D-Wave Quantum Inc.
QBTS · Services-Computer Processing & Data Preparation · 366.7M shares · +15%/yr ↑ shares · EDGAR filings ↗
Reference price $26.41 · est. market cap ~$9.7B — last insider sale, 2026-06-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Quantum-computing company — explosive growth and high gross margin but deep losses and heavy cash burn, very cash-rich.
Strengths
- Explosive growth, very cash-rich — revenue +179% (82nd), current ratio 42.4 (100th)
Risks
- Deep losses — operating margin -408%, net margin -1444%
- Heavy cash burn — FCF -$76M (4th)
- Unproven commercialization — per 10-K
Notable findings
- Restatement• Our Amended and Restated Certificate of Incorporation contains anti-takeover provisions that could adversely affect the rights of our stockholders 8-K ↗
- Net lossNet loss (net margin -1444.1%)
- Cash burnNegative free cash flow (-75.8M)
- Chronic dilutionShare count +15%/yr over 3y (dilution)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
- Exec changeRecent 8-K item 5.02 8-K ↗
- Strong balance sheetStrong balance sheet — $887M cash & investments, ~47 quarters of runway
- Insider sellingInsider selling — 22 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$39M, last 6mo) Form 4 ↗
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
82.6%
Operating margin
-408.2%
Net margin
-1444.1%
Return on equity
-41.7%
Return on assets
-38.8%
ROIC
-8.9%
Revenue growth (QoQ)
3.9%
Debt / equity
0.0×
Current ratio
42.4×
Free cash flow
-$76M
EBITDA
-$99M
Tangible book value
$851M
Cash & investments
$887M
Cash runway
47q
Stock comp / revenue
92.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | AMES SOPHIE C | Tax withheld | 1.5K | $23.37 |
| 2026-06-15 | Nguyen Diane | Tax withheld | 3.2K | $23.37 |
| 2026-06-15 | Ghai Rohit | Sell | 14K | $26.41 |
| 2026-06-15 | Markovich John M. | Sell | 100K | $25.75 |
| 2026-06-15 | BLACK STANLEY T | Tax withheld | 1.5K | $23.37 |
| 2026-06-15 | Markovich John M. | Sell | 100K | $25.68 |
| 2026-06-15 | Markovich John M. | Tax withheld | 11K | $23.37 |
| 2026-06-12 | Markovich John M. | Sell | 46K | $24.01 |
| 2026-06-09 | Markovich John M. | Sell | 70 | $26.54 |
| 2026-06-08 | BARATZ ALAN E | Option exercise | 474K | $0.91 |
| 2026-06-08 | BARATZ ALAN E | Option exercise | 213K | $0.85 |
| 2026-06-08 | BARATZ ALAN E | Sell | 688K | $26.13 |
| 2026-06-08 | Markovich John M. | Sell | 51K | $26.24 |
| 2026-06-05 | DiLullo John D | Sell | 7.8K | $24.43 |
| 2026-06-04 | WEST STEVEN M | Grant | 9.4K | — |
| 2026-06-04 | Biscay Roger | Grant | 9.4K | — |
| 2026-06-04 | Nielsen Kirstjen | Grant | 9.4K | — |
| 2026-06-04 | Ghai Rohit | Grant | 9.4K | — |
| 2026-06-04 | DiLullo John D | Grant | 9.4K | — |
| 2026-06-04 | Holt Sharon E | Grant | 9.4K | — |
| 2026-06-02 | Markovich John M. | Sell | 2.9K | $31.00 |
