D-Wave Quantum

QBTS • NYSE

D-Wave Quantum is a computer hardware company in the technology sector on NYSE, led by Alan Baratz, with a market cap of $10.3B. As of Q3 2025, 52% of shares are held by 439 institutional investors, with VANGUARD GROUP INC as the largest holder at 11.24%.

President & Chief Executive OfficerAlan Baratz

Market Cap$10.3B

Computer Hardware

Technology

Employees200.0

Websitedwavesys.com

Country

United States of America

Overview

Overview of institutional ownership in QBTS as of Q3 2025 with a market cap of $8.5B

All Institutions

Institutions: 439
Value Held: $4.4B
Shares Held: 176.7M
Avg Position: $10.0M
Median Position: $456.6K

Hedge Funds

Hedge Funds: 33
Value Held: $247.7M
Shares Held: 10.0M
Avg Position: $7.5M
Median Position: $1.2M

Ownership Breakdown

Institutional (non-HF)

48.77%

$4.1B

Hedge Funds

2.93%

$247.7M

Retail & Other

48.3%

$4.1B

Based on market cap of $8.5B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in QBTS as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$950.2M 0.01% of portfolio	11.24% 38.5M shares	Q4 2022 Held for 2y 11m	$6.69T
B BlackRock, Inc. Institution	-	$647.4M 0.01% of portfolio	7.66% 26.2M shares	Q4 2022 Held for 2y 11m	$5.67T
D D. E. Shaw & Co., Inc. Institution	-	$337.3M 0.29% of portfolio	3.99% 13.6M shares	Q4 2024 Held for 11 months	$115.81B
UBS Group AG Institution	Sergio P. Ermotti CEO	$298.7M 0.06% of portfolio	3.53% 12.1M shares	Q4 2023 Held for 1y 11m	$511.54B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$186.8M 0.01% of portfolio	2.20% 7.5M shares	Q4 2022 Held for 2y 11m	$1.57T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$180.9M 0.01% of portfolio	2.14% 7.3M shares	Q4 2022 Held for 2y 11m	$2.88T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$156.7M 0.01% of portfolio	1.85% 6.3M shares	Q3 2022 Held for 3y 2m	$1.65T
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$133.6M 0.01% of portfolio	1.58% 5.4M shares	Q3 2023 Held for 2y 2m	$1.33T
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	Robert W Sharps President	$113.2M 0.01% of portfolio	1.34% 4.6M shares	Q3 2024 Held for 1y 2m	$912.31B
U UNICOM Systems, Inc. RIA/Wealth	Paul Thurman Scoggins Managing Partner	$77.1M 7.99% of portfolio	0.91% 3.1M shares	Q4 2024 Held for 11 months	$964.8M

Net Capital Flow

Institutional buying and selling activity for QBTS in Q3 2025

Net Flow: +$592.0M
Buyers: 179
Sellers: 119
Total Bought: +$1.2B
Total Sold: −$594.4M
Avg Position: $12.5M

Biggest Buyers

Institution	Net Bought	Current Position
VANGUARD GROUP INC Institution	+$277.2M +11.2M shares	$950.2M 38.5M shares
UBS Group AG Institution	+$252.2M +10.2M shares	$298.7M 12.1M shares
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	+$92.5M +3.7M shares	$113.2M 4.6M shares
B BlackRock, Inc. Institution	+$73.5M +3.0M shares	$647.4M 26.2M shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	+$50.6M +2.0M shares	$71.8M 2.9M shares
MORGAN STANLEY RIA/Wealth	+$48.3M +2.0M shares	$156.7M 6.3M shares
DRIEHAUS CAPITAL MANAGEMENT LLC Hedge Fund•Event Driven	+$30.5M +1.2M shares	$60.4M 2.4M shares
FMR LLC Institution	+$29.4M +1.2M shares	$32.3M 1.3M shares
GEODE CAPITAL MANAGEMENT LLC ETF Provider	+$27.7M +1.1M shares	$186.8M 7.5M shares
H HRT FINANCIAL LLC Institution	+$26.6M +1.1M shares	$33.5M 1.4M shares

Biggest Sellers

Institution	Net Sold	Current Position
BANK OF AMERICA CORP /DE/ Institution	−$230.4M −9.3M shares	$133.6M 5.4M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$52.5M −2.1M shares	$274.5K 11.1K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	−$45.4M −3.1M shares	Sold Off 0 shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$38.0M −1.5M shares	$55.7M 2.3M shares
M Man Group plc Institution	−$35.4M −1.4M shares	$9.4M 380.6K shares
J JANE STREET GROUP, LLC Institution	−$29.6M −1.2M shares	$344.1K 13.9K shares
G GROUP ONE TRADING, L.P. Institution	−$19.5M −789.1K shares	$4.3M 173.7K shares
R ROYAL BANK OF CANADA Institution	−$14.3M −577.7K shares	$20.9M 845.9K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$9.5M −382.5K shares	$15.7M 634.5K shares
S SG Americas Securities, LLC Institution	−$9.3M −377.8K shares	$14.9M 602.3K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited QBTS in Q3 2025

