Business overview
Quantum annealing, relevant for logistics/defense optimization. Only company with both technologies (annealing + gate-model).
Watch: Discretionary sale by the CEO in June 2026 (17% of his position, outside of 10b5-1 plan). Revenues still erratic (-81% in the last quarter).
Valuation
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Update log
| Date | News | Impact |
|---|---|---|
| 9/10/2026 | The U.S. government has become a shareholder in D-Wave along with other quantum computing firms, following a $300 million investment. | |
| 9/10/2026 | EX-5.1 — Other material events · Financial statements and exhibits | |
| 9/10/2026 | 8-K — Other material events · Financial statements and exhibits | |
| 9/9/2026 | 8-K/A — Entry into a material agreement · Unregistered sale of securities · Other material events · Financial statements and exhibits | |
| 9/9/2026 | Yahoo Finance | |
| 9/9/2026 | Yahoo Finance | |
| 9/9/2026 | EX-10.2 — Entry into a material agreement · Unregistered sale of securities · Other material events · Financial statements and exhibits | |
| 9/8/2026 | Yahoo Finance | |
| 9/8/2026 | Yahoo Finance | |
| 9/8/2026 | Dilullo John D (Dir) — Sell -$19,801 Insider Form 4 | S - Sale transaction of -1,100 shares at $18.00 |
| 9/8/2026 | The U.S. Commerce Department acquired equity stakes in D-Wave and Rigetti Computing. | |
| 9/8/2026 | Yahoo Finance | |
| 9/8/2026 | EX-10.1 — Entry into a material agreement · Regulation FD disclosure · Other material events · Financial statements and exhibits | |
| 9/8/2026 | EX-99.1 — Entry into a material agreement · Regulation FD disclosure · Other material events · Financial statements and exhibits | |
| 9/8/2026 | 8-K — Entry into a material agreement · Regulation FD disclosure · Other material events · Financial statements and exhibits | |
| 9/8/2026 | D-Wave Quantum finalized a definitive agreement with the U.S. Department of Commerce for up to $100 million in funding. | |
| 9/8/2026 | The U.S. government committed $300 million in total funding, including $100 million for D-Wave, in exchange for equity stakes. | |
| 9/8/2026 | D-Wave Quantum shares rose following the announcement of a $100 million funding agreement with the U.S. government. | |
| 9/8/2026 | Why D-Wave Quantum Stock Popped Today Yahoo Finance | Yahoo Finance |
| 9/4/2026 | Why Did D-Wave Quantum (QBTS) Move Today? Yahoo Finance | Yahoo Finance |
| 9/3/2026 | Event outcome: Confirmed event_outcome | Resignation of Chief Financial Officer — D-Wave Quantum Inc. CFO John Markovich retired and resigned from his position effective September 2, 2026, as previously announced on August 25, 2026. Greg Golkov, the company's senior vice president of finance, has assumed the role of acting Chief Financial Officer. |
| 9/2/2026 | Yahoo Finance | |
| 8/29/2026 | Is D-Wave Quantum a Buy? Yahoo Finance | Yahoo Finance |
| 8/29/2026 | Yahoo Finance | |
| 8/28/2026 | Why Did D-Wave Quantum Stock Fall 16.6% This Week? Yahoo Finance | Yahoo Finance |
| 8/26/2026 | Yahoo Finance | |
| 8/26/2026 | Why D-Wave Quantum Stock Was Plummeting Today Yahoo Finance | Yahoo Finance |
| 8/26/2026 | Yahoo Finance | |
| 8/25/2026 | Yahoo Finance | |
| 8/25/2026 | EX-99.1 — Officer / director departure or appointment · Financial statements and exhibits | |
| 8/25/2026 | Yahoo Finance | |
| 8/25/2026 | 8-K — Officer / director departure or appointment · Financial statements and exhibits | |
| 8/24/2026 | Yahoo Finance | |
| 8/24/2026 | Yahoo Finance | |
| 8/24/2026 | Yahoo Finance | |
| 8/23/2026 | Yahoo Finance | |
| 8/21/2026 | Yahoo Finance | |
| 8/21/2026 | Yahoo Finance | |
