplement disclosing PSP voting cap agreement — no new shares or capital raised.↗
ShelfAmendmentMerger SharesSecondary
2022-09-06424B3QBTS 424B3 supplement registers merger shares post SPAC close; $40M PIPE + $150M Lincoln Park equity line disclosed.↗
Merger SharesPIPEEquity LineShelfAmendment
2022-07-13424B3DPCM Capital SPAC merger with D-Wave Systems to create QBTS; $40M PIPE + $150M equity line included↗
Merger SharesPIPEEquity LineDilutiveMid ($10-50M)
Source: SEC EDGAR · S-3 = shelf registration, 424B3/B5 = active offering (dilutive)
Ownership & Insiders
SC 13G/D filers · >5% ownership
All 13G/D ↗| Institution | Form | % Owned | Filed |
|---|---|---|---|
| BlackRock, | SC 13G/A | 8.30% | 2026-07-29 |
| VANGUARD HORIZON FUNDS | SC 13G | 8.87% | 2025-07-29 |
| BlackRock Portfolio Management | SC 13G | 7.10% | 2025-07-17 |
| VANGUARD PORTFOLIO MANAGEMENT | SC 13G | 5.75% | 2026-04-29 |
| VANGUARD CAPITAL MANAGEMENT | SC 13G | 5.08% | 2026-04-29 |
| GOLDMAN SACHS & CO. | SC 13G/A | 0.58% | 2024-03-05 |
| — | SC 13G/A | 30.10% | 2024-11-15 |
Source: SEC EDGAR SC 13G/D · Updated monthly
Open-market buys and sells by directors and officers
All Form 4s ↗90-Day Activity
3B
11S
3 buys11 saleslast 90 days
| Filed | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-10-30 | Krysler P. KevanDIR | ▲ BUY | 15,054 | — |
| 2026-10-16 | AMES SOPHIE C | ▼ SELL | 3,180 | $12.03 |
| 2026-10-16 | GOLKOV GREGORY | ▼ SELL | 15,859 | $12.03 |
| 2026-10-16 | BARATZ ALAN EDIR | ▼ SELL | 52,320 | $12.03 |
| 2026-10-16 | Nguyen Diane | ▼ SELL | 4,066 | $12.03 |
| 2026-10-14 | GAVGANI BERNARDDIR | ▲ BUY | 16,493 | — |
| 2026-09-24 | GOLKOV GREGORY | ▲ BUY | 27,081 | — |
| 2026-09-24 | GOLKOV GREGORY | ▼ SELL | 1,132 | $16.83 |
| 2026-09-16 | Nguyen Diane | ▼ SELL | 3,191 | $16.83 |
| 2026-09-16 | AMES SOPHIE C | ▼ SELL | 1,544 | $16.83 |
| 2026-09-16 | BLACK STANLEY T | ▼ SELL | 1,535 | $16.83 |
| 2026-09-09 | DiLullo John DDIR | ▼ SELL | 1,100 | $18.00 |
| 2026-08-18 | AMES SOPHIE C | ▼ SELL | 23,850 | $21.17 |
| 2026-08-18 | Nguyen Diane | ▼ SELL | 4,042 | $21.17 |
| 2026-07-21 | AMES SOPHIE C | ▼ SELL | 3,070 | $16.95 |
| 2026-07-15 | Nguyen Diane | ▼ SELL | 4,066 | $18.66 |
| 2026-07-15 | AMES SOPHIE C | ▼ SELL | 3,180 | $18.66 |
| 2026-07-15 | Markovich John M. | ▼ SELL | 8,607 | $18.66 |
| 2026-07-15 | BARATZ ALAN EDIR | ▼ SELL | 52,320 | $18.66 |
| 2026-06-16 | AMES SOPHIE C | ▼ SELL | 1,544 | $23.37 |
| 2026-06-16 | BLACK STANLEY T | ▼ SELL | 1,535 | $23.37 |
| 2026-06-16 | Nguyen Diane | ▼ SELL | 3,191 | $23.37 |
| 2026-06-16 | Markovich John M. | ▼ SELL | 10,584 | $23.37 |
| 2026-06-16 | Markovich John M. | ▼ SELL | 100,000 | $25.75 |
| 2026-06-16 | Markovich John M. | ▼ SELL | 46,043 | $24.01 |
| 2026-06-16 | Ghai RohitDIR | ▼ SELL | 13,518 | $26.41 |
| 2026-06-10 | Markovich John M. | ▼ SELL | 70 | $26.54 |
| 2026-06-10 | Markovich John M. | ▼ SELL | 50,979 | $26.24 |
| 2026-06-10 | BARATZ ALAN EDIR | ▼ SELL | 687,627 | $26.13 |
| 2026-06-10 | BARATZ ALAN EDIR | ▲ BUY | 213,232 | $0.8460 |
Source: SEC EDGAR Form 4 · Open-market buys and sells · Updated daily
Bull vs Bear: Analyst Opinions on D-Wave Quantum (QBTS)
Generated from live analyst targets, SEC filings and market data as of November 2026 — not investment advice.
▲ THE BULL CASE
• Wall Street's mean price target of $34.65 implies 234% upside — consensus rating Strong Buy across 16 analysts.
• 15 of 17 analyst ratings are Buy or Strong Buy.
• Revenue grew 179% year-over-year to $24.59M (latest fiscal year).
• $546.24M in cash gives roughly 59 months of runway at the current burn rate.
• $40.00K in U.S. federal contracts and grants across 1 awards validates the technology with government customers.
▼ THE BEAR CASE
• 121 at-the-market / shelf offering filings (S-3 / 424B / SUPPL) on record, though the most recent was filed over a year ago.
• Not yet profitable: net loss of $355.06M in the latest fiscal year.
• The stock is down 67% over the past year.
How long is D-Wave Quantum's (QBTS) cash runway?
D-Wave Quantum has roughly 59 months of cash runway as of November 2026 — $546.24M in cash divided by its trailing-twelve-month operating burn.
How much government funding has D-Wave Quantum received?
D-Wave Quantum has received $40.00K in U.S. federal contracts and grants across 1 tracked awards (USAspending.gov).
Is QBTS stock at risk of shareholder dilution?
Dilution risk is elevated: 121 shelf/ATM offering filings on record.
How many qubits does D-Wave Quantum have?
D-Wave Quantum's Advantage_system4 has 5,627 annealing qubits and is available in leap; its roadmap targets Dual-platform: annealing utility today + gate-model roadmap — gate-model simulator beta launched October 2026; initial 17-qubit gate-model system targeted for 2026; 49 qubits in 2027; 181 qubits in 2028; 10 logical qubits in 2030; 100 logical qubits executing 1M+ operations by 2032 via dual-rail qubits.
What percentage of QBTS's trading volume is short?
39% of QBTS's daily trading volume was short selling as of 2026-11-04 (FINRA daily short volume).