D-WAVE QUANTUM INC QBTS
COM · Common Stock · CUSIP 26740W109 · ISIN US26740W1099
Canadian Quantum Computing Company
- SectorTechnology
- IndustryServices-Computer Processing & Data Preparation
- HeadquartersPalo Alto, CA
- Founded1999
- Websitedwavequantum.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($2.2m this quarter). Holder counts are more reliable. Shares outstanding: 369.3m as of 2026-08-05, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $23.96. Options: 30 managers hold calls ($473.4m notional), 29 hold puts ($444.4m).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 21 |
| Q4 2022 | 25 |
| Q1 2023 | 30 |
| Q2 2023 | 40 |
| Q3 2023 | 50 |
| Q4 2023 | 52 |
| Q1 2024 | 60 |
| Q2 2024 | 81 |
| Q3 2024 | 89 |
| Q4 2024 | 200 |
| Q1 2025 | 272 |
| Q2 2025 | 360 |
| Q3 2025 | 459 |
| Q4 2025 | 511 |
| Q1 2026 | 492 |
| Q2 2026 | 550 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 45 | 25 |
| Q4 2024 | 157 | 27 |
| Q1 2025 | 222 | 73 |
| Q2 2025 | 260 | 94 |
| Q3 2025 | 311 | 121 |
| Q4 2025 | 279 | 219 |
| Q1 2026 | 246 | 244 |
| Q2 2026 | 367 | 167 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $628.8m | $506.1m | 0.80 |
| Q4 2025 | $684.0m | $655.4m | 0.96 |
| Q1 2026 | $273.8m | $221.5m | 0.81 |
| Q2 2026 | $473.4m | $444.4m | 0.94 |
Biggest buyers
| BlackRock, Inc. | Added | +3.0m |
| Defiance ETFs, LLC | Added | +2.6m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Added | +1.9m |
| UBS Group AG | Added | +1.8m |
| Clearbridge Investments, LLC | New | +1.4m |
| WELLINGTON MANAGEMENT GROUP LLP | Added | +1.4m |
| JPMORGAN CHASE & CO | Added | +1.4m |
| WESTFIELD CAPITAL MANAGEMENT CO LP | New | +1.3m |
| Penserra Capital Management LLC | Added | +1.3m |
| FRANKLIN RESOURCES INC | Added | +1.3m |
Biggest sellers
| HRT FINANCIAL LP | Sold out | -3.4m |
| JANE STREET GROUP, LLC | Reduced | -2.4m |
| GOLDMAN SACHS GROUP INC | Reduced | -1.6m |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | Reduced | -1.3m |
| SG Americas Securities, LLC | Reduced | -853.1k |
| Jump Financial, LLC | Sold out | -665.1k |
| TUDOR INVESTMENT CORP ET AL | Sold out | -576.8k |
| Connor, Clark & Lunn Investment Management Ltd. | Sold out | -539.7k |
| Walleye Capital LLC | Reduced | -515.3k |
| Qube Research & Technologies Ltd | Sold out | -446.0k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $133.3m5.6m shares |
| JANE STREET GROUP, LLC | Added | $108.7m4.5m shares |
| CITADEL ADVISORS LLC | Added | $63.3m2.6m shares |
| IMC-Chicago, LLC | Added | $42.0m1.8m shares |
| GROUP ONE TRADING LLC | Added | $23.0m958.2k shares |
| SIMPLEX TRADING, LLC | Added | $16.4m681.6k shares |
| Walleye Trading LLC | Added | $14.1m588.2k shares |
| Squarepoint Ops LLC | Added | $12.7m529.4k shares |
| Point72 Asset Management, L.P. | Added | $11.7m488.8k shares |
| Parallax Volatility Advisers, L.P. | Reduced | $8.7m364.5k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $123.3m5.1m shares |
| JANE STREET GROUP, LLC | Added | $68.0m2.8m shares |
| IMC-Chicago, LLC | Added | $45.0m1.9m shares |
| CITADEL ADVISORS LLC | Reduced | $44.5m1.9m shares |
| SIMPLEX TRADING, LLC | Added | $31.3m1.3m shares |
| Aristides Capital LLC | Added | $28.1m1.2m shares |
| Parallax Volatility Advisers, L.P. | Added | $22.5m937.5k shares |
| GROUP ONE TRADING LLC | Added | $14.5m606.5k shares |
| Walleye Trading LLC | Added | $14.3m595.4k shares |
