QBTSNasdaqServices-Computer Processing & Data PreparationFiscal year ends December 31
D-Wave Quantum Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$11.83+0.05 (+0.42%)
Close on Oct 19, 2026
- Market cap
- $4.39B
- P/E (TTM)
- –
- Dividend yield
- –
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
53.5%
198M of 369M shares
Institutional holders
550
133 new, 70 sold out
Net institutional buying
22M
In Q2 2026
Insider trades, 12 months
1 buys · 39 sales
Net sold $107.11M
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| BlackRock, Inc. | 30,566,629 | 8.30% | 13G (passive) amendment | Jun 30, 2026 |
| Vanguard Portfolio Management | 21,116,747 | 5.75% | 13G (passive) | Mar 31, 2026 |
| Vanguard Capital Management | 18,651,910 | 5.08% | 13G (passive) | Mar 31, 2026 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of QBTS | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| BlackRock, Inc. | 33,147,399 | 8.98% | $795.21M | +2,993,471 | 0.01% |
| Vanguard Portfolio Management LLC | 22,021,534 | 5.96% | $528.30M | +1,228,403 | 0.02% |
| Vanguard Capital Management LLC | 15,940,671 | 4.32% | $382.42M | +89,146 | 0.01% |
| UBS Group AG | 11,645,700 | 3.15% | $279.38M | +1,776,125 | 0.04% |
| Geode Capital Management, LLC | 9,270,389 | 2.51% | $222.44M | +230,645 | 0.01% |
| State Street Corp | 9,029,667 | 2.45% | $216.62M | +558,864 | 0.01% |
| Clear Street Group Inc. | 6,206,861 | 1.68% | $148.90M | +497,891 | 0.38% |
| Norges Bank | 4,477,459 | 1.21% | $107.41M | New | 0.01% |
| Bank Of America Corp /De/ | 4,342,782 | 1.18% | $104.18M | +456,746 | 0.01% |
| Northern Trust Corp | 3,367,998 | 0.91% | $80.80M | +250,259 | 0.01% |
| Charles Schwab Investment Management Inc | 3,284,474 | 0.89% | $78.79M | +48,393 | 0.01% |
| UNICOM Systems, Inc. | 3,121,346 | 0.85% | $74.88M | – | 4.89% |
| Morgan Stanley | 2,915,783 | 0.79% | $69.95M | +574,030 | 0.00% |
| Defiance ETFs, LLC | 2,912,047 | 0.79% | $68.43M | +2,570,193 | 0.93% |
| Penserra Capital Management LLC | 2,860,784 | 0.77% | $68.63K | +1,290,861 | 0.53% |
| JPMorgan Chase & Co | 2,744,938 | 0.74% | $65.81M | +1,376,989 | 0.00% |
| Goldman Sachs Group Inc | 2,681,329 | 0.73% | $64.33M | −1,595,993 | 0.01% |
| Vanguard Fiduciary Trust Co | 2,598,897 | 0.70% | $62.35M | +61,031 | 0.01% |
| Van Eck Associates Corp | 2,339,788 | 0.63% | $56.13M | +806,835 | 0.03% |
| Bank of New York Mellon Corp | 2,290,584 | 0.62% | $54.95M | +861,217 | 0.01% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 550 | 198M | 53.5% | 133 / 240 | 97 / 70 | 40M | 17M |
| Q1 2026 | 493 | 175M | 47.5% | 86 / 172 | 149 / 96 | 65M | 22M |
| Q4 2025 | 512 | 169M | 45.9% | 134 / 183 | 146 / 74 | 27M | 41M |
| Q3 2025 | 459 | 184M | 49.9% | 138 / 181 | 92 / 30 | 57M | 31M |
