D-Wave Quantum (QBTS) Stock Today, November 26, 2025: Insider Selling, Cash Burn Fears and New Institutional Demand

D-Wave Quantum Inc. (NYSE: QBTS) is back in the spotlight today as new reports highlight heavy insider selling, record cash burn, and fresh institutional buying — all while the stock trades roughly flat in early afternoon trading.

QBTS stock price snapshot for November 26, 2025

As of early afternoon U.S. trading on Wednesday, November 26, 2025, D-Wave Quantum stock is hovering around $22.70 per share, up about 0.5% on the day. The intraday range so far runs roughly between $22.01 and $22.94, on volume of about 15 million shares, below its recent hyper-active averages.

Over the last 12 months, QBTS has swung between a 52‑week low near $2.50 and a high around $46.75, meaning the stock is still up several hundred percent year over year even after being cut by more than half from its peak. ^[1]

FinViz data puts D-Wave’s current market cap at roughly $7.9 billion, with an eye‑popping price-to-sales ratio above 300x, EV/sales near 296x, a quick and current ratio both above 54, and short interest around 12.5% of the float — classic hallmarks of a speculative, sentiment‑driven growth name. ^[2]

All the major D-Wave news hitting on November 26, 2025

Today’s narrative around QBTS is being shaped by a cluster of new articles and data releases. Here’s what’s new specifically on November 26, 2025, and how it fits together.

1. German investor Universal Beteiligungs builds a 107,105‑share stake

A fresh MarketBeat piece highlights that Universal Beteiligungs und Servicegesellschaft mbH opened a new position of 107,105 D-Wave shares, valued at roughly $1.57 million, based on its latest Form 13F filing. ^[3]

That same article notes:

Several other institutions (including Rockefeller Capital, Citizens Financial Group, Intech Investment Management, Creative Planning, and SG Americas) have increased or initiated positions in QBTS.
Altogether, these 13F filings imply institutional investors now hold about 42% of D-Wave’s shares for the reported period. ^[4]

More recent data from StockTitan and FinViz suggests institutional ownership has since climbed into the mid‑40% to low‑50% range, as new funds and ETFs have added QBTS exposure. ^[5]

Why it matters: large, long‑only institutions and quant funds are increasingly present in the shareholder base, which can support liquidity and sometimes dampen retail‑driven swings — but these filings are backward‑looking (often as of Q2), so they don’t fully capture November’s violent moves.

2. InvestorsObserver: “D-Wave is burning cash at record speed, but its CEO is cashing out”

A newly published analysis from InvestorsObserver pulls no punches on D-Wave’s finances and insider behavior. ^[6]

Key points from that piece:

In its most recent quarter, D-Wave posted its largest operating loss ever: about $27.7 million, despite reporting just $3.7 million in quarterly revenue. ^[7]
The author notes that operating losses have worsened steadily over the past several years, from roughly $16 million in 2023 to about $20 million in 2024, culminating in this latest record loss. ^[8]
To sustain operations, the company has leaned heavily on new share issuance and equity-linked financing.
At the same time, the article highlights planned insider stock sales by CEO Alan Baratz, including approximately $14.4 million in stock sold in May and around $23.2 million in stock sold in November, sums that exceed D-Wave’s entire annual revenue. ^[9]

InvestorsObserver estimates that despite a rough 35% decline in the share price over the past month, QBTS is still up roughly 600–700% over the last year, and now carries a market cap around $7.5–7.9 billion — making it one of the most aggressively valued names in the quantum‑computing cohort. ^[10]

Nuance on the CEO sales:

SEC and tracking services show that CEO Alan E. Baratz recently sold about 806,000 shares on November 11, 2025, for roughly $23.3 million, trimming a bit over 22% of his stake but still leaving him with around 2.8 million shares. ^[11]
A separate Form 4 filing shows an additional 168,102 shares sold on November 13, 2025 as a “sell to cover” to satisfy tax withholding tied to vesting RSUs, which is more mechanical than discretionary. ^[12]

Together, these trades line up with the article’s thesis: the CEO remains heavily invested, but has monetized a substantial portion of his gains at elevated prices.

