New York, May 22, 2026, 04:13 (EDT)
D-Wave Quantum Inc. traded close to $28 early Friday before the bell, adding to Thursday’s surge. This comes after the company said it signed a letter of intent for $100 million in possible U.S. funding that would include an equity stake for the Commerce Department. Shares ended Thursday at $25.73, up 33.4%. Google Finance had the premarket price at $27.99.
D-Wave is now in the middle of a $2 billion federal initiative that includes nine quantum computing companies. Quantum computing relies on quantum physics for new data processing, with Washington making the sector a strategic play against China.
U.S. stocks were still in premarket hours in New York. The New York Stock Exchange runs its normal session from 9:30 a.m. to 4 p.m. ET. For 2026, the exchange’s calendar puts Memorial Day on Monday, May 25, which means Friday is the last regular session before traders get the long weekend.
D-Wave said it has a letter of intent, but that’s not a final deal. D-Wave plans to issue $100 million in common stock to the Commerce Department after final documents are signed. The stake would give the government an ownership interest and brings dilution risk for current investors. D-Wave said it would use the cash to develop annealing and gate-model quantum systems, naming a 100,000-qubit annealing project and a 10,000-qubit gate-model system. Qubits are the units of quantum info. CEO Alan Baratz said the investment would “advance the country’s global leadership position.” D-Wave Quantum
U.S. quantum awards hit quick reaction. IBM is getting $1 billion to spin up a quantum-chip firm called Anderon, with GlobalFoundries set for $375 million. D-Wave, Rigetti Computing, and Infleqtion are each getting close to $100 million. “Quantum computing is coming much faster than anybody thinks,” Infleqtion CEO Matthew Kinsella told Reuters. Reuters
Wall Street was already bullish before the federal funds showed up. Rosenblatt’s John McPeake kept his Buy call on D-Wave and held the $43 target after the company’s latest quarterly results. He cited better bookings and projected machine sales later in 2026, TipRanks reported at Markets Insider.
But risks are still high. D-Wave said the award might not close, could be delayed, could hang on milestones, or depend on government funding. The company also flagged dilution tied to the share offering. Reuters said quantum computers still have tough technical problems, like high error rates that hold back performance.
D-Wave gets breathing room from its balance sheet, but profits are another story. The company ended March with $588.4 million in cash and marketable securities. First-quarter revenue slumped 81% to $2.9 million, and the net loss was wider at $18.4 million. Bookings, or customer orders expected to convert into future revenue, increased to $33.4 million.
Friday’s session now comes down to final terms and risk sentiment. If the stock pushes above early premarket levels, investors seem to be putting more value on Washington’s position. If it fades, traders keep treating quantum as a theme stock with volatility, regardless of the government as a shareholder.
