Executives at two quantum computing companies have sold millions of dollars worth of stock in recent weeks, following a surge in share prices tied to federal funding news.
Pranav Gokhale, Chief Technology Officer and co-founder of Infleqtion, sold 120,000 shares on June 4 at an average price of $17.73, bringing in roughly $2.1 million. After the sale, he still held more than 2.2 million shares, valued at around $37.6 million at the June 4 closing price of $16.95.
The sale represented just 5.13% of his direct holdings. There were no derivative transactions involved, and this was his only open-market sale in the recent period.
Infleqtion went public in February at $14.25 per share. The stock climbed to $19.87 on June 2, just days before Gokhale’s sale, after the U.S. Department of Commerce awarded the company $100 million in funding on May 21.
Infleqtion reported first quarter revenue of $9.5 million, up 14% year over year. The company posted a net loss of $30.3 million in Q1 but held $569 million in cash and securities.
At D-Wave Quantum, CFO John Markovich sold 328,752 shares on May 22 for roughly $9.1 million. That same day, he converted restricted stock units to acquire 536,678 shares of common stock. He then sold an additional 2,908 shares on June 2 for just over $90,000.
On June 8, Markovich sold more shares at a weighted average price of $26.24, bringing in approximately $1.34 million. After all transactions, he directly owned 1,388,863 shares, including 420,872 unvested restricted stock units.
D-Wave CEO Alan Baratz sold shares on June 8 at a weighted average price of $26.13, collecting nearly $18 million. He retained 3,299,771 shares after the sale, including over 1.27 million unvested restricted stock units.
D-Wave has more than 360 million shares outstanding. Infleqtion has 218 million. The amounts sold by insiders are small fractions of each company’s total float.
The sales followed the May 21 announcement of a $2 billion federal quantum computing funding package, which triggered a broad rally in quantum stocks.
Gokhale’s sale also came on the same day Quantinuum made its trading debut, on June 4.
Quantum computing stocks continue to trade largely on sentiment and policy news rather than commercial revenue. Both companies are still in early stages of commercial adoption of their technologies.
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