Every Form 4 that D-Wave Quantum Inc. (QBTS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A Form 4 covers the transactions officers, directors and large holders report, so if you follow QBTS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full QBTS filings page.
D-Wave Quantum Inc.'s EVP, Chief Legal Officer & GC, Diane Nguyen, reported two sales of common stock. On January 13, 2026, she sold 20,000 shares at a weighted average price of $28.8579 per share, executed automatically under a Rule 10b5-1 trading plan adopted on August 14, 2025. On January 14, 2026, she sold 4,519 shares at a weighted average price of $28.0623 per share to cover statutory tax withholding on vesting restricted stock units, under a mandated “sell to cover” arrangement.
Following these transactions, Nguyen beneficially owns 539,589 shares of common stock, which includes 207,921 unvested restricted stock units and 799 shares acquired through the company’s employee stock purchase plan for the June 1, 2025 to November 30, 2025 purchase period.
D-Wave Quantum Inc. (QBTS) Chief Financial Officer John M. Markovich reported an automatic sale of 9,179 shares of common stock on January 14, 2026. The shares were sold at a weighted average price of $28.0623 per share in multiple trades within a price range of $27.68 to $28.37.
The filing explains that this was a mandatory “sell to cover” transaction to satisfy statutory tax withholding obligations triggered by the vesting of restricted stock units, and it did not represent a discretionary trade by the CFO. After this tax-related sale, Markovich beneficially owned 1,462,133 shares of common stock, which includes 496,542 unvested restricted stock units.
D-Wave Quantum Inc. President & CEO Alan E. Baratz reported a tax-related share sale. On 01/14/2026, he sold 35,013 shares of D-Wave Quantum Inc. Common Stock at a weighted average price of $28.0623 per share. According to the disclosure, these shares were sold solely to cover statutory tax withholding obligations arising from the vesting of restricted stock units, under a mandatory “sell to cover” election in the company’s equity incentive plans, and do not represent a discretionary trade by him.
Following this transaction, Baratz beneficially owned 2,598,150 shares of Common Stock, which includes 649,244 shares underlying unvested restricted stock units.
D-Wave Quantum Inc. President & CEO Alan Baratz, who is also a director, reported option exercises and share sales in the company’s stock. On 12/22/2025 he exercised a stock option to acquire 793,712 shares of common stock at an exercise price of $0.91 per share, then sold 793,712 shares of common stock on the same date at a weighted average price of $30.1282 per share in multiple trades. After these transactions, he beneficially owned 2,633,163 shares of common stock, including 735,087 shares underlying unvested restricted stock units. Following the exercise, 474,395 stock options from the exercised grant and an additional fully vested option for 213,232 shares remained outstanding. The filing states that the option exercise and sale were carried out under a Rule 10b5-1 trading plan adopted on August 11, 2025.
D-Wave Quantum Inc.'s Chief Financial Officer, John M. Markovich, reported an option exercise and share sale. On 12/22/2025, he exercised 100,000 stock options for Common Stock at an exercise price of $0.92 per share and acquired the same number of shares. That same day, he sold 100,000 shares of Common Stock at a weighted average price of $30.0262 per share in multiple trades between $30.00 and $30.12.
After these transactions, Markovich beneficially owned 1,471,312 shares of Common Stock, which includes 518,417 unvested restricted stock units. He also held 207,926 fully vested options with a $0.92 exercise price expiring on 08/20/2031 and 120,826 fully vested options with a $0.846 exercise price expiring on 01/10/2034. The option exercise and sale were carried out under a Rule 10b5-1 trading plan adopted on August 21, 2025.
D-Wave Quantum Inc. director Rohit Ghai reported selling 10,000 shares of common stock on 12/15/2025 at a weighted average price of $24.2841 per share, in multiple transactions at prices ranging from $23.60 to $26.55, inclusive.
The sale occurred automatically under a Rule 10b5-1 trading plan adopted on June 13, 2025. Following this transaction, he beneficially owns 37,778 shares, which include 14,260 shares of unvested restricted stock units, all reported as directly owned.
D-Wave Quantum Inc. executive Diane Nguyen, EVP, Chief Legal Officer & General Counsel, reported selling 2,733 shares of common stock on December 15, 2025 at a weighted average price of $23.8944 per share.
The report explains that this sale was required to cover statutory tax withholding tied to the vesting of restricted stock units under the company’s equity incentive plans and does not represent a discretionary trade by Nguyen.
After this transaction, Nguyen beneficially owned 563,309 shares of D-Wave Quantum common stock, which includes 218,256 shares underlying unvested restricted stock units.
D-Wave Quantum Inc. reported an insider transaction by its Chief Financial Officer, John M. Markovich. On 12/15/2025, he sold 11,562 shares of common stock in a transaction used to cover statutory tax withholding triggered by the vesting of restricted stock units. The company notes this was mandated under its equity incentive plans and was not a discretionary trade by the CFO.
The weighted average sale price was $23.8944 per share, with individual trades ranging from $23.8208 to $23.9002. After this tax-related sale, Markovich beneficially owned 1,471,312 shares of the company’s common stock, including 518,417 shares subject to unvested restricted stock units.