| 2026-05-22 | Markovich John M. | Option exercise | 208K | $0.92 |
| 2026-05-22 | Markovich John M. | Option exercise | 121K | $0.85 |
| 2026-05-22 | Markovich John M. | Sell | 329K | $27.70 |
| 2026-05-21 | Nguyen Diane | Sell | 40K | $25.01 |
| 2026-05-20 | AMES SOPHIE C | Sell | 23K | $18.98 |
| 2026-05-13 | AMES SOPHIE C | Tax withheld | 24K | $22.35 |
| 2026-05-13 | Nguyen Diane | Tax withheld | 2.5K | $22.35 |
| 2026-05-13 | BARATZ ALAN E | Tax withheld | 19K | $22.35 |
| 2026-04-30 | BARATZ ALAN E | Grant | 754K | — |
| 2026-04-20 | AMES SOPHIE C | Sell | 3.1K | $21.35 |
| 2026-04-13 | AMES SOPHIE C | Tax withheld | 3.2K | $14.25 |
| 2026-04-13 | Nguyen Diane | Tax withheld | 4.1K | $14.25 |
| 2026-04-13 | Markovich John M. | Tax withheld | 8.6K | $14.25 |
| 2026-04-13 | BARATZ ALAN E | Tax withheld | 34K | $14.25 |
| 2026-03-16 | Ghai Rohit | Sell | 10K | $17.62 |
| 2026-03-13 | Nguyen Diane | Sell | 2.5K | $17.63 |
| 2026-03-13 | Markovich John M. | Sell | 11K | $17.63 |
| 2026-03-05 | DiLullo John D | Sell | 8.0K | $18.01 |
| 2026-02-19 | Nguyen Diane | Grant | 28K | — |
| 2026-02-13 | Nguyen Diane | Sell | 1.5K | $19.76 |
| 2026-01-14 | Nguyen Diane | Sell | 4.5K | $28.06 |
| 2026-01-14 | Markovich John M. | Sell | 9.2K | $28.06 |
| 2026-01-14 | BARATZ ALAN E | Sell | 35K | $28.06 |
| 2026-01-13 | Nguyen Diane | Sell | 20K | $28.86 |
| 2025-12-22 | Markovich John M. | Sell | 100K | $30.03 |
| 2025-12-22 | BARATZ ALAN E | Option exercise | 794K | $0.91 |
| 2025-12-22 | BARATZ ALAN E | Sell | 794K | $30.13 |
| 2025-12-22 | Markovich John M. | Option exercise | 100K | $0.92 |
| 2025-12-15 | Nguyen Diane | Sell | 2.7K | $23.89 |
| 2025-12-15 | Ghai Rohit | Sell | 10K | $24.28 |
| 2025-12-15 | Markovich John M. | Sell | 12K | $23.89 |
| 2025-12-05 | DiLullo John D | Sell | 8.0K | $27.36 |
| 2025-12-04 | Markovich John M. | Sell | 100K | $27.56 |
| 2025-12-04 | Markovich John M. | Option exercise | 100K | $0.92 |
| 2025-12-03 | Markovich John M. | Sell | 100K | $25.05 |
| 2025-12-03 | Nielsen Kirstjen | Sell | 7.0K | $22.62 |
| 2025-12-03 | Markovich John M. | Option exercise | 100K | $0.92 |
| 2025-11-21 | DiLullo John D | Gift | 492 | — |
| 2025-11-20 | Markovich John M. | Option exercise | 200K | $0.92 |
| 2025-11-20 | Markovich John M. | Sell | 200K | $22.94 |
| 2025-11-18 | WEST STEVEN M | Buy | 82 | $21.89 |
| 2025-11-13 | Nguyen Diane | Sell | 20K | $23.66 |
| 2025-11-13 | Nguyen Diane | Sell | 2.8K | $23.17 |
| 2025-11-13 | Markovich John M. | Sell | 98K | $23.17 |
| 2025-11-13 | BARATZ ALAN E | Sell | 168K | $23.17 |
| 2025-11-11 | BARATZ ALAN E | Option exercise | 806K | $0.91 |
| 2025-11-11 | BARATZ ALAN E | Sell | 806K | $28.87 |
| 2025-10-14 | Nguyen Diane | Sell | 21K | $43.74 |
| 2025-10-14 | Markovich John M. | Sell | 8.0K | $43.74 |
