D-Wave Quantum Stock (QBTS) Today: Price, Warrant Redemption, and Insider Selling

D-Wave Quantum stock (NYSE: QBTS) is heading into the weekend sitting just above the $20 mark after another turbulent stretch for quantum computing names. A major warrant redemption, a fresh insider sale by the CFO, and still‑glowing revenue growth are all shaping the narrative around this high‑beta stock today. ^[1]

Key Takeaways for QBTS on November 22, 2025

Latest price: D-Wave Quantum closed the last trading session at $20.41, down about 0.5% on the day, with heavy trading volume of more than 40 million shares.
Still a huge 2025 winner: Even after a recent pullback of more than 35% over the last month, QBTS remains massively up versus 2024 levels following a year of quantum‑computing euphoria. ^[2]
CFO sells $4.6 million in stock: D-Wave’s CFO John M. Markovich sold 200,000 shares on November 20 for about $4.58 million, while simultaneously exercising options for the same number of shares. The trades were executed under a pre‑arranged Rule 10b5‑1 plan. ^[3]
Capital structure cleaned up: On November 21, D-Wave announced it has completed the redemption of all public warrants, with about 4.75 million warrants exercised, raising $54.6 million in cash and removing a key overhang. ^[4]
Fundamentals: revenue surging, profits far away: Q3 FY2025 revenue doubled year‑on‑year to $3.7 million, but GAAP net loss ballooned to $140 million due to non‑cash warrant‑related charges. Adjusted net loss, which strips out those items, improved to $18.1 million. ^[5]

D-Wave Quantum Stock Price Today (QBTS)

Because today is Saturday, November 22, 2025, U.S. markets are closed. The most recent trading data for D-Wave Quantum is from Friday, November 21:

Last price: $20.41
Change: -$0.11 (about -0.5% on the day)
Intraday range: $18.55 – $20.91
Volume: ~40.9 million shares, underscoring intense speculative interest

Despite Friday’s modest dip, this comes after an exceptionally volatile stretch. According to analysis from TipRanks, quantum stocks including IonQ, Rigetti, D-Wave, and Quantum Computing Inc. have all fallen more than 35% over the past 30 days as investor enthusiasm cooled from extreme highs earlier in the year. ^[6]

Fresh Catalysts: Warrant Redemption and CFO Share Sale

1. Final redemption of public warrants

On November 21, 2025, D-Wave confirmed it has completed the redemption of all outstanding public warrants: ^[7]

4.75 million public warrants were exercised, generating $54.6 million in cash and issuing about 6.9 million new shares.
Around 270,820 warrants that were not exercised were redeemed for $0.01 each.
The warrants stopped trading on the NYSE on November 18, leaving just the common stock under the ticker QBTS.

From an investor’s perspective, this has a few implications:

More cash, but more shares: The exercises strengthen D-Wave’s already large cash pile but dilute existing shareholders.
Cleaner balance sheet: The company’s GAAP losses have been heavily distorted by large, non‑cash mark‑to‑market charges on its warrant liability. With public warrants gone, future earnings should be less noisy, making it easier to track underlying performance. ^[8]
Signals of maturity: Redeeming public warrants is a common step for companies that have seen their stock move far “into the money” and want to simplify their capital structure.

2. CFO John Markovich’s $4.58 million stock sale

In a separate but closely watched development, D-Wave’s CFO John M. Markovich disclosed that he: ^[9]

Sold 200,000 shares of QBTS on November 20, 2025, for about $4.58 million, at a weighted average price of $22.94 (with sales ranging roughly from $21.04 to $24.69).
Exercised options for 200,000 shares at $0.92 per share on the same day.

The filing notes that the trades were executed under a Rule 10b5‑1 trading plan adopted in August 2025, meaning the sale was pre‑scheduled rather than opportunistic “market timing.” After the transactions, Markovich still directly owns over 1.48 million shares plus substantial unvested RSUs and additional option‑based holdings, keeping him heavily exposed to the stock’s future performance. ^[10]

Investors often view insider selling warily, but given the magnitude of QBTS’s move over the past year and the structured nature of this plan, the sale looks more like diversification after a huge rally than an outright vote of no confidence. The same article notes that: ^[11]

QBTS has delivered roughly triple‑digit to quadruple‑digit percentage gains over the last year (exact figures vary by source and date);
The stock has pulled back about 13% in the last week;
Analysts at Benchmark and Cantor Fitzgerald recently raised their price targets to $35 and $40, respectively, while maintaining Buy/Overweight ratings.