3. EntrepreneurLoop: focus on CFO sale and “cash burn crisis”

Another article going live today on EntrepreneurLoop zooms in on CFO John M. Markovich and D-Wave’s balance sheet. ^[13]

Highlights from that story, cross‑checked against company filings and Q3 results:

On November 20, 2025, Markovich sold 200,000 shares of QBTS at a weighted average price of about $22.94, generating roughly $4.6 million in proceeds. ^[14]
That sale represented about 11–12% of his direct holdings, but he still controls approximately 1.48 million shares after the transaction — a stake worth tens of millions of dollars at current prices. ^[15]
The trades were executed under a pre‑arranged Rule 10b5‑1 trading plan adopted on August 21, 2025, which is intended to separate insider selling from day‑to‑day information flow and reduce the risk of trading on material non‑public information. TechStock²+1

The article frames these transactions against D-Wave’s Q3 numbers, arguing that:

D-Wave’s cash balance surged to over $836 million, a record for the company, after equity raises and warrant‑related inflows. ^[16]
Q3 revenue was about $3.7–3.74 million — 100% higher than a year earlier, while GAAP net loss ballooned to roughly $140 million, largely due to non‑cash charges associated with warrants. ^[17]
On some valuation measures, QBTS is trading at hundreds of times trailing sales, which the article characterizes as extremely demanding for a company that is still far from profitability. ^[18]

The tone is decidedly cautious: EntrepreneurLoop casts D-Wave as a company with real technological traction but an “astronomical” cash burn, arguing that sustained heavy losses plus insider selling heighten the risk profile for equity holders. ^[19]

4. Form 4: director John DiLullo reports a small share gift

In a lower‑impact but still fresh filing, director John D. DiLullo reported a gift of 492 common shares on November 21, 2025, at a reported price of $0 per share. After this transaction he beneficially owns 35,803 shares, including 14,260 unvested RSUs. ^[20]

This is a minor move in share‑count terms, but it’s another data point in a quarter that has seen heavy net insider selling overall. ^[21]

5. Motley Fool / FinViz: billionaires favor a different quantum stock

A new Motley Fool article syndicated via Nasdaq and FinViz looks at 13F filings and concludes that billionaire‑run hedge funds currently have a clear “favorite” quantum computing stock — and it isn’t D-Wave, IonQ, or Rigetti. ^[22]

The piece:

Notes that while D-Wave has delivered a huge 12‑month return, big‑money managers have concentrated their bets elsewhere in the quantum space.
Frames QBTS as a high‑risk, high‑volatility satellite position rather than a core holding for most professional portfolios. ^[23]

The takeaway for retail holders: despite the hype, QBTS is not yet the “billionaire favorite” in this theme, which may limit how much institutional sponsorship can support the stock in a downturn.

6. Fresh opinion pieces: “Is D-Wave Quantum stock a buy?”

While direct access to today’s full Motley Fool and AOL/Yahoo “buy or not” articles is limited, publicly visible snippets and related coverage make the core message clear:

These pieces praise D-Wave’s growth — revenue doubling year over year, record cash, expanding bookings, and marquee contracts in Europe and industrial optimization. ^[24]
At the same time, they stress extreme valuation, persistent losses, and dilution risk, often concluding that QBTS is suitable only for investors with very high risk tolerance and a long time horizon. TechStock²+1

In short: even bullish commentators are careful to label D-Wave as speculative rather than a conventional growth stock.

The bigger backdrop: Q3 earnings, warrant redemption and growth story

To understand today’s headlines, it helps to zoom out to the catalysts driving D-Wave’s wild ride this quarter.

Q3 2025: rapid growth plus huge non‑cash losses

On November 6, 2025, D-Wave reported its third‑quarter 2025 results:

Revenue: about $3.7–3.74 million, up 100% year over year from roughly $1.9 million. ^[25]
YTD revenue: up about 235% compared with the first nine months of the prior year. ^[26]
GAAP gross profit: Q3 up ~156%, YTD up ~353%, reflecting better margins on its cloud and system business. ^[27]
Bookings: roughly $2.4 million booked in Q3, with more than $12 million in additional bookings signed after quarter‑end, pointing to a growing pipeline. ^[28]
GAAP net loss: about $140 million, versus roughly $22.7 million a year earlier — a worsening driven largely by around $120 million in non‑cash warrant‑related charges, not by operating expenses alone. ^[29]

The company also highlighted a cash balance above $836 million, the highest in its history, bolstered by warrant exercises and prior capital raises. ^[30]

Commentary from sector outlets like The Quantum Insider and quantum trade publications generally agrees on the core picture:

Commercial traction is real — with enterprise and government customers, higher gross margins, and meaningful bookings. ^[31]
But profitability is distant, and GAAP numbers are heavily distorted by complex financial instruments.

