D-Wave Quantum rises as investors react to $100 million U.S. funding agreement

D-Wave Quantum (QBTS) is up 8.6% today. Here is some analysis on what might have caused this price movement. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1907982/000190798226000141/chipsactpressrelease.htm))

Analysis: The most likely catalyst is D-Wave’s announcement of a definitive agreement with the U.S. Department of Commerce that gives the company access to up to $100 million under the CHIPS and Science Act. Investors appear to be focusing on the size of the potential funding, the near-term initial tranche, and the signal that federal support could accelerate D-Wave’s technology roadmap and domestic manufacturing ambitions. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1907982/000190798226000141/chipsactpressrelease.htm))

Details:

D-Wave said on September 8, 2026 that it finalized an agreement with the Commerce Department for up to $100 million to support advanced microelectronics research and development tied to its quantum systems. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1907982/000190798226000141/chipsactpressrelease.htm))

The filing states that about $53.6 million is expected to be available shortly after the award date, with the rest tied to milestone-based tranches. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1907982/000190798226000141/qbts-20260904.htm))

The company said the funding is intended to help advance next-generation annealing and gate-model systems, including work toward larger-scale quantum computers. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1907982/000190798226000141/chipsactpressrelease.htm))

The agreement also includes a minority, non-controlling equity stake for the U.S. government, with the filing describing 7,095,721 shares at an issuance price of $14.093 per share. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1907982/000190798226000141/chipsactpressrelease.htm))

Sources:

SEC, D-Wave Quantum

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$QBTS Insider Trading Activity

$QBTS insiders have traded $QBTS stock on the open market 17 times in the past 6 months. Of those trades, 0 have been purchases and 17 have been sales.

Here’s a breakdown of recent trading of $QBTS stock by insiders over the last 6 months:

ALAN E BARATZ (President & CEO) sold 687,627 shares for an estimated $17,967,693
JOHN M. MARKOVICH (Chief Financial Officer) has made 0 purchases and 8 sales selling 639,458 shares for an estimated $16,974,557.
DIANE NGUYEN (EVP, Chief Legal Officer & GC) has made 0 purchases and 2 sales selling 42,532 shares for an estimated $1,045,193.
SOPHIE C AMES (Exec. Vice President & CHRO) has made 0 purchases and 3 sales selling 29,165 shares for an estimated $554,524.
ROHIT GHAI has made 0 purchases and 2 sales selling 23,518 shares for an estimated $533,222.
JOHN D DILULLO sold 7,850 shares for an estimated $191,809

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.

$QBTS Hedge Fund Activity

We have seen 356 institutional investors add shares of $QBTS stock to their portfolio, and 236 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

NORGES BANK added 4,318,454 shares (+2715.9%) to their portfolio in Q2 2026, for an estimated $103,599,711
MAREX GROUP PLC removed 3,599,466 shares (-78.4%) from their portfolio in Q1 2026, for an estimated $51,940,294
HRT FINANCIAL LP removed 3,359,551 shares (-100.0%) from their portfolio in Q2 2026, for an estimated $80,595,628
SIXTH STREET PARTNERS MANAGEMENT COMPANY, L.P. added 3,284,474 shares (+inf%) to their portfolio in Q2 2026, for an estimated $78,794,531
BLACKROCK, INC. added 2,993,471 shares (+9.9%) to their portfolio in Q2 2026, for an estimated $71,813,369
JPMORGAN CHASE & CO added 2,744,938 shares (+inf%) to their portfolio in Q2 2026, for an estimated $65,851,062
DEFIANCE ETFS, LLC added 2,570,193 shares (+751.8%) to their portfolio in Q2 2026, for an estimated $61,658,930

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$QBTS Analyst Ratings

Wall Street analysts have issued reports on $QBTS in the last several months. We have seen 1 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Needham issued a "Buy" rating on 05/13/2026

To track analyst ratings and price targets for $QBTS, check out Quiver Quantitative's $QBTS forecast page.

$QBTS Price Targets

Multiple analysts have issued price targets for $QBTS recently. We have seen 7 analysts offer price targets for $QBTS in the last 6 months, with a median target of $40.0.

Here are some recent targets:

Vijay Rakesh from Mizuho set a target price of $35.0 on 06/15/2026
John McPeake from Rosenblatt set a target price of $43.0 on 06/11/2026
N. Quinn Bolton from Needham set a target price of $40.0 on 06/02/2026
Craig Ellis from B. Riley Securities set a target price of $40.0 on 06/02/2026
Suji Desilva from Roth Capital set a target price of $40.0 on 06/02/2026
Troy Jensen from Cantor Fitzgerald set a target price of $40.0 on 05/13/2026
Kingsley Crane from Canaccord Genuity set a target price of $41.0 on 05/13/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.