D-Wave Quantum Inc. (QBTS)

The past six months have seen significant volatility in D-Wave Quantum Inc. (QBTS) stock. In April 2025, the stock experienced a rally, with a +202.2% increase from its April bottom, driven by growing sales and promising guidance. In May 2025, D-Wave reported record quarterly revenue of $15 million for Q1 2025, a 509% year-over-year increase, largely due to a quantum computing system sale, and launched its Advantage2 quantum computer. In June 2025, D-Wave entered a sales agreement to issue and sell up to $400 million worth of common stock. In August 2025, the company reported Q2 2025 revenue of $3.1 million, a 42% year-over-year increase, and a record cash balance of over $819 million following a $400 million equity offering; however, net losses widened, and bookings for the first half of 2025 decreased by 13%. In October 2025, QBTS stock saw a substantial surge, with a year-to-date gain of over 200% and a 2,600% return over the past year, but also experienced a sharp decline of 44% from its peak in mid-October. Insider selling by executives was also noted in October.

The demand for D-Wave Quantum Inc.'s products and services does not exhibit traditional consumer-driven seasonality. Instead, demand is primarily influenced by technological advancements and commercialization, industry adoption, government and research funding, the shift to cloud services, and strategic partnerships. The overall trend for quantum computing demand is one of continuous growth and increasing adoption as the technology matures and its practical applications become more evident.

D-Wave Quantum Inc. is a quantum computing company that develops and delivers quantum computing systems, software, and services. It operates in the Technology sector, specifically in the Computer Hardware and EDP Services industries. The company is headquartered in Palo Alto, California, with operations in Burnaby, British Columbia, Canada. D-Wave is known for its quantum annealing systems, such as Advantage™ and Advantage2™ quantum computers, Leap™ quantum cloud service, Ocean™ software development kit (SDK), Leap hybrid solver service, and D-Wave Launch. D-Wave's quantum solutions are applied across diverse industries such as logistics, artificial intelligence, materials science, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling.

D-Wave Quantum Inc. has a global presence, with its headquarters in Palo Alto, California, and operations in Burnaby, British Columbia, Canada. The company has expanded its reach into international markets, including Europe and Asia. D-Wave announced a €10 million contract in October 2025 to deploy an Advantage2 system in Italy as part of the Q-Alliance initiative. A D-Wave system is also installed at the Jülich Supercomputing Centre in Germany. The company is also pursuing opportunities in South Korea.

D-Wave Quantum Inc.'s brand reputation has been characterized by excitement surrounding its technological advancements and commercial traction, alongside skepticism regarding profitability and valuation. The company is recognized as a pioneer and the world's first commercial supplier of quantum computers. However, the company has faced valuation concerns, stock volatility, and mixed analyst sentiment. D-Wave is seen as a leader in a nascent but strategically important industry, with its ability to deliver practical quantum applications being a key strength.

Approximately 47.72% of D-Wave Quantum Inc.'s stock is held by institutional investors, while insider ownership is relatively low at 2.04%. Retail investors hold around 69.69% of the stock. Major institutional owners include Vanguard Group Inc., BlackRock, Inc., Bank Of America Corp /De/, D. E. Shaw & Co., Inc., State Street Corp, Geode Capital Management, Llc, Marex Group plc, Susquehanna International Group, Llp, Morgan Stanley and Renaissance Technologies Llc. Individual insider selling activity has been observed in the past six months, with the CEO, CFO, and Chief Legal Officer selling shares.