D-Wave Quantum (QBTS) officially began trading on Nasdaq on July 27, 2026, after completing its voluntary transfer from the New York Stock Exchange. CEO Dr. Alan Baratz and the management team rang the Opening Bell at the Nasdaq MarketSite in Times Square to mark the occasion.
The stock opened at $16.23 on Monday. QBTS closed at $16.21 on Friday, and is down 38% year-to-date. The 12-month range sits between $12.75 and $46.75.
To complete the transfer, D-Wave filed a Form 25 to withdraw from the NYSE and a Form 8-A to register on Nasdaq. Trading on the NYSE ended after the July 24 close, with Nasdaq trading kicking off July 27 under the existing ticker.
The move is administrative in nature. It does not include new financial results, a capital raise, or any change to the company’s share structure.
The Nasdaq listing may improve the company’s visibility among tech-focused investors, but it does not alter D-Wave’s revenue, cash flow, or demand for its quantum systems.
D-Wave describes itself as the only dual-platform quantum computing company, offering both annealing and gate-model systems. The Nasdaq transfer, it says, marks the start of its “next stage of growth.”
Institutional interest has been ticking up. Allspring Global Investments raised its position by 319.3% in Q1, adding 75,198 shares for a total of 98,747. Several other funds also added to positions in Q4.
On the insider side, CEO Alan Baratz sold 687,627 shares on June 8 at an average of $26.13, reducing his position by 17.25%. VP Sophie Ames sold 23,025 shares in May at $18.98. Insiders have sold a combined $35.7 million worth of stock over the past three months.
The exchange move is done. Now all eyes turn to the August 6 earnings report.
In Q1, D-Wave reported EPS of -$0.05, beating the -$0.08 consensus estimate. Revenue came in at $2.86 million, missing the $4.19 million estimate and down 80.9% year-over-year.
Investors will be looking for signs that commercial activity is picking up — revenue, bookings, customer wins, and cash burn will all be in focus.
Analysts remain bullish. The stock holds a Strong Buy consensus from 13 analyst ratings, with 12 Buys and 1 Hold. The average price target is $38.27, implying roughly 135% upside from current levels.
Canaccord Genuity has a $41 target. Rosenblatt and Cantor Fitzgerald both sit at $43. Mizuho raised its target from $29 to $35 in June with an Outperform rating.
D-Wave’s market cap currently sits at $6.01 billion, with a debt-to-equity ratio of 0.03 and a beta of 2.11.
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