| 8/21/2026 | Yahoo Finance | |
| 8/21/2026 | Why D-Wave Quantum Stock Popped Today Yahoo Finance | Yahoo Finance |
| 8/21/2026 | Why Did Rigetti Quantum Stock Pop Today? Yahoo Finance | Yahoo Finance |
| 8/21/2026 | Yahoo Finance | |
| 8/21/2026 | Yahoo Finance | |
| 8/20/2026 | Yahoo Finance | |
| 8/19/2026 | D-Wave Quantum Inc. is noted for its divergence in revenue and financial performance following Q2 2026 earnings reports. | |
| 8/19/2026 | Yahoo Finance | |
| 8/19/2026 | Yahoo Finance | |
| 8/19/2026 | Yahoo Finance | |
| 8/18/2026 | 8-K — Regulation FD disclosure · Financial statements and exhibits | |
| 8/18/2026 | Yahoo Finance | |
| 8/18/2026 | EX-99.1 — Regulation FD disclosure · Financial statements and exhibits | |
| 8/18/2026 | Yahoo Finance | |
| 8/18/2026 | NTT DOCOMO has deployed its second D-Wave-powered quantum application to assist with network optimization. | |
| 8/17/2026 | D-Wave is identified as one of the quantum sector players seeing divergent stock performance compared to other small-cap quantum companies. | |
| 8/17/2026 | Yahoo Finance | |
| 8/17/2026 | Yahoo Finance | |
| 8/17/2026 | EX-99.1 — Officer / director departure or appointment · Financial statements and exhibits | |
| 8/17/2026 | 8-K — Officer / director departure or appointment · Financial statements and exhibits | |
| 8/17/2026 | D-Wave Appoints Kevan Krysler to Board and Audit Committee The Quantum Insider | D-Wave Quantum Inc. has appointed veteran technology finance executive Kevan P. Krysler to its Board of Directors and Audit Committee. |
| 8/17/2026 | D-Wave Quantum has partnered with Nasdaq Verafin to utilize its quantum computing solutions for financial crime detection in the banking sector. | |
| 8/16/2026 | Yahoo Finance | |
| 8/15/2026 | Yahoo Finance | |
| 8/12/2026 | Yahoo Finance | |
| 8/12/2026 | The Quantum Insider | |
| 8/10/2026 | Yahoo Finance | |
| 8/10/2026 | Yahoo Finance | |
| 8/7/2026 | D-Wave Quantum shares declined following a Q2 financial report showing a wider-than-expected loss and revenue miss. | |
| 8/7/2026 | Yahoo Finance | |
| 8/7/2026 | D-Wave Quantum Q2 Earnings Call Highlights Yahoo Finance | Yahoo Finance |
| 8/7/2026 | Yahoo Finance | |
| 8/7/2026 | Rating revision: Rating 2 → Rating 3 AI review | While D-Wave shows impressive growth in bookings, the significant revenue miss and ongoing net losses warrant a more cautious outlook. The volatility in financial performance combined with concerns over valuation and the CEO's future stock disposition increases the structural risk profile. Therefore, moving to a speculative rating is a prudent adjustment until consistent revenue growth is demonstrated. |
| 8/7/2026 | D-Wave Quantum reported Q2 revenue of US$3.08 million and a net loss of US$48.03 million, leading to a decline in its share price. | |
| 8/7/2026 | D-Wave Quantum has seen significant stock appreciation over three years, with recent research and commercial partnerships supporting its growth narrative despite valuation concerns. | |
| 8/6/2026 | 10-Q — Period: 2026-06-30 | |
| 8/6/2026 | EX-10.3 — Period: 2026-06-30 | |
| 8/6/2026 | D-Wave Quantum stock declined following an earnings report that showed lower-than-expected revenue, despite a 1,120% surge in bookings. | |
| 8/6/2026 | 8-K — Results of operations released · Financial statements and exhibits | |
| 8/6/2026 | D-Wave Quantum Inc. Q2 2026 Earnings Call Summary Yahoo Finance | This article provides a summary of D-Wave Quantum Inc.'s Q2 2026 earnings call. |
| 8/6/2026 | EX-10.2 — Period: 2026-06-30 | |
| 8/6/2026 | EX-99.1 — Results of operations released · Financial statements and exhibits | |