| Squarepoint Ops LLC | Added | $9.0m377.2k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution +1.2 pts · filed 2026-07-29 | 8.3% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.8% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.1% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 8 | $34.6m | — |
| Q3 2025 | 0 | — | 5 | $8.5m | $322.7k |
| Q4 2025 | 1 | $1.8k | 6 | $70.3m | $61.0m |
| Q1 2026 | 0 | — | 5 | $2.5m | $1.0m |
| Q2 2026 | 0 | — | 6 | $36.8m | $2.1m |
| Q3 2026 | 0 | — | 2 | $71.8k | $71.8k |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-09-08 | DiLullo John D Director | Sold plan | $19.8k1.1k shares |
| 2026-07-20 | AMES SOPHIE C Exec. Vice President & CHRO | Sold plan | $52.0k3.1k shares |
| 2026-06-15 | Markovich John M. Chief Financial Officer | Sold | $5.1m200.0k shares |
| 2026-06-15 | Ghai Rohit Director | Sold plan | $357.0k13.5k shares |
| 2026-06-12 | Markovich John M. Chief Financial Officer | Sold | $1.1m46.0k shares |
| 2026-06-09 | Markovich John M. Chief Financial Officer | Sold | $1.9k70 shares |
| 2026-06-08 | BARATZ ALAN E President & CEO, director | Sold | $18.0m687.6k shares |
| 2026-06-08 | Markovich John M. Chief Financial Officer | Sold | $1.3m51.0k shares |
| 2026-06-05 | DiLullo John D Director | Sold plan | $191.8k7.8k shares |
| 2026-06-02 | Markovich John M. Chief Financial Officer | Sold | $90.1k2.9k shares |
| 2026-05-22 | Markovich John M. Chief Financial Officer | Sold | $9.1m328.8k shares |
| 2026-05-21 | Nguyen Diane EVP, Chief Legal Officer & GC | Sold plan | $1.0m40.0k shares |
| 2026-05-20 | AMES SOPHIE C Exec. Vice President & CHRO | Sold plan | $437.0k23.0k shares |
| 2026-04-20 | AMES SOPHIE C Exec. Vice President & CHRO | Sold plan | $65.5k3.1k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.01% of their portfolio | 33.1m $795.2m | Added +3.0m |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.02% of their portfolio | 22.0m $528.3m | Added +1.2m |
| VANGUARD CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 15.9m $382.4m | Added +89.1k |
| UBS Group AG 0.04% of their portfolio | 11.6m $279.4m | Added +1.8m |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 9.3m $222.4m | Added +230.6k |
| STATE STREET CORP 0.01% of their portfolio | 9.0m $216.6m | Added +558.9k |
| Clear Street Group Inc. 0.47% of their portfolio | 6.2m $148.9m | Added +497.9k |
| NORGES BANK 0.01% of their portfolio | 4.5m $107.4m | Not comparable |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 4.3m $104.2m | Added +456.7k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 3.4m $80.8m | Added +250.3k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 3.3m $78.8m | Added +48.4k |
| UNICOM Systems, Inc. 4.89% of their portfolio | 3.1m $74.9m | Unchanged |
| MORGAN STANLEY 0.00% of their portfolio | 2.9m $69.9m | Added +574.0k |
| Defiance ETFs, LLC 0.95% of their portfolio | 2.9m $68.4m | Added +2.6m |
| Penserra Capital Management LLC 0.53% of their portfolio | 2.9m $68.6m | Added +1.3m |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 2.7m $65.8m | Added +1.4m |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 2.7m $64.3m | Reduced -1.6m |
| VANGUARD FIDUCIARY TRUST CO 0.01% of their portfolio | 2.6m $62.3m | Added +61.0k |
| VAN ECK ASSOCIATES CORP 0.03% of their portfolio | 2.3m $56.1m | Added +806.8k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 2.3m $55.0m | Added +861.2k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 2.3m $54.5m | Added +1.9m |
