D-Wave Quantum (QBTS) Stock Today: 12% Slide as Liquidity Fears, Warrant Overhang and Insider Selling Hit the Quantum High‑Flyer (20 November 2025)

D‑Wave Quantum Inc. (NYSE: QBTS), one of 2025’s most volatile “pure‑play” quantum computing stocks, suffered another steep sell‑off on Thursday, 20 November 2025, as investors digested Q3 results, a completed warrant‑redemption deadline, fresh insider‑sale headlines and new short‑interest data.

Below is a full breakdown of how QBTS traded today, what drove the move, and how Wall Street is reacting.

D‑Wave Quantum (QBTS) stock price today – 20 November 2025

Closing price (regular session): Around $20.5 per share, down roughly 12–13% from Wednesday’s close near $23.4.
Intraday range: QBTS traded between about $20.4 and $24.7, underscoring another highly volatile session. ^[1]
After‑hours indication: Early evening trading showed QBTS drifting slightly lower again, with some platforms quoting near $20.1. ^[2]
Volume: More than 40 million shares changed hands, well above many small‑cap names and broadly in line with the stock’s recent hyper‑active trading profile. ^[3]

European investors saw the same pressure: on German platform finanzen.net, D‑Wave’s Frankfurt‑traded shares were quoted around €17.6, down about 15% on the day, in an article explicitly describing the situation as a “quantum‑computing crash.” ^[4]

A separate evening update from finanzen.net at 20:23 local time noted that D‑Wave was among the biggest losers of the U.S. session, with the stock recently off about 9% to $21.30 before sliding further into the close. ^[5]

Today’s main headlines on D‑Wave Quantum (QBTS) – 20 November 2025

Here are the key news items specifically dated 20 November 2025 that shaped sentiment around QBTS:

FX Leaders: “QBTS Stock Heads Toward $20 as D‑Wave’s Losses and Liquidity Fears Mount” – A bearish take highlighting a deeper‑than‑expected Q3 loss, ongoing cash‑burn worries and anxiety around the company’s forced warrant redemption. ^[6]
Benzinga: “What Does the Market Think About D‑Wave Quantum Inc?” – A short‑interest update showing heavy but slightly easing bearish positioning, with QBTS still more shorted than many peers. ^[7]
TradingView / Reuters: “CFO Markovich Files To Sell 500,000 Of D‑Wave Quantum Inc [QBTS]” – A Form 144 filing revealing the CFO’s plan to sell a large block of shares under a 10b5‑1 trading plan. ^[8]
MarketBeat: “Intech Investment Management LLC Has $2.87 Million Stake in D‑Wave Quantum Inc. $QBTS” – A filing‑driven piece showing one institutional manager sharply increasing its holdings in the second quarter. ^[9]
MarketBeat: “Quantum Computing Stocks To Add to Your Watchlist – November 20th” – A sector piece that flags IonQ (IONQ), D‑Wave (QBTS) and Quantum Computing Inc. (QUBT) as the quantum names with the highest recent dollar trading volume. ^[10]
Finanzen.net (German): “Quantum‑Computing‑Crash – Wichtige Frist abgelaufen: D‑Wave‑Aktie setzt jüngsten Kurseinbruch fort” – Focus on the stock’s ongoing slide after a key warrant‑exercise deadline and its sharp drawdown from October highs. ^[11]
Finanzen.net (German): “D‑Wave Quantum Aktie News: D‑Wave Quantum bricht am Donnerstagabend ein” – A shorter price‑move note flagging D‑Wave as an evening underperformer with a drop of roughly 9% to just above $21 in New York trading. ^[12]
QuiverQuant: “D‑Wave Quantum Inc. Stock (QBTS) Opinions on Q3 Earnings and Recent Developments” – A social‑media sentiment roundup summarizing discussion on X (Twitter) around Q3 earnings, a European contract, rumored U.S. funding, warrant redemption and insider sales. ^[13]

Together, these headlines framed today’s move as a collision of fundamental concern (losses and liquidity), technical breakdown, heavy speculative positioning and mixed institutional/insider signals.

Earnings overhang: Q3 2025 results still define the narrative

Although D‑Wave reported Q3 results back on 6 November 2025, commentary published today repeatedly referenced those numbers as the backdrop for the latest sell‑off.