| Q2 2025 | 357 | 159M | 43.1% | 125 / 141 | 61 / 33 | 82M | 17M |
| Q1 2025 | 270 | 94M | 25.4% | 117 / 105 | 30 / 43 | 52M | 50M |
| Q4 2024 | 199 | 92M | 24.9% | 122 / 51 | 18 / 9 | 30M | 23M |
| Q3 2024 | 88 | 85M | 23.1% | 21 / 26 | 14 / 11 | 12M | 2M |
| Q2 2024 | 80 | 81M | 22.0% | 38 / 21 | 6 / 16 | 16M | 1M |
| Q1 2024 | 59 | 67M | 18.2% | 21 / 17 | 7 / 13 | 2M | 9M |
| Q4 2023 | 51 | 74M | 20.0% | 11 / 11 | 11 / 8 | 1M | 1M |
| Q3 2023 | 49 | 74M | 20.1% | 20 / 15 | 3 / 10 | 3M | 1M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of QBTS | Value | % of fund | As of |
|---|---|---|---|---|---|
| Vanguard Total Stock Market Index Fund | 11,073,409 | 3.00% | $265.65M | 0.01% | Jun 30, 2026 |
| iShares Russell 2000 ETF | 9,483,892 | 2.57% | $227.52M | 0.27% | Jun 30, 2026 |
| Vanguard Small-Cap Index Fund | 7,992,784 | 2.16% | $191.75M | 0.10% | Jun 30, 2026 |
| Vanguard Information Technology Index Fund | 5,420,237 | 1.47% | $163.37M | 0.10% | May 31, 2026 |
| Vanguard Small-Cap Growth Index Fund | 4,603,773 | 1.25% | $110.44M | 0.23% | Jun 30, 2026 |
| Vanguard Extended Market Index Fund | 4,205,702 | 1.14% | $100.89M | 0.10% | Jun 30, 2026 |
| Fidelity Small Cap Index Fund | 4,039,997 | 1.09% | $73.04M | 0.21% | Jul 31, 2026 |
| iShares Russell 2000 Growth ETF | 3,410,825 | 0.92% | $81.83M | 0.53% | Jun 30, 2026 |
| Defiance Quantum ETF | 2,860,784 | 0.77% | $68.63M | 1.10% | Jun 30, 2026 |
| Fidelity Extended Market Index Fund | 1,905,896 | 0.52% | $57.44M | 0.13% | May 31, 2026 |
| Vanguard Russell 2000 Index Fund | 1,879,146 | 0.51% | $56.64M | 0.32% | May 31, 2026 |
| iShares Expanded Tech-Software Sector ETF | 1,878,599 | 0.51% | $45.07M | 0.33% | Jun 30, 2026 |
| Schwab U.S. Small-Cap ETF | 1,776,250 | 0.48% | $53.54M | 0.23% | May 31, 2026 |
| Vanguard Explorer Fund | 1,385,969 | 0.38% | $25.06M | 0.11% | Jul 31, 2026 |
| T. Rowe Price Integrated U.S. Small-Cap Growth Equity Fund | 1,057,500 | 0.29% | $25.37M | 0.26% | Jun 30, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Alan E. Baratz | President & CEO, Director | 3,247,451 | 0.88% | Jul 15, 2026 |
| Gregory Golkov | Acting CFO & SVP, Finance | 426,872 | 0.12% | Sep 24, 2026 |
| Sophie C. Ames | Exec. Vice President & CHRO | 563,615 | 0.15% | Sep 16, 2026 |
| Diane Nguyen | EVP, Chief Legal Officer & GC | 503,302 | 0.14% | Sep 16, 2026 |
| Stanley T. Black | Exec. Vice President & CISO | 133,278 | 0.04% | Sep 16, 2026 |
| John M. Markovich | Chief Financial Officer | 1,123,629 | 0.30% | Jul 15, 2026 |
| John D. DiLullo | Director | 20,210 | 0.01% | Sep 9, 2026 |
| Rohit Ghai | Director | 23,617 | 0.01% | Jun 16, 2026 |
| Roger Biscay | Director | 23,617 | 0.01% | Jun 8, 2026 |
| Sharon E. Holt | Director | 84,696 | 0.02% | Jun 5, 2026 |