| 2025-10-14 | BARATZ ALAN E | Sell | 31K | $43.74 |
| 2025-09-15 | Ghai Rohit | Sell | 10K | $17.93 |
| 2025-09-15 | DiLullo John D | Sell | 8.0K | $17.93 |
| 2025-09-15 | Markovich John M. | Tax withheld | 11K | $17.76 |
| 2025-09-15 | Nguyen Diane | Tax withheld | 2.5K | $17.76 |
| 2025-09-12 | Markovich John M. | Sell | 50K | $17.50 |
| 2025-09-12 | Markovich John M. | Option exercise | 50K | $0.92 |
| 2025-09-11 | Markovich John M. | Option exercise | 100K | $0.92 |
| 2025-09-11 | Markovich John M. | Sell | 50K | $16.30 |
| 2025-09-10 | Markovich John M. | Sell | 50K | $16.30 |
| 2025-09-05 | Markovich John M. | Option exercise | 41K | $0.92 |
| 2025-08-13 | WEST STEVEN M | Sell | 25K | $18.18 |
| 2025-08-13 | Nguyen Diane | Sell | 26K | $18.11 |
| 2025-08-13 | WEST STEVEN M | Sell | 119K | $18.06 |
| 2025-08-13 | Nguyen Diane | Option exercise | 2.2K | $0.92 |
| 2025-08-13 | Nguyen Diane | Sell | 39K | $18.18 |
| 2025-08-13 | Nguyen Diane | Option exercise | 41K | $2.10 |
| 2025-08-13 | Nguyen Diane | Sell | 4.6K | $18.54 |
| 2025-08-13 | WEST STEVEN M | Sell | 119K | $18.06 |
| 2025-08-13 | WEST STEVEN M | Sell | 25K | $18.18 |
| 2025-08-13 | Nguyen Diane | Tax withheld | 2.5K | $18.51 |
| 2025-08-13 | Nguyen Diane | Option exercise | 28K | $0.91 |
| 2025-08-13 | Nguyen Diane | Option exercise | 9.1K | $0.91 |
| 2025-08-12 | Markovich John M. | Option exercise | 100K | $0.92 |
| 2025-08-12 | Markovich John M. | Sell | 100K | $18.00 |
| 2025-08-05 | WEST STEVEN M | Gift | 108K | — |
| 2025-08-05 | WEST STEVEN M | Gift | 108K | — |
| 2025-07-31 | Nguyen Diane | Grant | 16K | — |
| 2025-07-21 | Nguyen Diane | Tax withheld | 4.1K | $18.89 |
| 2025-07-21 | Markovich John M. | Tax withheld | 8.6K | $18.89 |
| 2025-07-21 | BARATZ ALAN E | Tax withheld | 34K | $18.89 |
| 2025-06-20 | Nguyen Diane | Tax withheld | 2.5K | $15.71 |
| 2025-06-20 | Markovich John M. | Tax withheld | 11K | $15.71 |
| 2025-06-16 | DiLullo John D | Sell | 15K | $16.40 |
| 2025-06-16 | Nielsen Kirstjen | Sell | 13K | $16.04 |
| 2025-06-13 | DiLullo John D | Sell | 22K | $15.12 |
| 2025-06-12 | Nielsen Kirstjen | Sell | 59K | $16.21 |
| 2025-06-12 | Biscay Roger | Sell | 107K | $16.85 |
| 2025-06-12 | Ghai Rohit | Sell | 44K | $16.80 |
| 2025-06-12 | DiLullo John D | Sell | 20K | $16.20 |
| 2025-06-05 | DiLullo John D | Grant | 14K | — |
| 2025-06-05 | Holt Sharon E | Grant | 14K | — |
| 2025-06-05 | Nielsen Kirstjen | Grant | 14K | — |
| 2025-06-05 | Biscay Roger | Grant | 14K | — |
| 2025-06-05 | Ghai Rohit | Grant | 14K | — |
| 2025-06-05 | WEST STEVEN M | Grant | 22K | — |
| 2025-05-23 | Nguyen Diane | Option exercise | 58K | $0.85 |
| 2025-05-23 | Nguyen Diane | Option exercise | 15K | $2.10 |
| 2025-05-23 | Nguyen Diane | Option exercise | 51K | $0.92 |
| 2025-05-23 | Nguyen Diane | Option exercise | 17K | $0.91 |