| 8/5/2026 | EX-99.1 — Regulation FD disclosure · Financial statements and exhibits | |
| 8/5/2026 | 8-K — Regulation FD disclosure · Financial statements and exhibits | |
| 8/5/2026 | D-Wave Quantum Inc. announced a research breakthrough in gate-model quantum computing involving a fast, high-fidelity, two-qubit entangling gate for error correction. | |
| 8/5/2026 | D-Wave Quantum Inc. published research in Nature detailing a new dual-rail qubit gate aimed at improving quantum error correction for gate-model systems. | |
| 8/3/2026 | D-Wave Quantum Inc. and Nasdaq Verafin have announced a partnership to evaluate the application of quantum computing systems for financial crime detection. | |
| 8/3/2026 | 8-K — Regulation FD disclosure · Financial statements and exhibits | |
| 8/3/2026 | Yahoo Finance | |
| 8/3/2026 | Yahoo Finance | |
| 8/3/2026 | Yahoo Finance | |
| 8/3/2026 | EX-99.1 — Regulation FD disclosure · Financial statements and exhibits | |
| 8/3/2026 | Yahoo Finance | |
| 7/30/2026 | Yahoo Finance | |
| 7/29/2026 | Yahoo Finance | |
| 7/29/2026 | Yahoo Finance | |
| 7/28/2026 | Rating revision: Rating 1 → Rating 2 AI review | While D-Wave maintains technological leadership, the recent revenue volatility and the upcoming CEO share sale introduce significant structural risks that warrant a more cautious stance. Moving the rating from 1 to 2 reflects these underlying financial uncertainties despite the company's strong commercial momentum and recent strategic partnerships. This conservative adjustment prioritizes risk management in light of the erratic quarterly performance. |
| 7/28/2026 | Yahoo Finance | |
| 7/28/2026 | Yahoo Finance | |
| 7/27/2026 | The Quantum Insider | |
| 7/27/2026 | Rating revision: Rating 2 → Rating 1 AI review | The successful expansion of the AT&T partnership serves as a strong validation of D-Wave's technology, significantly strengthening their commercial application profile. This milestone, combined with positive industry analyst outlooks, justifies upgraded confidence despite the previous structural risks mentioned. The improved rating reflects these tangible business developments which move the company closer to consistent revenue generation. |
| 7/27/2026 | Yahoo Finance | |
| 7/27/2026 | D-Wave (QBTS) Soars on AT&T Deal, NYSE Uplisting Yahoo Finance | Yahoo Finance |
| 7/27/2026 | Yahoo Finance | |
| 7/27/2026 | 8-K — Regulation FD disclosure · Financial statements and exhibits | |
| 7/27/2026 | D-Wave Wins Wider AT&T Deal After 15-Second Test Yahoo Finance | Yahoo Finance |
| 7/27/2026 | EX-99.1 — Regulation FD disclosure · Financial statements and exhibits | |
| 7/27/2026 | Yahoo Finance | |
| 7/27/2026 | AT&T has entered into a new agreement to expand the implementation of D-Wave's quantum technology across its network operations. | |
| 7/27/2026 | D-Wave Quantum stock experienced a 7% increase following the announcement of an expanded partnership agreement with AT&T. | |
| 7/27/2026 | AT&T is expanding its collaboration with D-Wave Quantum to utilize quantum annealing technology for network optimization tasks such as routing and outage detection. | |
| 7/27/2026 | Rating revision: Rating 3 → Rating 2 AI review | The expanded partnership with AT&T provides critical commercial validation for D-Wave's annealing technology, reducing some of the risk associated with its erratic revenue streams. Given the strong balance sheet and increased government and corporate adoption, the company has demonstrated enough progress to warrant a shift to a higher potential tier. However, structural risks regarding executive share sales remain, justifying a move to tier 2 rather than tier 1. |
