New York, January 21, 2026, 10:35 EST — Regular session
- D-Wave shares edged up roughly 0.5% in morning trading following the close of its Quantum Circuits acquisition
- A fresh prospectus now allows former Quantum Circuits shareholders to offload as many as 10.43 million D-Wave shares. D-Wave itself won’t receive any of the proceeds.
- Investors are on alert for selling pressure and any product roadmap news at D-Wave’s Qubits conference next week
D-Wave Quantum’s shares nudged up on Wednesday following the completion of its acquisition of Quantum Circuits. The company also filed documents outlining the resale of stock related to the deal. Shares gained roughly 0.5%, trading at $27.17 in the morning session.
These filings are crucial—they quantify a supply risk looming in the short term. While a resale registration doesn’t generate immediate cash for the company, it can trigger selling pressure if holders of the deal shares rush to cash out.
The timing is delicate for D-Wave, now a volatile barometer of investor interest in early-stage quantum computing. The company aims to reassure the market it can move past its core “annealing” systems by bringing in gate-model technology via the acquisition.
In a prospectus supplement dated Jan. 20, D-Wave disclosed that selling stockholders may resell up to 10,430,444 shares of common stock, with the company stating it “will not receive any proceeds” from these sales. The filing made clear that D-Wave is uncertain about if, when, or how many shares the stockholders might sell. It also confirmed these shares were issued as part of the Quantum Circuits acquisition. (SEC)
But the deal carries execution risk. In an 8-K filing, D-Wave revealed the closing consideration includes 10,430,444 shares plus $250 million in cash, subject to adjustments. The parties also agreed to a registration rights agreement tied to the stock portion. The company warned integration might be challenging and that the share price could fall if expected “synergies” between annealing and gate-model efforts fail to materialize as planned. (SEC)
D-Wave kept its tone positive. CEO Alan Baratz described the Quantum Circuits acquisition as “a watershed moment.” Meanwhile, Quantum Circuits co-founder Rob Schoelkopf claimed the merger “gives us a decisive advantage” in gate-model quantum computing. (Dwavequantum)
For those not tracking the technical divide: annealing machines target specific optimization problems, while gate-model systems take a broader approach that most firms are chasing for a wider range of algorithms. D-Wave is banking on selling both, convinced the two paths can overlap in engineering and customer ties.
The pressing market question isn’t philosophical. It’s straightforward: how much of the newly registered stock will actually hit the tape, and how quickly.
Traders are zeroing in on updates about when D-Wave plans to launch its first gate-model system and signs of early customer interest. They’re also keen to see if the company can maintain focus on execution amid integrating a new team and technology stack.
D-Wave’s Qubits 2026 conference, set for Jan. 27–28 in Boca Raton, Florida, is the next major event to watch. The company plans to unveil its updated product roadmap there. (Dwavequantum)
