QBTS D-Wave Quantum Inc.
Price Chart
Executive Summary
D-Wave Quantum signed a non-binding Letter of Intent for $100 million in proposed CHIPS Act funding from the U.S. Department of Commerce, contingent on executing definitive award documents. The funding would be received in exchange for $100 million in common stock issued to the government, representing a significant government endorsement but with no guaranteed closing and clear dilution risk for existing shareholders.
Actionable Insight
This is a high-impact catalyst but execution risk is material — the LOI is non-binding and requires definitive award documents. Monitor for execution of final award documents and any milestone conditions. The $100M equity issuance will dilute existing holders at an unknown price; the net effect on per-share value depends on whether the funding unlocks sufficient growth to offset dilution. Watch for any insider selling or secondary filings following this announcement.
Key Facts
- Signed non-binding LOI for $100M proposed CHIPS Act funding from U.S. Department of Commerce
- Funding contingent on execution of definitive award documents — no guarantee of closing
- D-Wave would issue $100M in common stock to the Department in exchange for the funding
- Funding would accelerate development of 100,000-qubit annealing and 10,000-qubit gate-model systems
- Funding would support R&D facilities in Boca Raton, FL; New Haven, CT; and Burnaby, BC, Canada
- Secretary of Commerce Howard Lutnick and Executive Director Bill Frauenhofer publicly endorsed the investment
Financial Impact
$100 million proposed funding in exchange for $100 million in common stock; dilution amount depends on stock price at issuance
Risk Factors
- Definitive award documents may not be executed on contemplated terms or at all
- Department of Commerce could suspend or terminate negotiations
- D-Wave may fail to satisfy conditions for disbursement, including project milestones
- Significant dilution to existing stockholders from $100M common stock issuance
- Historical T+20 performance on QBTS filings shows 0% win rate with average -28.48% return — market has punished prior catalysts
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001907982-26-000066 |
| Exhibit: exhibit991pressrelease.htm | 0001907982-26-000066 |
| Document: 0001907982-26-000066-index-headers.html | 0001907982-26-000066 |
| Document: 0001907982-26-000066-index.html | 0001907982-26-000066 |
| Document: 0001907982-26-000066.txt | 0001907982-26-000066 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 5, 2026
1d ago
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144
| $23.56 awaiting T+1 | awaiting T+1 | — | $23.85 (+1.23%) |
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Jun 2, 2026
4d ago
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144
| $27.55 $27.64 | ▲ +0.33% | ▼ −0.08% | $23.85 (−13.43%) |
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Jun 1, 2026
5d ago
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8-K
| $29.18 $29.91 | ▲ +2.50% | ▲ +2.36% | $23.85 (−18.27%) |
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May 27, 2026
10d ago
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Insider Cluster
| $29.49 $30.14 | ▲ +2.20% | ▲ +1.96% | $23.85 (−19.13%) |
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May 26, 2026
11d ago
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8-K
| $27.82 $27.48 | ▼ −1.22% | ▼ −1.24% | $23.85 (−14.27%) |
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May 22, 2026
15d ago
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Insider Cluster
| $27.82 $27.79 | ▼ −0.11% | ▼ −0.06% | $23.85 (−14.27%) |
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May 21, 2026
16d ago
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8-K
| $25.74 $29.40 | ▲ +14.22% | ▲ +13.77% | $23.85 (−7.34%) |
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May 12, 2026
25d ago
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8-K
| $22.35 $21.44 | ▼ −4.07% | ▼ −4.65% | $23.85 (+6.71%) |
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May 4, 2026
4w ago
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8-K
| $21.54 $21.54 | · 0.00% | ▼ −1.38% | $23.85 (+10.72%) |
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Mar 13, 2026
12w ago
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Insider Cluster
| $17.55 $17.46 | ▼ −0.51% | ▼ −1.54% | $23.85 (+35.90%) |
US Market Status
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