| 7/27/2026 | Yahoo Finance | |
| 7/27/2026 | Yahoo Finance | |
| 7/27/2026 | D-Wave expanded its partnership with AT&T to apply its annealing quantum computing technology to network optimization. | |
| 7/27/2026 | Yahoo Finance | |
| 7/27/2026 | Yahoo Finance | |
| 7/27/2026 | Yahoo Finance | |
| 7/27/2026 | Yahoo Finance | |
| 7/27/2026 | NYSE to Nasdaq listing transfer (same ticker QBTS) - voluntary and administrative move. | Not a distress signal, but coincides with broader sectoral nervousness |
| 7/24/2026 | 8-K — Regulation FD disclosure · Financial statements and exhibits | |
| 7/24/2026 | EX-99.1 — Regulation FD disclosure · Financial statements and exhibits | |
| 7/24/2026 | Yahoo Finance | |
| 7/24/2026 | Yahoo Finance | |
| 7/23/2026 | Yahoo Finance | |
| 7/23/2026 | Yahoo Finance | |
| 7/22/2026 | Yahoo Finance | |
| 7/22/2026 | Yahoo Finance | |
| 7/22/2026 | Yahoo Finance | |
| 7/22/2026 | Yahoo Finance | |
| 7/22/2026 | Yahoo Finance | |
| 7/22/2026 | Yahoo Finance | |
| 7/21/2026 | Investing.com France | |
| 7/21/2026 | Yahoo Finance | |
| 7/21/2026 | Is D-Wave Quantum a Millionaire-Maker Stock? Yahoo Finance | Yahoo Finance |
| 7/20/2026 | Ames Sophie C (Exec. VP, CHRO) — Sell -$52,042 Insider Form 4 | S - Sale transaction of -3,070 shares at $16.95 |
| 7/20/2026 | Yahoo Finance | |
| 7/20/2026 | Yahoo Finance | |
| 7/17/2026 | Zonebourse | |
| 7/15/2026 | TIKR.com | |
| 7/14/2026 | Investing.com France | |
| 6/30/2026 | TIKR.com | |
| 6/15/2026 | Ghai Rohit (Dir) — Sell -$357,055 Insider Form 4 | S - Sale transaction of -13,518 shares at $26.41 |
| 6/12/2026 | Markovich John M. (CFO) — Sell -$6,248,492 Insider Form 4 | S - Sale transaction of -246,043 shares at $25.40 |
| 6/8/2026 | Markovich John M. (CFO) — Sell -$1,339,547 Insider Form 4 | S - Sale transaction of -51,049 shares at $26.24 |
| 6/8/2026 | Baratz Alan E (Pres, CEO) — Sell -$17,967,694 Insider Form 4 | S - Sale+OE transaction of -687,627 shares at $26.13 |
| 6/8/2026 | Discretionary CEO sale: 687,627 shares (~$18M), reducing position by ~17%, largely outside of 10b5-1 plan, at the local top (~$26). | Moderately bearish indicator according to at least one analyst – to be monitored. |
| 6/5/2026 | Benzinga France | |
| 5/21/2026 | Investing.com France | |
| 5/12/2026 | Q1 2026 Results: Revenue $2.9M (-81% YoY). RECORD bookings $33.4M (+1994% YoY). RPO $42.4M (+563% YoY). | Confused but healthy quarter: the one-off system sales model explains the divergence between revenue and bookings. |
| 5/12/2026 | Cash position $588M (+93% YoY) - the strongest in the company's history. | Strong liquidity cushion to finance the path to profitability. |
| 2/26/2026 | XTB.com | |
| 2/26/2026 | 10-K — Period: 2025-12-31 | |
| 10/19/2025 | Electronique Composants & Instrumentation | |
| 5/7/2025 | 8-K — Officer / director departure or appointment · Financial statements and exhibits | |
| 5/7/2025 | EX-10.2 — Officer / director departure or appointment · Financial statements and exhibits | |
| 8/26/2022 | 10-Q — Period: 2022-06-30 | |
| 8/11/2022 | 8-K — Entry into a material agreement · Completed acquisition or disposition · Unregistered sale of securities · Change in auditor · Change of control · Officer / director departure or appointment · Item 5.05 · Item 5.06 · Regulation FD disclosure · Financial statements and exhibits | |
| Janvier 2026 | Quantum Circuits acquisition - D-Wave becomes the ONLY quantum company listed with both technologies (annealing + gate-model). | Real strategic differentiation vs IonQ and Rigetti |