What D‑Wave reported

According to coverage from European financial media and U.S. earnings summaries:

Revenue: Around $3.7–3.74 million in Q3 2025, roughly doubling year over year from about $1.9 million. ^[14]
Earnings per share (EPS): A loss of about $0.41 per share versus a loss of roughly $0.11 per share in the prior‑year quarter — meaning the loss widened even as revenue climbed. ^[15]
Next catalyst: finanzen.net notes that D‑Wave is expected to report Q4 2025 results around 10 April 2026, keeping a clear date on the calendar for the next major earnings update. ^[16]

An FX Leaders write‑up today emphasized that the loss was deeper than many traders anticipated and portrayed the quarter as evidence of “persistent structural flaws” in the business model, despite the impressive top‑line growth. It also pointed out that the stock has now fallen more than half from mid‑October highs near $46, turning key moving averages into resistance. ^[17]

Social‑media analysis from QuiverQuant painted a more nuanced picture: many retail investors are excited by triple‑digit revenue growth and by news of a €10 million European deal and rumored U.S. government funding, while others worry that the growth is still too small relative to D‑Wave’s valuation and ongoing losses. ^[18]

Warrant redemption deadline: overhang passes, but pressure lingers

A big part of the current story is D‑Wave’s public warrant structure:

On 13 November 2025, D‑Wave issued a press‑room reminder that public warrant holders faced an upcoming redemption deadline, effectively forcing them to either exercise their warrants into common stock or risk losing them. ^[19]
That deadline fell on 19 November 2025, and several European articles today explicitly frame “wichtige Frist abgelaufen” (“important deadline expired”) as a key reason the stock continues to experience heavy selling. ^[20]

Mechanically, forced warrant exercises:

Increase the free‑float share count as warrants convert into common stock.
Often lead to short‑term selling, either from new shareholders who immediately flip their shares or from hedged positions being unwound.
Bring in cash to the company, but also raise questions about the sustainability of its capital structure if more fund‑raising is needed down the line.

FX Leaders today interprets the forced redemption as a signal of liquidity strain, arguing that the move heightened investor anxiety rather than calming it. ^[21]

Insider activity: CFO’s planned 500,000‑share sale draws attention

Adding to jitters, a Reuters‑sourced note on TradingView reported that CFO John M. Markovich filed a Form 144 with the U.S. SEC on 20 November 2025, indicating an intention to sell up to 500,000 restricted shares of D‑Wave Quantum. ^[22]

Key points from that filing:

The sale is to be conducted under a pre‑arranged Rule 10b5‑1 trading plan, meaning orders are scheduled in advance rather than timed opportunistically. ^[23]
Form 144 filings allow insiders to sell their shares over a 90‑day window after the form is filed.

While 10b5‑1 plans are standard corporate practice, optics matter:

Today’s QuiverQuant sentiment summary notes that the warrant redemption and recent insider selling have become a hot topic on X, with some traders viewing them as signals that insiders are taking advantage of earlier rallies to de‑risk. ^[24]
MarketBeat’s institutional‑ownership article separately highlights insider stock sales by directors earlier in the fall, reinforcing the sense that management and board members have been trimming stakes into strength. ^[25]

Short interest: still elevated, even after a pullback

Despite today’s heavy selling, one data point offers a slightly different twist: short interest is high, but falling.

Benzinga’s “What Does the Market Think About D‑Wave Quantum Inc?” article, published at midday today, reports that: ^[26]

Shares sold short: Roughly 43.3 million QBTS shares are currently sold short.
As a percentage of float: About 12.8% of the freely tradable share count, down 7.18% from the previous report.
Days to cover: Around 1.0 trading day based on recent volume.
Peer comparison: The average short interest in D‑Wave’s peer group is about 10.1% of float, meaning D‑Wave remains more heavily shorted than most comparable names.

What this means in practice:

The elevated short interest underscores ongoing skepticism about D‑Wave’s valuation and business model.
The recent decline in short interest suggests that at least some bears have taken profits or reduced exposure after the recent plunge from the mid‑$40s.
With such high trading volumes, “days to cover” is low, reducing the odds of an immediate high‑velocity short squeeze but keeping the stock in the crosshairs of fast‑money traders.

Institutional buying vs. insider selling: mixed ownership signals

The market’s message is not uniformly bearish.