Q3 2025 Earnings: Revenue Doubles, Losses Skewed by Warrants

D-Wave reported third‑quarter fiscal 2025 results on November 6, 2025, and they help explain why the stock has captured so much attention. ^[12]

Top line and margins

For the quarter ended September 30, 2025:

Revenue: $3.7 million
- Up 100% year‑on‑year from $1.9 million;
- Up 8% sequentially from $3.1 million in Q2.
Bookings: $2.4 million in Q3, up 80% sequentially from $1.3 million in Q2; the company also reported over $12 million in additional bookings closed after the quarter end.
GAAP gross profit: $2.7 million, up 156% from a year ago.
GAAP gross margin:71.4%, up from 55.8% in Q3 2024.
Non‑GAAP gross margin:77.7%, again significantly higher year‑on‑year.

The margin expansion was helped by upgrades to its Advantage/Advantage2 systems, including work on the quantum system installed at Germany’s Jülich Supercomputing Centre. ^[13]

Operating expenses and bottom line

The growth story comes with a hefty price tag:

GAAP operating expenses: $30.4 million in Q3, up 40% from $21.7 million in the prior‑year quarter, driven by higher personnel, fabrication, and stock‑based compensation costs. ^[14]
GAAP net loss: $140.0 million (–$0.41 per share), versus a $22.7 million loss (–$0.11 per share) a year earlier.
Crucially, about $121.9 million of that loss came from non‑cash, non‑operating charges linked to re‑measuring the company’s warrant liability and realized losses from warrant exercises.

On an adjusted basis: ^[15]

Adjusted net loss: $18.1 million (–$0.05 per share), better than the $23.2 million (–$0.12 per share) a year ago.
Adjusted EBITDA loss: $20.6 million, up from $13.8 million, reflecting higher operating spend even as gross profit improves.

Cash and liquidity

The company’s balance sheet is striking for such a small revenue base:

As of September 30, 2025, D-Wave reported cash of $836.2 million, up more than 27‑fold from about $29.3 million a year earlier, largely thanks to warrant exercises and earlier capital raises. ^[16]
During Q3 it raised $39.9 million from warrant exercises, and an additional $21.3 million through November 4. ^[17]
The $54.6 million added via the November 21 public warrant redemption pushes the total even higher, giving D-Wave what looks like a multi‑year cash runway if spending remains in its current range. ^[18]

For investors, that combination—very small revenue, improving margins, large losses distorted by non‑cash items, and a very big cash pile—is exactly what makes QBTS a high‑risk, high‑reward story.

Big Deals and Global Expansion: Italy and Beyond

D-Wave’s story isn’t just about stock mechanics. The company is increasingly positioning itself as a commercial leader in quantum annealing—a flavour of quantum computing aimed at hard optimization problems.

According to D-Wave and independent coverage: ^[19]

The company has over 100 revenue‑generating customers, including nearly two dozen Forbes Global 2000 enterprises.
It has announced a €10 million agreement with Swiss Quantum Technology SA to deploy an Advantage2 annealing quantum computer in Europe, in support of the Q‑Alliance initiative tied to the Italian government’s tech strategy. Users will access the system via the company’s Leap cloud platform.
Earlier this year, D-Wave launched commercial availability of its Advantage2 system, a sixth‑generation quantum computer with 4,400 qubits, claiming performance and stability improvements that helped ignite a sharp rally in the stock. ^[20]
D-Wave is also working on gate‑model quantum computers, making it one of the few companies pursuing both annealing and gate‑based architectures at once. ^[21]

These moves help explain why, earlier in 2025, outlets such as Barron’s and specialist quantum analysts described some quarters as the “most significant” in the company’s history, especially after a roughly $12 million Advantage system sale to Germany’s Jülich Supercomputing Centre and record quarterly revenue of $15 million. ^[22]

2025: A Quantum Roller Coaster for QBTS

Few stocks exemplify 2025’s quantum‑computing frenzy like D-Wave:

A SpinQ analysis in mid‑October pegged D-Wave’s one‑year share price performance at over 3,600%, with a market cap at that time around $13.4 billion, reflecting extraordinary speculation relative to its revenue base. ^[23]
The Cinco Días report from May highlighted that after the Advantage2 launch, D-Wave’s market capitalization rocketed from about $167 million to roughly $4.5 billion in under seven months, on just $15 million in Q1 2025 revenue and ongoing losses. ^[24]
More recently, as TipRanks points out, quantum stocks including QBTS have fallen over 35% from their highs as investors reassess valuations and the long timeline to widespread commercial adoption. ^[25]

Add in a very active options and warrant market, and it’s easy to see why intraday moves of 10–20% in QBTS have not been unusual this year.

What the Warrant Cleanup Means for Future Earnings

With the public warrants now gone, investors should see a few practical changes over the coming quarters: ^[26]

Less “noise” in GAAP net income
- The large swings in reported net loss have been driven mainly by non‑cash remeasurement charges on the warrant liability—highly sensitive to the share price. Removing public warrants reduces the size of that liability and should reduce those distortions.
More traditional dilution/valuation debate
- The warrants have already morphed into common stock, so the dilution has basically happened. The debate now is whether the cash raised (and the projects funded by it) are worth the additional shares.
Clearer path for institutions
- Some professional investors prefer simpler capital structures. Getting rid of public warrants and associated accounting complexities can make the stock easier to model and potentially broaden the pool of investors who can own it.

