QBTS Gains 27.2M-Share Vanguard Backing, Schedule 13G Shows

Rhea-AI Filing Summary

The Vanguard Group has filed a Schedule 13G reporting a passive 8.87 % beneficial ownership in D-Wave Quantum Inc. (QBTS) as of 30 June 2025. Vanguard holds 27,236,614 common shares.

• Sole voting power: 0 shares
• Shared voting power: 341,976 shares
• Sole dispositive power: 26,611,698 shares
• Shared dispositive power: 624,916 shares

The position is held for clients “in the ordinary course of business” under Rule 13d-1(b), qualifying for a Schedule 13G (passive) rather than a Schedule 13D (activist). Vanguard is classified as an investment adviser (IA) and does not seek to influence control of the company.

Nearly 9 % institutional ownership from a leading asset manager can enhance float liquidity, raise the company’s profile with analysts, and signal long-term confidence. However, the absence of sole voting rights limits Vanguard’s ability to drive governance changes.

Positive

• Vanguard Group now owns 8.87 % of QBTS, adding a high-profile institutional holder and potentially improving stock liquidity and visibility.

Negative

• Vanguard reports 0 sole voting power, limiting its capacity to influence corporate governance or strategic decisions.

Insights

Portfolio Manager

TL;DR Vanguard’s 8.87 % passive stake boosts liquidity and investor confidence but carries minimal governance leverage.

Vanguard’s purchase of 27.2 M QBTS shares expands institutional ownership, a positive for trading volumes and valuation multiples. Because the stake is disclosed on a 13G, the firm is legally passive, reducing the likelihood of near-term activist pressure. For investors, the entrance of a top index manager suggests QBTS may soon join additional ETFs, potentially widening demand. Rating reflects the constructive liquidity and sentiment benefits.

Corporate Governance Expert

TL;DR Large holding lacks voting power, so corporate influence remains limited; governance impact is neutral.

Vanguard reports zero sole voting power and only 342 k shares with shared voting authority, meaning its 8.87 % economic stake does not translate into boardroom influence. Governance practices and strategic direction will remain management-driven unless Vanguard later amends to a 13D or coordinates with other holders. The filing is therefore more a disclosure event than a catalyst for change.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

D-Wave Quantum Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

26740W109

(CUSIP Number)

06/30/2025

(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 341,976.00
7	Sole Dispositive Power 26,611,698.00
8	Shared Dispositive Power 624,916.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

27,236,614.00

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)

8.87 %

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: 27236614
(b)	Percent of class: 8.87 %
(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: 341976
	(iii) Sole power to dispose or to direct the disposition of: 26611698
	(iv) Shared power to dispose or to direct the disposition of: 624916
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:	07/29/2025

FAQ

How many D-Wave Quantum (QBTS) shares does Vanguard own?

Vanguard reports 27,236,614 common shares, representing 8.87 % of outstanding stock.

Is Vanguard’s position in QBTS activist or passive?

The Schedule 13G indicates a passive investment; Vanguard is not seeking to influence control.

What voting power does Vanguard have over QBTS shares?

Vanguard has 0 sole voting power and 341,976 shares with shared voting power.

Why did Vanguard file a Schedule 13G for QBTS?

Ownership exceeded the 5 % threshold, requiring disclosure; the firm qualifies for 13G as an investment adviser under Rule 13d-1(b).

When was Vanguard’s ownership stake effective?

The filing covers ownership as of 30 June 2025 and was signed on 29 July 2025.