Intech boosts its stake

A MarketBeat article today titled “Intech Investment Management LLC Has $2.87 Million Stake in D‑Wave Quantum Inc. $QBTS” reveals that: ^[27]

Intech Investment Management LLC increased its QBTS position by roughly 282% in Q2, bringing its holdings to about 195,885 shares — roughly 0.07% of the company.
Several other institutions (including smaller advisers and regional banks) initiated or expanded positions in D‑Wave during the same period.
In total, around 42–43% of D‑Wave’s stock is now owned by institutional investors and hedge funds.

This suggests that not all professional money is heading for the exits; some long‑only managers continue to treat D‑Wave as a high‑risk, high‑reward growth story worth a speculative allocation.

Analyst ratings and price targets

That same MarketBeat piece also summarizes Street research: ^[28]

Multiple firms (including Piper Sandler, Cantor Fitzgerald and Rosenblatt Securities) have raised their price targets over recent months, in some cases into the $30–$40 range.
The article cites 11 Buy ratings, one Hold and one Sell, for an overall “Moderate Buy” consensus and an average target price around the high‑$20s.

Meanwhile, brokerage platform eToro shows: ^[29]

An average analyst price target near $38.75,
and an aggregate “Strong Buy” consensus from eight analysts in the last three months.

Taken together, the sell‑side community remains broadly bullish on D‑Wave’s long‑term prospects, even as the stock sells off sharply in the short term.

Valuation check: big market cap, small revenue

Part of what makes D‑Wave so controversial is the gap between its market valuation and its current business scale.

From recent aggregates on eToro and other data providers: ^[30]

Market capitalization: Around $8.2 billion.
Trailing 12‑month revenue: Roughly $24 million, implying a price‑to‑sales multiple in the hundreds.
Earnings: Negative, with a P/E ratio around –17 and EPS near –$1.35.

European coverage today repeatedly highlights that, even after the recent crash, D‑Wave is still far above its 52‑week low near $1.5 and well below its 52‑week high around $46.8, underscoring just how violent the 2025 roller‑coaster has been. ^[31]

This combination — tiny revenue base, negative earnings, but multi‑billion‑dollar valuation — is a key reason the stock attracts:

Growth‑oriented speculative buyers, who focus on the upside if D‑Wave’s quantum technology becomes widely commercialized, and
Fundamental short sellers, who argue that current prices discount years of execution perfection.

Quantum computing sector context: “Quantum‑computing crash” and watchlist status

Today’s coverage does not view D‑Wave in isolation.

Part of a broader “quantum‑computing crash”

Finanzen.net explicitly labels the recent move a “Quantum‑Computing‑Crash”, arguing that the current market correction is hitting high‑multiple quantum names much harder than the broader tech sector. The article cites: ^[32]

Fading investor patience with lofty AI and quantum stories that lack near‑term cash flow,
Macro‑economic uncertainty, and
A shift in market focus from “big promises” to demonstrable, profitable business models.

D‑Wave is cited as exemplifying this shift: technologically respected, but punished as long as it cannot demonstrate a credible path to profitability.

Still a top quantum stock to watch

At the same time, MarketBeat’s “Quantum Computing Stocks To Add to Your Watchlist – November 20th” highlights D‑Wave alongside IonQ (IONQ) and Quantum Computing Inc. (QUBT) as the quantum names with the highest recent dollar trading volume. ^[33]

The article notes that:

These stocks are inherently speculative,
They may offer significant long‑term upside if quantum breakthroughs translate into commercial revenue,
But they also carry elevated risk from long development timelines, heavy R&D spending and uncertain monetization.

For D‑Wave specifically, MarketBeat reiterates the company’s product stack:

Advantage – its fifth‑generation quantum annealing system,
Ocean – a suite of open‑source Python tools,
Leap – a cloud service providing real‑time access to live quantum hardware and hybrid solvers. ^[34]

What traders and social media are saying today

QuiverQuant’s X‑based sentiment summary, published early this afternoon, captures the tone among active traders: ^[35]

Bullish voices emphasize:
- Revenue almost doubling year over year,
- Growing deal flow, including a €10 million European contract,
- and potential government‑funded quantum programs involving D‑Wave.
Skeptics highlight:
- The widening net loss,
- The warrant redemption as a possible sign of liquidity stress,
- and the CFO’s planned stock sale, along with earlier insider selling, as reasons to question management’s confidence at current prices.