It’s worth remembering, though, that even after this cleanup, D-Wave is far from profitability and continues to invest heavily in R&D, sales, and infrastructure. The warrant story tidies up the optics, but it doesn’t change the fundamental fact that this is an early‑stage deep‑tech company with a long road ahead.

How D-Wave Makes Money (For Now)

D-Wave’s business model has three main pillars today: ^[27]

Cloud access via Leap
- Customers in more than 40 countries can access D-Wave’s quantum systems over the cloud, paying for usage of its annealing quantum computers (and associated classical resources) to run optimization and simulation workloads.
System sales and long‑term capacity contracts
- Big contracts—such as the system sale to Jülich Supercomputing Centre in Germany and the €10 million Advantage2 capacity deal in Italy—provide “lumpy” but high‑margin revenue when systems or multi‑year capacity blocks are sold. ^[28]
Professional services and partnerships
- D-Wave works with enterprises and government agencies to co‑develop hybrid quantum‑classical applications, such as logistics optimization for airlines, semiconductor process optimization for SkyWater, manufacturing flows for BASF, and public‑sector optimization pilots like a vehicle deployment project with North Wales Police. ^[29]

The strategy is to fund long‑term R&D on both annealing and gate‑model systems with today’s optimization‑focused revenue, while gradually nudging customers from experimental pilots to repeat, production‑grade workloads.

Key Risks Around D-Wave Quantum Stock

For anyone watching QBTS today, several risk factors stand out: ^[30]

Extreme valuation vs. revenue
- D-Wave generates single‑digit millions of dollars per quarter in revenue yet has previously traded at multi‑billion‑dollar valuations. Even with the recent pullback and some compression, the stock is still pricing in enormous long‑term success.
Heavy cash burn
- Operating expenses of $30.4 million in Q3 against $3.7 million in revenue indicate that profitability is many years away, even if growth remains strong.
Sector hype and cyclicality
- Quantum computing is hot, but also crowded and uncertain. Interest can swing from euphoria to skepticism quickly—as seen in the recent 30‑day declines of 35%+ across multiple quantum names.
Execution risk
- To justify its valuation, D-Wave must:
  - Continue winning large system and capacity deals;
  - Convert experimental pilots into repeat commercial contracts;
  - Successfully develop competitive gate‑model systems while maintaining its lead in annealing.
Shareholder dilution
- Warrant exercises, equity raises, and stock‑based compensation have all increased the share count significantly. While the balance sheet is strong, existing shareholders bear the dilution.

Is D-Wave Quantum Stock a Buy, Sell, or Hold Right Now?

Analysts at firms like Benchmark and Cantor Fitzgerald still see upside, with price targets in the mid‑$30s to $40 range and bullish ratings based on: ^[31]

Rapid revenue growth;
Improving gross margins;
High‑profile European and government deals;
A substantial cash cushion boosted by warrant exercises and redemptions.

However, recent commentary from market observers and sector analysts also stresses that: ^[32]

Quantum stocks, including QBTS, may have run too far, too fast, and
Any disappointment on revenue growth, new deals, or technical milestones could trigger further sharp corrections.

For most investors, D-Wave should probably be viewed as a speculative position rather than a core holding:

The upside case hinges on D-Wave turning its early lead in annealing and growing customer base into a scalable, profitable business.
The downside case centers on extended timelines, rising competition from both pure‑play rivals and big‑tech giants, and the possibility that today’s valuations prove unsustainable.

Bottom Line on D-Wave Quantum Stock Today

As of November 22, 2025, D-Wave Quantum sits at a crucial intersection:

The company is executing commercially, doubling revenue, winning marquee European contracts, and deepening relationships with large enterprises and governments. ^[33]
Its balance sheet is unusually strong for such a small‑revenue company, thanks to warrant exercises and a just‑completed public warrant redemption that raised tens of millions in fresh cash. ^[34]
At the same time, losses are large, the path to profitability is uncertain, and the stock remains at the center of a highly speculative quantum‑computing trade. ^[35]

For readers tracking QBTS on Google News or Discover, the key message is simple:

D-Wave Quantum is a high‑profile, high‑volatility bet on the future of quantum computing—not a low‑risk play on today’s cash flows.

If you’re considering exposure, it’s important to:

Treat QBTS as a small, speculative part of a diversified portfolio, if at all;
Be prepared for large price swings in both directions;
Monitor upcoming catalysts such as new system deals, Q4 and FY2025 guidance, and the company’s Qubits 2026 user conference in January. ^[36]

This article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Always do your own research and consider consulting a licensed financial professional before making investment decisions.

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