| Marex Group Ltd 0.32% of their portfolio | 1.8m $43.7m | Added +827.3k |
| WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio | 1.8m $43.7m | Added +1.4m |
| Nuveen, LLC 0.01% of their portfolio | 1.7m $39.8m | Added +207.6k |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 1.6m $39.2m | Added +861.0k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio | 1.5m $36.4m | Reduced -217.5k |
| Clearbridge Investments, LLC 0.03% of their portfolio | 1.4m $34.8m | New |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.05% of their portfolio | 1.4m $33.7m | Added +715.8k |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 1.4m $33.0m | Added +1.3m |
| WESTFIELD CAPITAL MANAGEMENT CO LP 0.10% of their portfolio | 1.3m $31.5m | New |
| LPL Financial LLC 0.01% of their portfolio | 1.2m $29.6m | Added +192.2k |
| EMERALD ADVISERS, LLC 0.65% of their portfolio | 1.1m $27.5m | Added +607.4k |
| VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio | 1.1m $26.0m | Added +684.2k |
| FMR LLC 0.00% of their portfolio | 882.0k $21.2m | Added +47.8k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.09% of their portfolio | 843.3k $20.2m | Reduced -1.3m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 799.9k $19.2m | Added +25.9k |
| Mubadala Investment Co PJSC 0.05% of their portfolio | 744.8k $17.9m | Unchanged |
| EMERALD MUTUAL FUND ADVISERS TRUST 0.63% of their portfolio | 744.1k $17.9m | Added +385.4k |
| Swiss National Bank 0.01% of their portfolio | 717.4k $17.2m | Added +31.1k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 672.7k $16.1m | Added +318.9k |
| LORD, ABBETT & CO. LLC 0.04% of their portfolio | 583.0k $14.0m | New |
| Foundations Investment Advisors, LLC 0.14% of their portfolio | 569.8k $13.7m | Added +13.6k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 525.0k $12.6m | Added +42.5k |
| STIFEL FINANCIAL CORP 0.01% of their portfolio | 504.3k $12.1m | Added +93.0k |
| Telemark Asset Management, LLC 0.87% of their portfolio | 500.0k $12.0m | Unchanged |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 495.9k $11.9m | Added +151.3k |
| Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio | 489.9k $11.8m | Added +271.0k |
| Eurizon Capital SGR S.p.A. 0.03% of their portfolio | 488.6k $11.7m | Reduced -89.0k |
| Invesco Ltd. 0.00% of their portfolio | 480.8k $11.5m | Reduced -149.7k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 467.2k $11.2m | Added +4.5k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 453.7k $6.5m | Added +40.7k |
| Quantinno Capital Management LP 0.01% of their portfolio | 424.3k $10.2m | Added +354.9k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 413.6k $9.9m | Added +6.4k |
| McGuire Investment Group, LLC 0.86% of their portfolio | 408.6k $9.8m | Added +28.7k |
| Corient Private Wealth LP 0.01% of their portfolio | 383.5k $9.2m | Added +321.9k |
| Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD 0.38% of their portfolio | 382.5k $9.2m | Reduced -398.7k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 366.8k $8.8m | Added +126.1k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.01% of their portfolio | 349.0k $8.4m | Added +27.2k |
| Creative Planning 0.00% of their portfolio | 336.1k $8.1m | Added +150.3k |
| ALGERT GLOBAL LLC 0.09% of their portfolio | 313.2k $7.5m | Added +184 |
