QBTS D-Wave Quantum Inc.
Executive Summary
Three major institutional investors (Vanguard, Fidelity, Morgan Stanley) significantly increased their D-Wave Quantum positions in Q3 2025, adding a combined $674.5M in new holdings. Vanguard alone added $551.5M, bringing its stake to $950.2M. The cluster is dominated by mega-passive managers, which weakens the signal as it may reflect index rebalancing or passive inflows rather than a fundamental thesis.
Key Financial Metrics
Institutional Positions
Net institutional flow: $674.5M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Vanguard | ADD | +41.2% | $950.2M | $551.5M |
| Fidelity | DOUBLED | +999.4% | $32.3M | $30.6M |
| Morgan Stanley | ADD | +44.6% | $156.7M | $92.5M |
Actionable Insight
The cluster is entirely passive/index-driven, reducing its signal value. Monitor for active manager 13F filings in coming weeks — if value-oriented or activist funds also show new positions, the thesis strengthens. The 45-day lag means these positions were taken at Q3-end prices; current price action may already reflect this buying.
Key Facts
- 3 institutions added $674.5M in net new holdings, with zero sellers
- Vanguard increased by 41.2% to 38.45M shares worth $950.2M
- Fidelity nearly 10x'd its position (up 999.4%) to 1.31M shares worth $32.3M
- Morgan Stanley added 44.6% to 6.34M shares worth $156.7M
- All three buyers are mega-passive managers — no active hedge funds or activists in the cluster
Financial Impact
3 institutions accumulated $674.5M in net new holdings, bringing total institutional disclosed value to $1.14B
Risk Factors
- All buyers are passive managers — the buying may reflect index rebalancing or ETF inflows, not a fundamental view
- 13F data is 45+ days stale; positions may have been partially or fully unwound since quarter-end
- No active managers or hedge funds participated, limiting conviction signal
Market Snapshot
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-QBTS-2025-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 12, 2026
today
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144
| $23.46 awaiting T+1 | awaiting T+1 | — | — |
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Jun 11, 2026
2d ago
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Institutional Cluster
| $22.55 awaiting T+1 | awaiting T+1 | — | — |
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Jun 10, 2026
2d ago
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Insider Cluster
| $22.90 awaiting T+1 | awaiting T+1 | — | — |
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Jun 9, 2026
3d ago
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144
| $23.40 awaiting T+1 | awaiting T+1 | — | — |
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Jun 8, 2026
4d ago
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144
| $25.84 awaiting T+1 | awaiting T+1 | — | — |
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Jun 8, 2026
4d ago
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144
| $25.78 awaiting T+1 | awaiting T+1 | — | — |
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Jun 5, 2026
7d ago
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144
| $23.56 awaiting T+1 | awaiting T+1 | — | — |
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Jun 2, 2026
10d ago
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144
| $27.55 $27.64 | ▲ +0.33% | ▼ −0.08% | — |
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Jun 1, 2026
11d ago
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8-K
| $29.18 $29.91 | ▲ +2.50% | ▲ +2.36% | — |
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May 27, 2026
16d ago
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Insider Cluster
| $29.49 $30.14 | ▲ +2.20% | ▲ +1.96% | — |
US Market Status
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