| Steven M. West | Director | 148,116 | 0.04% | Jun 5, 2026 |
| Kirstjen Nielsen | Director | 122,030 | 0.03% | Jun 5, 2026 |
| Sector Pension Investment Board Public | 10% owner | 20,500,000 | 5.55% | Jan 14, 2025 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Gregory Golkov Acting CFO & SVP, Finance | Sep 17, 2026 | Award | +27,081 | – | – | 426,872 |
| Gregory Golkov Acting CFO & SVP, Finance | Sep 15, 2026 | Tax withholding | −1,132 | $16.83 | $19.05K | 399,791 |
| Diane Nguyen EVP, Chief Legal Officer & GC | Sep 15, 2026 | Tax withholding | −3,191 | $16.83 | $53.70K | 503,302 |
| Sophie C. Ames Exec. Vice President & CHRO | Sep 15, 2026 | Tax withholding | −1,544 | $16.83 | $25.99K | 563,615 |
| Stanley T. Black Exec. Vice President & CISO | Sep 15, 2026 | Tax withholding | −1,535 | $16.83 | $25.83K | 133,278 |
| John D. DiLullo Director | Sep 8, 2026 | Sale(10b5-1 plan) | −1,100 | $18.00 | $19.80K | 20,210 |
| Sophie C. Ames Exec. Vice President & CHRO | Aug 17, 2026 | Tax withholding | −23,850 | $21.17 | $504.90K | 565,159 |
| Diane Nguyen EVP, Chief Legal Officer & GC | Aug 17, 2026 | Tax withholding | −4,042 | $21.17 | $85.57K | 505,850 |
| Sophie C. Ames Exec. Vice President & CHRO | Jul 20, 2026 | Sale(10b5-1 plan) | −3,070 | $16.95 | $52.04K | 589,009 |
| Diane Nguyen EVP, Chief Legal Officer & GC | Jul 14, 2026 | Tax withholding | −4,066 | $18.66 | $75.87K | 509,892 |
| Sophie C. Ames Exec. Vice President & CHRO | Jul 14, 2026 | Tax withholding | −3,180 | $18.66 | $59.34K | 592,079 |
| Alan E. Baratz President & CEO, Director | Jul 14, 2026 | Tax withholding | −52,320 | $18.66 | $976.29K | 3,247,451 |
| John M. Markovich Chief Financial Officer | Jul 14, 2026 | Tax withholding | −8,607 | $18.66 | $160.61K | 1,123,629 |
| Stanley T. Black Exec. Vice President & CISO | Jun 15, 2026 | Tax withholding | −1,535 | $23.37 | $35.87K | 134,813 |
| Diane Nguyen EVP, Chief Legal Officer & GC | Jun 15, 2026 | Tax withholding | −3,191 | $23.37 | $74.57K | 513,958 |
| Rohit Ghai Director | Jun 15, 2026 | Sale(10b5-1 plan) | −13,518 | $26.41 | $357.01K | 23,617 |
| John M. Markovich Chief Financial Officer | Jun 15, 2026 | Sale | −100,000 | $25.68 | $2.57M | 1,142,820 |
| John M. Markovich Chief Financial Officer | Jun 15, 2026 | Tax withholding | −10,584 | $23.37 | $247.35K | 1,132,236 |
| John M. Markovich Chief Financial Officer | Jun 15, 2026 | Sale | −100,000 | $25.75 | $2.58M | 1,242,820 |
| Sophie C. Ames Exec. Vice President & CHRO | Jun 15, 2026 | Tax withholding | −1,544 | $23.37 | $36.08K | 595,259 |
| John M. Markovich Chief Financial Officer | Jun 12, 2026 | Sale | −46,043 | $24.01 | $1.11M | 1,342,820 |
| John M. Markovich Chief Financial Officer | Jun 9, 2026 | Sale | −70 | $26.54 | $1.86K | 1,388,863 |