D-Wave Quantum Inc. (QBTS) director reported an automatic sale of Common Stock. On 12/05/2025, the reporting person sold 8,000 shares of D-Wave Quantum Inc. common stock at a weighted average price of $27.3612 per share, in multiple trades between $26.28 and $28.62. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan adopted on June 15, 2025, which is designed to systematically sell shares according to preset instructions. Following this sale, the director beneficially owns 27,803 shares of common stock, which includes 14,260 unvested restricted stock units.
D-Wave Quantum Inc. director transaction: A board member reported selling 7,000 shares of D-Wave Quantum Inc. common stock on 12/03/2025 at a price of $22.62 per share. After this sale, the reporting person beneficially owns 112,673 shares of common stock, which includes 14,260 shares of unvested restricted stock units.
D-Wave Quantum Inc. reported insider transactions by its Chief Financial Officer, John M. Markovich. On December 3, 2025, he exercised stock options to acquire 100,000 shares of common stock at an exercise price of $0.92 per share and sold 100,000 shares of common stock at a weighted average price of $25.05. On December 4, 2025, he again exercised options for 100,000 shares at $0.92 and sold 100,000 shares at a weighted average price of $27.56. These trades were made under a Rule 10b5-1 trading plan adopted on August 21, 2025. After the reported transactions, he beneficially owns 1,482,874 shares of common stock, including 545,315 unvested restricted stock units and multiple stock option awards with exercise prices of $0.92 and $0.846 per share.
D-Wave Quantum Inc. (QBTS) director John D. DiLullo filed a Form 4 reporting a change in his holdings of the company’s common stock. On 11/21/2025, he reported a transaction coded "G," indicating a gift of 492 shares of common stock at a reported price of $0 per share. After this transaction, he beneficially owns 35,803 shares of D-Wave Quantum common stock.
The filing notes that this remaining position includes 14,260 unvested restricted stock units, which are rights to receive shares in the future subject to vesting conditions. The form is filed as an individual filing by one reporting person in his capacity as a director of the company.
D-Wave Quantum Inc. (QBTS) Chief Financial Officer John M. Markovich reported an option exercise and share sale involving the company’s common stock. On 11/20/2025 he exercised a stock option to acquire 200,000 shares of common stock at an exercise price of $0.92 per share, then sold 200,000 shares of common stock on the same date at a weighted average price of $22.94 per share, in multiple transactions.
The filing states that the option exercise and sale were effected under a Rule 10b5-1 trading plan adopted on August 21, 2025. After these transactions, he beneficially owns 1,482,874 shares of common stock, including 545,315 unvested restricted stock units, held directly. He also holds fully vested stock options exercisable for 707,926 shares at $0.92 per share (expiring 08/20/2031) and options exercisable for 120,826 shares at $0.846 per share (expiring 01/10/2034).
D-Wave Quantum Inc. director reports small stock purchase
A director of D-Wave Quantum Inc. (QBTS) reported buying 82 shares of common stock on 11/18/2025 at a price of $21.89 per share. These shares are held indirectly through the director's spouse.
After this transaction, the director reports 19,837 shares held directly, which includes 17,978 unvested restricted stock units, and 118,840 shares held indirectly through the West-Karam Family Trust, where the director is trustee and a beneficiary. The director formally disclaims beneficial ownership of the shares held by the spouse for certain legal purposes.
D‑Wave Quantum (QBTS) reported an insider transaction by its EVP, Chief Legal Officer & GC. On 11/13/2025, the officer sold 20,000 shares of common stock at a weighted average $23.6641 under a Rule 10b5‑1 plan adopted on August 14, 2025. The filing also notes a separate sale of 2,803 shares to cover taxes upon RSU vesting at a weighted average $23.1744.
Following these transactions, the reporting person beneficially owned 566,042 shares, which includes 224,613 unvested RSUs. Price ranges were disclosed as $23.00–$25.26 for the 20,000-share sale and $23.00–$23.435 for the sell‑to‑cover.
D-Wave Quantum Inc. (QBTS) insider activity: On 11/13/2025, President & CEO and Director Alan Baratz sold 168,102 shares of Common Stock in a mandated “sell to cover” related to RSU vesting to satisfy statutory tax withholding. The weighted average sale price was $23.1744, with trades between $23.00 and $23.435. Following the transaction, he beneficially owned 2,633,163 shares, which includes 735,087 unvested restricted stock units.
D-Wave Quantum (QBTS) filed a Form 4 for its CFO, John M. Markovich. On 11/13/2025, he sold 98,060 shares of Common Stock at a weighted average price of $23.1744. The filing states the sale was a mandated “sell to cover” to satisfy statutory tax withholding upon RSU vesting and was not a discretionary trade.
Following the transaction, he beneficially owns 1,482,874 shares, which include 545,315 unvested restricted stock units. Ownership is reported as direct.
D-Wave Quantum (QBTS) reported an insider transaction by President & CEO and director Alan Baratz. On 11/11/2025, he exercised stock options for 806,288 shares at $0.91 and sold 806,288 shares at a weighted average price of $28.8686 under a Rule 10b5-1 trading plan adopted on August 11, 2025. The sales occurred in multiple trades between $28.00 and $30.02.
Following the transactions, Baratz directly beneficially owned 2,801,265 shares, which includes 1,110,087 unvested restricted stock units. Derivative holdings reported after the transactions include options for 1,268,107 shares at $0.91 expiring on 05/05/2030, and options for 213,232 shares at $0.846 expiring on 01/10/2034.