[SCHEDULE 13G/A] D-Wave Quantum Inc. SEC Filing

Rhea-AI Filing Summary

The Vanguard Group filed an amended Schedule 13G reporting passive ownership of common stock of D-Wave Quantum Inc. Vanguard states it beneficially owns 38,454,869 shares, representing 11.35% of the outstanding class, with 0 shares of sole voting power and 2,252,541 shares of shared voting power. Vanguard reports 35,864,890 shares of sole dispositive power and 2,589,979 shares of shared dispositive power, and certifies the holdings are in the ordinary course of business and not for the purpose of changing control. The filing is signed by Ashley Grim on 10/06/2025.

Positive

• Substantial economic stake of 38,454,869 shares ( 11.35% ) signals strong institutional interest
• Filed on Schedule 13G indicating holdings are reported as passive and not intended to change control

Negative

• Limited voting influence reported as 0 sole voting power and only 2,252,541 shared voting power
• Concentration risk: a single institutional holder controls over 11.35% of the class, which could affect liquidity or proxy outcomes

Insights

Institutional Ownership Analyst

Vanguard holds a significant passive stake in D-Wave at just over eleven percent.

Holding 38,454,869 shares or 11.35% makes Vanguard a large institutional holder with meaningful economic exposure but limited unilateral voting control, as it reports 0 sole voting power and only 2,252,541 shared voting votes.

The holdings are reported as passive (Schedule 13G) and certified as held in the ordinary course of business; monitor any future amendments or Schedule 13D filings for changes in intent or increases above passive thresholds over the next 90–180 days.

Corporate Governance Specialist

Large passive stakes can influence governance indirectly through proxy votes and engagement.

Although classified as passive, Vanguard’s combined dispositive power (35,864,890 sole and 2,589,979 shared) gives it substantial economic voice. Shared voting power of 2,252,541 could matter in closely contested votes if other large holders align.

Watch proxy season actions and any public stewardship statements from Vanguard within the next annual meeting cycle to see whether voting alignments shift materially.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

D-Wave Quantum Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

26740W109

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 26740W109

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,252,541.00
7	Sole Dispositive Power 35,864,890.00
8	Shared Dispositive Power 2,589,979.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

38,454,869.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.35 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: D-Wave Quantum Inc
(b)	Address of issuer's principal executive offices: 3033 Beta Ave, Burnaby, A1, V5G 4M9
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 26740W109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 38454869
(b)	Percent of class: 11.35 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 2252541
	(iii) Sole power to dispose or to direct the disposition of: 35864890
	(iv) Shared power to dispose or to direct the disposition of: 2589979
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	10/06/2025

FAQ

What stake does The Vanguard Group report in D-Wave (QBTS)?

The Vanguard Group reports beneficial ownership of 38,454,869 shares, representing 11.35% of D-Wave common stock.

Is Vanguard's filing passive or active for QBTS?

The filing is a Schedule 13G, which indicates Vanguard reports the position as passive and not held to change control.

How much voting power does Vanguard have in QBTS?

Vanguard reports 0 shares of sole voting power and 2,252,541 shares of shared voting power.

Who signed the amended Schedule 13G for Vanguard and when?

The filing was signed by Ashley Grim, Head of Global Fund Administration, on 10/06/2025.

Does Vanguard control disposal of the shares reported for QBTS?

Vanguard reports 35,864,890 shares of sole dispositive power and 2,589,979 shares of shared dispositive power, indicating substantial control over sale decisions.