New York, May 25, 2026, 17:02 (EDT)
• U.S. markets are closed for Memorial Day, with D-Wave last changing hands at $29.40 on Friday.
• The stock surged after news of a possible $100 million CHIPS Act grant that would issue D-Wave shares to the government.
• Next up, investors are watching for details on the final award, any dilution, and D-Wave’s investor day on June 1.
D-Wave Quantum shares head into a short trading week, with Wall Street shut Monday and the recent rally on Washington’s quantum computing news still in focus. The New York Stock Exchange says Memorial Day, May 25, is a market holiday in 2026.
D-Wave shares ended Friday at $29.40, swinging between $25.61 and $31.54 during a turbulent session. Trading volume was about 141.7 million shares. The company’s market cap was near $10.8 billion, market data showed.
Why now matters: the narrative has moved from science to policy. Last week D-Wave said it signed a letter of intent for $100 million in proposed funding from the CHIPS and Science Act. It’s not a done deal yet, just a preliminary agreement. D-Wave would hand over $100 million in common stock to the Commerce Department if the final documents go through.
D-Wave is set to get planned funding out of a bigger U.S. quantum push, the Commerce Department said. The company would get money for both annealing and gate-model superconducting quantum systems. Annealing is used a lot for optimization work, and gate-model systems are what many researchers think is needed for wider-use quantum computing.
D-Wave landed in the same group as IBM, GlobalFoundries and Rigetti Computing. Reuters said IBM will get $1 billion for a quantum chip project, GlobalFoundries is in for $375 million on quantum components, and D-Wave, Rigetti, and Infleqtion each are looking at about $100 million.
D-Wave CEO Alan Baratz said the proposed award is “a transformative moment.” Commerce Secretary Howard Lutnick said the quantum funding will create “thousands of high-paying American jobs.” Bill Frauenhofer, who runs Semiconductor Investment and Innovation, said the incentives would “strengthen and accelerate U.S. quantum leadership.” SEC
D-Wave shares moved last week after a first-quarter report that was all over the board. Bookings climbed to $33.4 million on the back of a $20 million system sale to Florida Atlantic University and a $10 million, two-year quantum service deal with a Fortune 100 firm. But revenue dropped 81%, landing at $2.9 million. A year earlier, the company had a big system sale in its results.
D-Wave reported a bigger net loss for the quarter at $18.4 million, or 5 cents a share, as operating costs climbed. The company said it ended March with $588.4 million in cash and marketable securities. That’s more than most early hardware companies, though D-Wave still faces pressure to convert bookings into revenue.
D-Wave is set for its first investor day on June 1 at the New York Stock Exchange and online. The company said it will go over its tech roadmap, commercial progress, and long-term growth plan. Those topics could see tougher questions after the latest move in the stock.
D-Wave still faces a lot of risk. In its filing, D-Wave said the award needs final paperwork, could be delayed by talks, has to hit project milestones and depends on federal funding. Issuing shares to the government would dilute current holders. The company is still posting low quarterly sales, is in the red, and its valuation rests on hopes quantum tech can reach commercial scale.
Looking to the week ahead, trading will probably depend less on Monday’s market holiday and more on whether investors keep seeing federal backing as a positive signal. If final funding looks more certain, the rally could keep going. Delays, stricter requirements or questions about revenue could give shorts and doubters some new ammo.