| 2025-05-23 | Nguyen Diane | Sell | 2.6K | $18.98 |
| 2025-05-23 | Nguyen Diane | Sell | 83K | $18.77 |
| 2025-05-22 | Biscay Roger | Sell | 97K | $17.86 |
| 2025-05-21 | Markovich John M. | Option exercise | 503K | $0.92 |
| 2025-05-21 | Biscay Roger | Sell | 16K | $16.58 |
| 2025-05-21 | Markovich John M. | Sell | 200K | $16.85 |
| 2025-05-21 | Markovich John M. | Sell | 200K | $17.75 |
| 2025-05-21 | WEST STEVEN M | Option exercise | 89K | $0.92 |
| 2025-05-21 | WEST STEVEN M | Sell | 312K | $16.50 |
| 2025-05-21 | WEST STEVEN M | Option exercise | 223K | $0.91 |
| 2025-05-21 | BARATZ ALAN E | Option exercise | 846K | $0.91 |
| 2025-05-21 | BARATZ ALAN E | Sell | 846K | $17.00 |
| 2025-05-20 | Nguyen Diane | Tax withheld | 2.5K | $13.15 |
| 2025-05-20 | BARATZ ALAN E | Tax withheld | 19K | $13.15 |
| 2025-05-01 | BARATZ ALAN E | Grant | 580K | — |
| 2025-04-22 | BARATZ ALAN E | Tax withheld | 37K | $6.42 |
| 2025-04-22 | Nguyen Diane | Tax withheld | 10.0K | $6.42 |
| 2025-04-22 | Markovich John M. | Tax withheld | 20K | $6.42 |
| 2025-03-06 | Nguyen Diane | Grant | 102K | — |
| 2025-03-06 | Markovich John M. | Grant | 430K | — |
| 2025-02-10 | Nguyen Diane | Tax withheld | 2.8K | $5.99 |
| 2025-01-23 | Nguyen Diane | Tax withheld | 2.4K | $5.27 |
| 2025-01-23 | Nguyen Diane | Sell | 2.4K | $5.27 |
| 2025-01-23 | BARATZ ALAN E | Sell | 8.4K | $5.27 |
| 2025-01-23 | Markovich John M. | Sell | 5.6K | $5.27 |
| 2025-01-23 | Markovich John M. | Tax withheld | 5.6K | $5.27 |
| 2025-01-23 | BARATZ ALAN E | Tax withheld | 8.4K | $5.27 |
| 2025-01-14 | PUBLIC SECTOR PENSION INVESTMENT BOARD | Sell | 9.5M | $4.51 |
| 2025-01-14 | PUBLIC SECTOR PENSION INVESTMENT BOARD | Sell | 115K | $5.08 |
| 2025-01-13 | PUBLIC SECTOR PENSION INVESTMENT BOARD | Sell | 899K | $4.77 |
| 2025-01-13 | PUBLIC SECTOR PENSION INVESTMENT BOARD | Sell | 6.4M | $3.97 |
| 2025-01-10 | PUBLIC SECTOR PENSION INVESTMENT BOARD | Sell | 2.8M | $6.14 |
| 2025-01-10 | PUBLIC SECTOR PENSION INVESTMENT BOARD | Conversion | 40.1M | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-18 | 2026-06-18 | 0001907982-26-000090 ↗ |
| 8-K | 2026-06-08 | 2026-06-04 | 0001907982-26-000084 ↗ |
| 8-K | 2026-06-01 | 2026-06-01 | 0001907982-26-000078 ↗ |
| 8-K | 2026-06-01 | 2026-06-01 | 0001907982-26-000076 ↗ |
| 8-K | 2026-05-26 | 2026-05-26 | 0001907982-26-000071 ↗ |
| 8-K | 2026-05-26 | 2026-05-26 | 0001907982-26-000069 ↗ |
| 8-K | 2026-05-21 | 2026-05-21 | 0001907982-26-000066 ↗ |
| 8-K | 2026-05-13 | 2026-05-12 | 0001907982-26-000061 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001907982-26-000057 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001907982-26-000059 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001907982-26-000052 ↗ |
| 8-K | 2026-05-04 | 2026-04-30 | 0001907982-26-000049 ↗ |