New York, May 31, 2026, 17:03 (EDT)
- QBTS finished Friday at $30.14, up 2.2%. For the shortened Memorial Day week, shares rose about 2.5%.
- Investors are set to watch D-Wave’s investor day at the NYSE on June 1, looking for more on the company’s roadmap and commercial goals.
- D-Wave’s proposed $100 million in CHIPS Act funding isn’t locked in yet and would mean giving D-Wave shares to the U.S. Commerce Department.
D-Wave Quantum Inc. shares trade close to $30 as June kicks off. The stock saw swings in a holiday-shortened week. Investors look ahead to Monday’s investor day, waiting for new details on a proposed U.S. government investment.
D-Wave is trying to use its funding rally to make a bigger pitch for valuation. The New York Stock Exchange lists Memorial Day, May 25, as a market holiday for 2026. Its main session goes from 9:30 a.m. to 4 p.m. ET, so Friday’s close is the last full session before the holiday.
QBTS finished Friday at $30.14, climbing 2.2% on the day. Volume was roughly 36.4 million shares, putting its market cap close to $11.1 billion. For the week, QBTS added about 2.5% from the prior Friday’s $29.40, despite dropping on Tuesday and Wednesday before turning higher on Thursday and Friday.
D-Wave kicks off the week with its first investor day on June 1 at the NYSE and online. The company said it will discuss its technology lead, product roadmap, go-to-market traction and long-term plans. CEO Alan Baratz called it a “proof point event,” saying the sector now needs evidence over promise to pick winners. D-Wave Quantum
D-Wave’s key recent driver is still the May 21 letter of intent for $100 million in proposed CHIPS and Science Act funding. That’s the federal program designed to boost domestic tech supply chains. The company said the funding would go to its annealing and gate-model quantum systems. Annealing is a quantum computing type often used for optimization; gate-model systems are the circuit-style quantum machines more familiar to many investors.
D-Wave picked up more defense-related backing last week. The Quantum Circuits unit got a second year of funding for its Microelectronics Commons work on superconducting qubits, which are key for certain quantum chips. Baratz said the new award points to growing attention on quantum computing’s potential role in U.S. microelectronics.
D-Wave posted first-quarter revenue of $2.9 million, down 81% from last year. Bookings rose sharply to $33.4 million from $1.6 million, as orders expected to turn into future revenue climbed. The company held $588.4 million in cash and marketable securities as of March 31.
The stock is in focus for a science debate too. Last week, D-Wave pushed back on claims that new classical simulation results had knocked down its quantum supremacy result. Quantum supremacy is when a quantum system does something that a normal computer can’t do in practice. CEO Alan Baratz said D-Wave’s demo still “holds up.” Chief Development Officer Trevor Lanting called the new method “effective in some regimes and ineffective in others.” D-Wave Investor Relations
Quantinuum, which is backed by Honeywell, is getting set for an IPO in early June and could see a valuation close to $13 billion. That would put it among the bigger quantum computing names alongside IonQ and Rigetti. As of Friday, IonQ’s market cap was about $26.8 billion and Rigetti traded near $8.6 billion.
Investors got another data point from an insider filing. A Form 4 disclosed CFO John M. Markovich exercised stock options and sold 328,752 shares on May 22 at a weighted average price of $27.7037. He now holds 1,442,820 shares directly, which includes 447,770 unvested RSUs.
The funding could still get delayed. D-Wave’s filing said the award and share issue depend on final paperwork and pointed to risks like failed talks, missed milestones, funding not coming through, and dilution from shares going to the Commerce Department. That’s the risk this week: the story’s solid but still hangs on completion, hitting targets, and finding buyers for deals before cash shows up.
