D-Wave Quantum Prepares for Nasdaq Debut Amid Steep Selloff and Growing Order Book
Published on 07/20/2026 at 05:54 | Redaktion boerse-global.de
D-Wave Quantum is trading at roughly a third of its October 2025 peak just as it prepares to swap one exchange for another. The quantum-computing specialist will leave the New York Stock Exchange after the close on 24 July 2026 and start trading on the Nasdaq on 27 July under the same ticker “QBTS.” The company insists the move is voluntary — it meets all Nasdaq listing requirements — and is driven by a desire to sit closer to the technology-focused investor base that typically gravitates to the exchange.
The timing, however, is awkward. The stock closed Friday at €14.69, down 0.81% on the day and nearly 31% lower over the past month. From the 52-week high of €38.48 set in October 2025, the decline now stands at roughly 62%. The relative strength index sits at 30.9, putting the shares in technically oversold territory, yet they remain 28% below the 200-day moving average of €20.12 — a sign that the medium-term trend has turned decisively negative.
A recent insider transaction has attracted attention, though the circumstances undercut any dramatic reading. CEO Alan Baratz sold 52,320 shares on 14 July at a weighted average price of $18.66 per share. The sale was an automatic “sale-to-cover” transaction executed by the company to meet tax obligations tied to the vesting of restricted stock units. Baratz retains roughly 3.2 million shares directly, including about 1.1 million unvested RSUs. The move therefore reflects a mechanical tax event rather than any shift in management’s view of the business.
Should investors sell immediately? Or is it worth buying D-Wave Quantum?
D-Wave’s financial picture continues to pit rapid order growth against persistent losses. On a trailing twelve-month basis, revenue stands at $12.4 million while the net loss reaches $368 million. The first quarter of 2026 illustrates the tension vividly: revenue came in at roughly $2.9 million, yet new bookings hit a record $33.4 million — an increase of nearly 2,000% year over year. The remaining performance obligations, the official measure of backlog, climbed to $42.4 million, up 563% from a year earlier. The operating loss in the same quarter widened from $11.3 million to $54.7 million, underscoring how far the company still has to go before sales catch up with spending.
Management is leaning on nascent commercial traction to offset the red ink. CEO Alan Baratz pointed to growing adoption of quantum solutions in the private and public sectors as a reason for the Nasdaq move, calling the exchange “the marketplace for companies that are shaping the future of technology.” Meanwhile, D-Wave is also investing in next-generation hardware. Its subsidiary Quantum Circuits received approximately $1.57 million from the U.S. National Science Foundation for the “ERASE” project, a collaboration with Yale University aimed at developing fault-tolerant gate-model quantum processors. That effort runs alongside D-Wave’s established annealing-based systems, forming a dual-track research strategy.
The market currently values the entire enterprise at roughly €5.42 billion — a multiple that reflects a long-term growth bet that is being severely tested by the current selloff. With quarterly results expected in early August, investors will watch whether the swelling order book can translate into revenue growth fast enough to narrow the enormous gap between bookings and reported sales. The Nasdaq listing itself provides a new stage, but the next earnings report will likely carry far more weight in determining whether the stock can stage a recovery from its deeply oversold levels.
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