SEC Filing Analysis: D-Wave Quantum Inc. (QBTS)

Executive Summary

• Trading Significance: Low
• Key Takeaway: D-Wave Quantum's CEO, Alan Baratz, has filed a Form 144 indicating an intent to sell 168,102 shares of common stock, valued at approximately $3.9 million.
• Market Impact: The transaction is considered routine and is unlikely to have a material impact on the stock price due to its small size relative to the company's market capitalization and shares outstanding.

Company Information

Field	Value
Company	D-Wave Quantum Inc.
Ticker Symbol	QBTS
CIK	0001907982
Industry	SERVICES-COMPUTER PROCESSING & DATA PREPARATION

Insider Information

Field	Value
Name	Alan Baratz
CIK	0001098231
Title/Position	CEO
Relationship	Affiliate, Officer

Transaction Details

Field	Value
Form Type	144
Transaction Date	2025-11-13 (Approximate Sale Date)
Transaction Code	Not Applicable (Proposed Sale)
Security Type	Common Stock
Shares Involved	168,102
Price Per Share	$23.17 (Approximate)
Total Value	$3,895,664
Shares Owned After	Not Disclosed
Ownership Type	Not Disclosed

Financial Impact Assessment

Transaction Materiality

Metric	Value
Transaction Value	$3,895,664
% of Market Cap	0.042%
Shares Transacted	168,102
% of Shares Outstanding	0.050%
Post-Transaction Ownership	Not Disclosed
Materiality Assessment	Low

Impact Evaluation

• Market Cap Context: The proposed sale of ~$3.9M is minor when compared to D-Wave Quantum's substantial $9.24 billion market capitalization. Such transactions are typical for executives at large-cap companies for personal financial management.
• Transaction Significance: The sale represents just 0.042% of the market cap and 0.050% of shares outstanding. Both metrics are well below the thresholds for moderate or high significance, indicating a low market impact.

Market Impact Analysis

Stock Impact Prediction

• Direction: Neutral
• Reasoning: The size of the proposed sale is immaterial relative to the company's overall market value and daily trading volumes. It is unlikely to be interpreted by the market as a change in the insider's outlook on the company's future.

Volume & Sentiment

• Expected Volume Impact: Negligible. The number of shares is small enough to be absorbed by the market without a noticeable effect on trading volume.
• Sentiment Indicator: Neutral. Form 144 filings are notices of intent and are common for executives. This transaction does not signal a strong bullish or bearish stance.

Additional Context

Transaction Notes

• Filing Type: A Form 144 is a notice of proposed sale of securities. It is not a confirmation that the sale has been executed, but that it may occur on or after the approximate sale date.
• Prior Activity: The filing notes that the insider also sold 31,369 shares for ~$1.4M in the preceding three-month period, suggesting a pattern of periodic, planned dispositions.