Warrant redemption: cleaner structure, more cash, more shares

On November 21, 2025, D-Wave announced it had completed the redemption of all outstanding public warrants. ^[32]

Key details:

Roughly 4.75 million warrants were exercised at $11.50 per share, yielding about $54.6 million in cash and creating roughly 6.9 million new common shares. ^[33]
About 270,820 unexercised warrants were redeemed for $0.01 each, and no public warrants remain outstanding. ^[34]
The warrants ceased trading on the NYSE, while QBTS common stock continues to trade as usual. ^[35]

For investors, this move is a double‑edged sword:

Positives: more cash on the balance sheet, a simpler capital structure, and fewer volatile derivative liabilities muddying GAAP earnings.
Negatives: meaningful share dilution, which can cap upside until earnings and revenue catch up.

Commercial progress: Italy system deal and BASF proof‑of‑concept

Beyond the earnings and capital structure noise, D-Wave is trying to prove that its quantum systems solve real problems:

A €10 million contract with Swiss Quantum Technology SA to deploy an Advantage2 quantum annealing system in Italy, tied to the country’s Q‑Alliance initiative, gives D-Wave a flagship European reference installation. TechStock²+2The Quantum Insider+2
A joint proof‑of‑concept with BASF reportedly showed that a hybrid quantum‑classical workflow could build factory production schedules in seconds instead of hours, while reducing lateness and setup time by double‑digit percentages. TechStock²+2Stock Titan+2

These deals underpin the bullish argument that D-Wave is more than just a science project and is steadily embedding its tech into industrial and government workflows.

How Wall Street currently views QBTS

Analyst and data‑provider snapshots are mixed but generally lean constructive — at least at a high level:

MarketBeat reports a “Moderate Buy” consensus rating, with 11 Buy, 1 Hold, and 1 Sell, and an average price target around $28.67, implying upside from today’s ~$23 level but far below recent highs. ^[36]
FinViz aggregates a consensus target price around $38.50 and a recommendation score of 1.00 (bullish on their scale), though this is based on data that may shift quickly in such a volatile name. ^[37]
At the same time, numerous commentaries from outlets like Barron’s, Zacks, Benzinga, and various Motley Fool pieces have warned that quantum stocks may be in a bubble‑like phase, with valuations highly sensitive to incremental headlines, macro risk appetite and momentum flows. ^[38]

In short, analysts mostly acknowledge the technology and growth story, but stress that the valuation and execution risk are enormous.

Key takeaways for D-Wave Quantum stock on November 26, 2025

Putting everything together, here’s what stands out about QBTS today:

Price action: The stock is quietly green but not surging, consolidating around the low‑$20s after a month‑long slide of roughly 30–35%, yet still up several hundred percent over the last year. ^[39]
Insider behavior:
- CEO Alan Baratz and CFO John Markovich have sold significant amounts of stock in recent weeks, partly via planned 10b5‑1 programs and partly via options exercises and tax‑related transactions, but both still hold large residual stakes. ^[40]
- A director gifted a small number of shares, a footnote compared with the CEO/CFO activity. ^[41]
Institutions: New coverage today spotlights Universal Beteiligungs’ 107,105‑share stake and a broader increase in institutional ownership into the 40–50% range, signalling that professional money is deeply involved on both the long and short side. ^[42]
Fundamentals: Q3 results show real momentum — doubled revenue, higher gross margins, bigger bookings, a record $836m cash pile — but also record operating and GAAP losses, exacerbated by complex warrant accounting. ^[43]
Capital structure: The public warrant overhang is now gone, bringing in about $54.6m in fresh cash but adding roughly 6.9m new shares — a long‑term plus for balance‑sheet strength, but another contributor to dilution. ^[44]
Sentiment: Today’s new articles tilt cautious to skeptical, highlighting cash burn and insider selling even as some analysts and commentators continue to pitch D-Wave as a potential long‑term winner in quantum computing.

Final word: speculative quantum bet, not a conventional growth stock

For traders and investors watching QBTS on November 26, 2025, the setup is clear:

Bull case: D-Wave is one of the few publicly traded companies with live, commercially used quantum systems, growing revenue triple‑digit percentages, landing multi‑million‑euro deals, and sitting on a very large cash cushion. ^[45]
Bear case: The company is burning cash quickly, trades at extreme valuation multiples, has just issued more shares via warrant exercises, and is seeing notable insider selling, all in a sector where timelines and winning architectures remain highly uncertain. ^[46]

Nothing in today’s news fundamentally changes that equation — but it does sharpen the contrast between the promising technology story and the high‑risk equity story.

Important: 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 any investment decisions.

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