| John M. Markovich Chief Financial Officer | Jun 8, 2026 | Sale | −50,979 | $26.24 | $1.34M | 1,388,933 |
| Alan E. Baratz President & CEO, Director | Jun 8, 2026 | Option exercise | +474,395 | $0.91 | $431.70K | 3,774,166 |
| Alan E. Baratz President & CEO, Director | Jun 8, 2026 | Option exercise | +213,232 | $0.85 | $181.25K | 3,987,398 |
| Alan E. Baratz President & CEO, Director | Jun 8, 2026 | Sale | −687,627 | $26.13 | $17.97M | 3,299,771 |
| John D. DiLullo Director | Jun 5, 2026 | Sale(10b5-1 plan) | −7,850 | $24.43 | $191.78K | 21,310 |
| Roger Biscay Director | Jun 4, 2026 | Award | +9,357 | – | – | 23,617 |
| Sharon E. Holt Director | Jun 4, 2026 | Award | +9,357 | – | – | 84,696 |
| Rohit Ghai Director | Jun 4, 2026 | Award | +9,357 | – | – | 37,135 |
| Steven M. West Director | Jun 4, 2026 | Award | +9,357 | – | – | 29,194 |
| Kirstjen Nielsen Director | Jun 4, 2026 | Award | +9,357 | – | – | 122,030 |
| John D. DiLullo Director | Jun 4, 2026 | Award | +9,357 | – | – | 29,160 |
| John M. Markovich Chief Financial Officer | Jun 2, 2026 | Sale | −2,908 | $31.00 | $90.15K | 1,439,912 |
| John M. Markovich Chief Financial Officer | May 22, 2026 | Option exercise | +207,926 | $0.92 | $191.29K | 1,650,746 |
| John M. Markovich Chief Financial Officer | May 22, 2026 | Option exercise | +120,826 | $0.85 | $102.70K | 1,771,572 |
| John M. Markovich Chief Financial Officer | May 22, 2026 | Sale | −328,752 | $27.70 | $9.11M | 1,442,820 |
| Diane Nguyen EVP, Chief Legal Officer & GC | May 21, 2026 | Sale(10b5-1 plan) | −40,000 | $25.01 | $1.00M | 517,149 |
| Sophie C. Ames Exec. Vice President & CHRO | May 20, 2026 | Sale(10b5-1 plan) | −23,025 | $18.98 | $437.01K | 596,803 |
| Diane Nguyen EVP, Chief Legal Officer & GC | May 13, 2026 | Tax withholding | −2,459 | $22.35 | $54.96K | 557,149 |
| Sophie C. Ames Exec. Vice President & CHRO | May 13, 2026 | Tax withholding | −23,850 | $22.35 | $533.05K | 619,828 |
| Alan E. Baratz President & CEO, Director | May 13, 2026 | Tax withholding | −18,542 | $22.35 | $414.41K | 3,299,771 |
| Alan E. Baratz President & CEO, Director | Apr 30, 2026 | Award | +753,941 | – | – | 3,318,313 |
| Sophie C. Ames Exec. Vice President & CHRO | Apr 20, 2026 | Sale(10b5-1 plan) | −3,070 | $21.35 | $65.54K | 643,678 |
| Alan E. Baratz President & CEO, Director | Apr 13, 2026 | Tax withholding | −33,778 | $14.25 | $481.34K | 2,564,372 |
| Sophie C. Ames Exec. Vice President & CHRO | Apr 13, 2026 | Tax withholding | −3,180 | $14.25 | $45.32K | 646,748 |
| Diane Nguyen EVP, Chief Legal Officer & GC | Apr 13, 2026 | Tax withholding | −4,066 | $14.25 | $57.94K | 559,608 |
| John M. Markovich Chief Financial Officer | Apr 13, 2026 | Tax withholding | −8,607 | $14.25 | $122.65K | 1,442,820 |
| Rohit Ghai Director | Mar 16, 2026 | Sale(10b5-1 plan) | −10,000 | $17.62 | $176.20K | 27,778 |