| CITIGROUP INC 0.00% of their portfolio | 295.4k $7.1m | Added +189.8k |
| Legal & General Group Plc 0.00% of their portfolio | 280.6k $6.7m | Added +3.1k |
| WINTON GROUP Ltd 0.22% of their portfolio | 280.1k $6.7m | New |
| Cetera Investment Advisers 0.01% of their portfolio | 268.9k $6.5m | Added +86.6k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 261.7k $6.3m | Reduced -118.0k |
| Kestra Advisory Services, LLC 0.02% of their portfolio | 250.6k $6.0m | Reduced -5.4k |
| OSAIC HOLDINGS, INC. 0.01% of their portfolio | 250.0k $6.0m | Added +18.6k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 247.5k $5.9m | Added +76.9k |
| JENNISON ASSOCIATES LLC 0.00% of their portfolio | 239.2k $5.7m | New |
| Nicholas Investment Partners, LP 0.31% of their portfolio | 230.7k $5.5m | New |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 227.4k $5.5m | Added +186.4k |
| FEDERATED HERMES, INC. 0.01% of their portfolio | 222.0k $5.3m | Added +59.7k |
| MetLife Investment Management, LLC 0.02% of their portfolio | 215.1k $5.2m | Added +16.0k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 204.7k $4.9m | Added +21.2k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio | 197.7k $4.7m | Reduced -19.1k |
| GROUP ONE TRADING LLC 0.14% of their portfolio | 197.0k $4.7m | Reduced -16.5k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.01% of their portfolio | 190.6k $4.6m | Added +16.0k |
| SLT Holdings LLC 2.85% of their portfolio | 186.2k $4.5m | Reduced -8.8k |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 186.1k $4.5m | New |
| SBI Securities Co., Ltd. 0.10% of their portfolio | 183.9k $4.4m | Added +587 |
| CASTLEARK MANAGEMENT LLC 0.12% of their portfolio | 179.7k $4.3m | New |
| Focus Partners Wealth 0.00% of their portfolio | 176.3k $4.2m | Added +1.3k |
| JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio | 174.1k $4.0m | Added +29.5k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.01% of their portfolio | 174.0k $4.2m | Added +14.7k |
| HighTower Advisors, LLC 0.00% of their portfolio | 167.5k $4.0m | Added +10.9k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 160.7k $3.9m | Added +45.7k |
| Yarbrough Capital, LLC 0.12% of their portfolio | 160.4k $3.8m | Added +39.3k |
| Jupiter Topco LLC 0.00% of their portfolio | 160.0k $3.8m | First filing |
| OpenArc Corporate Advisory, LLC 0.04% of their portfolio | 154.3k $3.7m | Reduced -5.2k |
| Mariner, LLC 0.00% of their portfolio | 148.9k $3.6m | Added +19.2k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 145.0k $3.5m | Added +19.3k |
| Vanguard Global Advisers, LLC 0.00% of their portfolio | 141.5k $3.4m | Reduced -34.8k |
| Amundi 0.00% of their portfolio | 141.2k $3.4m | Reduced -30.8k |
| Arkadios Wealth Advisors 0.05% of their portfolio | 141.0k $3.4m | Added +10.0k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 135.8k $3.3m | Added +31.2k |
| Handelsbanken Fonder AB 0.01% of their portfolio | 133.2k $3.2m | Added +25.4k |
| THOROUGHBRED FINANCIAL SERVICES, LLC 0.15% of their portfolio | 132.0k $3.2m | Reduced -80 |
| Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD 0.39% of their portfolio | 131.7k $3.2m | Reduced -135.1k |
| SG Americas Securities, LLC 0.00% of their portfolio | 129.5k $3.1m | Reduced -853.1k |
| Advisory Services Network, LLC 0.03% of their portfolio | 126.9k $3.0m | Added +7.8k |