D-Wave CFO Sells $4.6M Stock Amid Quantum Computing Surge

November 23, 2025 at 07:07 UTC
4 min read
D-Wave stock surge chart with insider sale, quantum computing sector, D-Wave ticker

Key Points

  • D-Wave Quantum CFO John Markovich exercised 200,000 stock options and sold the shares for approximately $4.6 million in a liquidity event.
  • Post-sale, Markovich retains about 1.48 million shares valued at roughly $30.4 million as of November 20, 2025.
  • D-Wave's shares have surged 597% over the past year, with a current forward price-to-sales ratio near 281, indicating a high valuation.
  • The sale aligns with recent insider activity and reflects profit-taking amid strong market enthusiasm for quantum computing stocks.

Details of CFO's Stock Option Exercise and Sale

On November 20, 2025, John M. Markovich, Chief Financial Officer of D-Wave Quantum (NYSE: QBTS), executed a transaction involving the exercise of 200,000 stock options followed by an immediate open-market sale of the same number of shares. This transaction, valued at approximately $4.6 million based on a weighted average sale price of $22.94 per share, was disclosed in a SEC Form 4 filing. The sale price exceeded the closing market price of $20.41 on November 22, 2025. This structure indicates a liquidity event, converting stock options into cash, rather than a discretionary sale of previously held shares. Since April 2025, Markovich has conducted six sales with a median size of 125,000 shares; this latest sale of 200,000 shares is larger than his recent median and represents about 11.9% of his direct holdings at the time. Following the transaction, Markovich retains 1,482,874 shares, valued at approximately $30.4 million as of the November 20 market close.

D-Wave Quantum's Business Model and Market Performance

D-Wave Quantum specializes in quantum computing hardware, cloud-based quantum access, and supporting software solutions. Its business model combines hardware sales, recurring subscription fees for cloud services, and professional consulting for quantum application development and deployment. The company serves clients across manufacturing, logistics, financial services, and life sciences sectors, providing advanced computational solutions for optimization, artificial intelligence, and modeling challenges. Over the prior 12 months leading up to the transaction, D-Wave's shares have appreciated by 597%, reflecting significant investor enthusiasm for quantum computing technologies. The company’s market capitalization stands at approximately $7.08 billion, with trailing twelve months (TTM) revenue of $24.1 million and a net loss of $398.8 million. Despite the substantial share price gains, D-Wave's valuation remains elevated, with a forward price-to-sales (P/S) ratio near 281, indicating investors are paying a premium for projected revenue growth. For comparison, IonQ, another pure-play quantum computing company, has a forward P/S ratio of about 136, roughly half that of D-Wave.

Context and Interpretation of Insider Selling Activity

The sale by CFO John Markovich is consistent with a pattern of insider selling activity since April 2025, where he has periodically liquidated portions of his holdings. The recent transaction is not viewed as a negative signal by market analysts, given that Markovich continues to hold a substantial stake in the company. His retention of nearly 1.5 million shares suggests confidence in the company’s long-term prospects. The sale appears to be a strategic move to capitalize on the significant appreciation in share price since the stock’s 52-week low of $1.97 reached in November 2024. Market observers note that the quantum computing sector has experienced heightened interest in 2025, contributing to the surge in D-Wave’s stock price. Reports in October 2025 speculated about potential equity investments by the U.S. government in quantum companies, including D-Wave, though these rumors were officially denied by the Commerce Department.

Valuation Considerations and Market Outlook

D-Wave Quantum’s elevated valuation metrics, particularly its forward P/S ratio of approximately 281, highlight the premium investors are willing to pay for exposure to quantum computing innovation. This valuation level suggests that while the stock has delivered exceptional returns over the past year, it may be considered expensive relative to current revenue levels. The company’s hybrid revenue model, combining hardware sales, cloud subscriptions, and professional services, positions it to capitalize on growing enterprise adoption of quantum technologies. However, the high valuation implies that new investors should exercise caution, as the stock price may already reflect optimistic growth expectations. The CFO’s recent stock sale aligns with this perspective, representing a timely opportunity to realize gains amid strong market enthusiasm. D-Wave continues to focus on expanding its developer ecosystem and delivering scalable quantum solutions to industries seeking competitive advantages through advanced computing.

Key Takeaways

  • D-Wave CFO’s $4.6 million stock sale was a liquidity event involving exercised options, not a sale of existing shares.
  • The company’s shares have surged nearly 600% in the past year, driven by growing interest in quantum computing.
  • Despite strong performance, D-Wave’s valuation remains high, suggesting cautious consideration for new investors.

References

  1. 1. https://www.fool.com/coverage/filings/2025/11/22/d-wave-quantum-s-cfo-sold-nearly-usd5-million-in-company-stock-is-this-a-warning-sign-for-shareholders/
  2. 2. https://www.fool.com/coverage/filings/2025/11/22/d-wave-quantum-s-cfo-sold-nearly-usd5-million-in-company-stock-is-this-a-warning-sign-for-shareholders/
  3. 3. https://finance.yahoo.com/m/d4c6ea72-5915-30f2-adcd-5b753f6b6c3d/d-wave-quantum%27s-cfo-sold.html
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