| Diane Nguyen EVP, Chief Legal Officer & GC | Mar 13, 2026 | Sale | −2,532 | $17.63 | $44.64K | 563,674 |
| John M. Markovich Chief Financial Officer | Mar 13, 2026 | Sale | −10,706 | $17.63 | $188.75K | 1,451,427 |
| John D. DiLullo Director | Mar 5, 2026 | Sale(10b5-1 plan) | −8,000 | $18.01 | $144.08K | 19,803 |
| Diane Nguyen EVP, Chief Legal Officer & GC | Feb 19, 2026 | Award | +28,068 | – | – | 566,206 |
| Diane Nguyen EVP, Chief Legal Officer & GC | Feb 13, 2026 | Sale | −1,451 | $19.76 | $28.67K | 538,138 |
| John M. Markovich Chief Financial Officer | Jan 14, 2026 | Sale | −9,179 | $28.06 | $257.56K | 1,462,133 |
| Alan E. Baratz President & CEO, Director | Jan 14, 2026 | Sale | −35,013 | $28.06 | $982.46K | 2,598,150 |
| Diane Nguyen EVP, Chief Legal Officer & GC | Jan 14, 2026 | Sale(10b5-1 plan) | −4,519 | $28.06 | $126.80K | 539,589 |
| Diane Nguyen EVP, Chief Legal Officer & GC | Jan 13, 2026 | Sale(10b5-1 plan) | −20,000 | $28.86 | $577.20K | 544,108 |
| John M. Markovich Chief Financial Officer | Dec 22, 2025 | Option exercise | +100,000 | $0.92 | $92.00K | 1,571,312 |
| John M. Markovich Chief Financial Officer | Dec 22, 2025 | Sale(10b5-1 plan) | −100,000 | $30.03 | $3.00M | 1,471,312 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| D. DiLullo John Director | Sep 8, 2026 | 2,200 | $36.48K | Sep 8, 2026 | RSU Vesting |
| C. Ames Sophie Officer | Jul 20, 2026 | 3,070 | $51.36K | Jul 20, 2026 | RSU Vesting |
| M. Markovich John Affiliate | Jun 12, 2026 | 246,043 | $5.86M | Jun 12, 2026 | Stock Option Exercise |
| M. Markovich John Affiliate | Jun 9, 2026 | 70 | $1.81K | Jun 9, 2026 | Stock Option Exercise |
| M. Markovich John Affiliate | Jun 8, 2026 | 50,979 | $1.32M | Jun 8, 2026 | Stock Option Exercise |
| Baratz Alan Affiliate | Jun 8, 2026 | 687,627 | $17.97M | Jun 8, 2026 | Stock Option Exercise |
| D. DiLullo John Director | Jun 5, 2026 | 7,850 | $218.62K | Jun 5, 2026 | RSU Vesting |
| M. Markovich John Affiliate | Jun 2, 2026 | 2,908 | $84.86K | Jun 2, 2026 | Stock Option Exercise |
| Markovich John Affiliate | May 22, 2026 | 328,752 | $9.11M | May 22, 2026 | Stock Option Exercise |
| Nguyen Diane Officer | May 21, 2026 | 60,000 | $1.16M | May 21, 2026 | RSU Vesting |
| C. Ames Sophie Officer | May 20, 2026 | 23,025 | $418.83K | May 20, 2026 | RSU Vesting |
| C. Ames Sophie Officer | Apr 20, 2026 | 3,070 | $66.59K | Apr 20, 2026 | RSU Vesting |
| Ghai Rohit Director | Mar 16, 2026 | 23,518 | $412.74K | Mar 16, 2026 | RSU Vesting |
| Nguyen Diane Affiliate | Mar 13, 2026 | 2,532 | $44.63K | Mar 13, 2026 | Vesting of Restricted Stock Units |
| Markovich John Affiliate | Mar 13, 2026 | 10,706 | $188.72K | Mar 13, 2026 | Vesting of Restricted Stock Units |