New Positions: 117
New Value: $72.5M
Exited Positions: 30
Exited Value: $71.1M

New Positions

Institution	Position Value
E Erste Asset Management GmbH Institution	$15.2M 601.4K shares
M MACQUARIE GROUP LTD Institution	$14.8M 598.1K shares
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$4.0M 163.2K shares
Voleon Capital Management LP Hedge Fund•Quant	$3.9M 157.2K shares
B BANQUE PICTET & CIE SA Institution	$2.1M 85.0K shares
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$1.8M 73.7K shares
DIMENSIONAL FUND ADVISORS LP Long Only Manager	$1.4M 56.9K shares
Mutual Advisors, LLC RIA/Wealth	$1.3M 43.3K shares
W WCG Wealth Advisors LLC Institution	$1.3M 53.2K shares
Q Qsemble Capital Management, LP Hedge Fund•Quant	$1.2M 48.0K shares

Exited Positions

Institution	Previous Position
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	$45.4M 3.1M shares
Hudson Bay Capital Management LP Hedge Fund•Multi-Strategy	$6.3M 431.4K shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	$5.7M 388.6K shares
Davidson Kempner Capital Management LP Hedge Fund•Multi-Strategy	$3.7M 250.0K shares
B BI Asset Management Fondsmaeglerselskab A/S Institution	$2.5M 172.0K shares
BCJ Capital Management, LLC RIA/Wealth	$2.1M 144.0K shares
Cornerstone Advisory, LLP RIA/Wealth	$1.2M 80.5K shares
Aquatic Capital Management LLC Hedge Fund•Quant	$930.2K 63.5K shares
Eqis Capital Management, Inc. RIA/Wealth	$428.0K 29.2K shares
J Jump Financial, LLC Institution	$378.1K 25.8K shares

Options Activity

Institutions with the largest Call and Put options positions in QBTS as of Q3 2025

Call Positions: 25
Call Value: $502.8M
Put Positions: 29
Put Value: $371.1M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$170.9M 69.1K contracts
J JANE STREET GROUP, LLC Institution	$99.2M 40.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$92.1M 37.3K contracts
W WOLVERINE TRADING, LLC Institution	$33.1M 13.1K contracts
D D. E. Shaw & Co., Inc. Institution	$25.0M 10.1K contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$23.9M 9.7K contracts
P PEAK6 LLC Institution	$13.3M 5.4K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$11.3M 4.6K contracts
Walleye Trading LLC RIA/Wealth	$11.2M 4.5K contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$9.1M 3.7K contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$116.1M 47.0K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$93.6M 37.9K contracts
J JANE STREET GROUP, LLC Institution	$60.0M 24.3K contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$15.6M 6.3K contracts
W WOLVERINE TRADING, LLC Institution	$15.1M 6.0K contracts
Walleye Trading LLC RIA/Wealth	$12.1M 4.9K contracts
OZ MANAGEMENT LP Hedge Fund•Multi-Strategy	$12.0M 4.8K contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$11.4M 4.6K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$10.2M 4.1K contracts
M MYDA Advisors LLC Hedge Fund•Long/Short	$5.4M 2.2K contracts

Most Committed Institutions

Institutions with QBTS as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
U UNICOM Systems, Inc. RIA/Wealth	Paul Thurman Scoggins Managing Partner	7.99% $77.1M	0.91% 3.1M shares	Q4 2024 Held for 11 months	$964.8M
SLT Holdings LLC RIA/Wealth	Zachary Stuart Brodt President	3.11% $4.7M	0.06% 191.5K shares	Q1 2025 Held for 8 months	$152.0M
Laidlaw Wealth Management LLC RIA/Wealth	Arthur Jarrod Daponte CFO	2.30% $966.5K	0.01% 39.1K shares	Q3 2023 Held for 2y 2m	$42.0M
Caitong International Asset Management Co., Ltd RIA/Wealth	Dusan Thomas Zachystal CEO	1.64% $2.4M	0.03% 96.2K shares	Q4 2024 Held for 11 months	$144.7M
FLYNN ZITO CAPITAL MANAGEMENT, LLC RIA/Wealth	Douglas Keith Flynn Managing Partner	1.28% $3.5M	0.04% 140.0K shares	Q1 2025 Held for 8 months	$270.7M
Bouvel Investment Partners, LLC RIA/Wealth	Jean Pierre Georges Bouvel Managing Partner	1.12% $3.7M	0.04% 148.3K shares	Q2 2025 Held for 5 months	$326.7M
McGuire Investment Group, LLC RIA/Wealth	Dennis Patrick Mcguire Managing Partner	1.11% $9.8M	0.12% 395.8K shares	Q1 2025 Held for 8 months	$882.6M
V Virtu Financial LLC Institution	-	0.97% $15.8M	0.19% 640.3K shares	Q2 2025 Held for 5 months	$1.6B
Harvest Investment Services, LLC RIA/Wealth	Timothy John Newell CEO	0.77% $3.8M	0.04% 153.1K shares	Q2 2025 Held for 5 months	$490.4M
B Brown Miller Wealth Management, LLC RIA/Wealth	David Alan Miller Founder	0.60% $2.1M	0.03% 86.3K shares	Q1 2025 Held for 8 months	$353.2M

Hedge Fund Spotlight

Discover hedge funds investing in QBTS

Qsemble Capital Management, LP

Hedge Fund • Quant

Portfolio ManagerSteven Hwa Lin

Portfolio Value: $1.0B
Positions: 437
Last Reported: Q3 2025

Sector Allocation

Position in D-Wave Quantum

Market Value: $1.2M
Shares Held: 48.0K
Portfolio Weight: 0.12%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Western Digital WDC	Computer Hardware Technology	$12.2M	1.19%
2 S&P Global SPGI	Financial - Data & Stock Exchanges Financial Services	$11.4M	1.11%
3 Bristol-Myers Squibb BMY	Drug Manufacturers - General Healthcare	$10.6M	1.03%