On TradingView, community posts flagged by the platform point to: ^[36]

Bearish technical readings, such as a large “head‑and‑shoulders” top pattern and heavy distribution across the quantum‑stock space (including QBTS, IONQ and RGTI).
Optimistic counter‑takes that still see D‑Wave as a leader in quantum annealing, with some users sketching long‑term breakout scenarios if the company can hold key support zones and re‑ignite momentum.

In short, sentiment is extremely polarized: D‑Wave remains one of the most hotly debated small‑cap tech stocks on both professional and retail trading platforms.

Company pipeline and recent non‑financial news

Even amid market turbulence, D‑Wave continues to generate technology and partnership headlines:

From the company’s own newsroom over the last few weeks: ^[37]

November 13, 2025 – Warrant Redemption Reminder: The company reminded public warrant holders of the impending redemption deadline (now passed), central to today’s overhang discussions.
November 10, 2025 – SC25 Showcase: D‑Wave announced plans to showcase advanced hybrid quantum technologies at the SC25 supercomputing conference.
November 6, 2025 – Q3 Results: The official earnings release summarizing the quarter’s performance and emphasizing rapid revenue growth and customer traction.
November 5, 2025 – BASF Proof‑of‑Concept: D‑Wave and BASF reported completion of a proof‑of‑concept project that demonstrated an efficiency benchmark in manufacturing optimization.
November 3, 2025 – Advantage2 for U.S. Government: The company said its Advantage2 quantum computer is now available for U.S. government applications in partnership with Davidson Technologies.

These announcements support the strategic narrative that D‑Wave is moving from research into real enterprise and government use cases, even though the financial impact is still small in absolute dollar terms.

What today’s move means for D‑Wave Quantum investors

The following is commentary and not financial advice. Always do your own research and consider consulting a licensed advisor before making investment decisions.

With QBTS now trading in the low‑$20s, down sharply from both its recent mid‑$40s peak and its pre‑rally levels earlier in 2025, investors face a classic high‑growth, high‑risk decision:

For speculative growth investors

The bull case rests on:
- Rapid revenue growth and growing enterprise/government traction,
- D‑Wave’s position as a commercial pioneer in quantum annealing,
- and analyst price targets that still sit well above today’s price, often in the $30–$40+ range. ^[38]
Today’s drop could be seen as bringing the stock closer to those targets, compressing some of the earlier froth and potentially offering a more attractive entry point for those with a very long time horizon and high risk tolerance.

For risk‑averse or valuation‑focused investors

The bear case emphasizes:
- A market cap above $8 billion on sub‑$25 million of revenue,
- Deep, persistent losses and a reliance on the capital markets,
- Heavy short interest,
- and the optics of multiple insider and planned insider sales amidst a “quantum‑computing crash” narrative. ^[39]
From this lens, today’s move is less a bargain and more a reminder of how quickly sentiment can flip in speculative tech, especially as investors demand hard evidence of sustainable business models.

Practical considerations

Regardless of stance, today’s action underscores a few practical points:

Expect extreme volatility. Daily swings in the high single or double digits have become common for QBTS. Position sizing and risk management are critical.
Watch upcoming catalysts. The next major known event is likely Q4 2025 earnings around 10 April 2026, along with any new large contract announcements or government‑funding news. ^[40]
Monitor dilution and capital structure. With warrants now redeemed and insiders filing for additional sales, the evolution of D‑Wave’s balance sheet will be an important driver of long‑term shareholder returns.

Bottom line

On 20 November 2025, D‑Wave Quantum’s stock:

Closed down roughly 12–13% near $20.5,
Extended a multi‑week slide from October’s euphoric highs in the mid‑$40s,
And came under pressure from a combination of deeper‑than‑hoped losses, warrant‑related technical selling, a high‑profile CFO sale filing and lingering short‑seller skepticism. ^[41]

At the same time, analysts remain broadly positive, some institutions are still adding, and D‑Wave continues to publish technology and partnership wins that could prove meaningful over a longer horizon. ^[42]

Whether today marks capitulation or simply another step in a volatile repricing, QBTS remains one of the market’s clearest examples of the tension between future‑promise narratives and present‑day financial reality in the quantum‑computing space.

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