D-Wave Quantum’s CFO Unloads $6.25M in Shares Amid a 314% Usage Spike and a New Simulator

D-Wave's CFO sold $6.25M in shares while unveiling a breakthrough error-aware quantum simulator. Despite an 81% revenue drop, 14 of 17 analysts rate the stock a buy, with an average target of $32.13.

D-Wave Quantum is presenting two starkly different faces to the market. While the company’s finance chief was selling a chunk of his holdings, the quantum computing firm revealed a breakthrough simulator that could redefine how developers interact with its hardware. The clash of insider selling and technological ambition paints a complex picture for investors.

Chief Financial Officer John Markovich disposed of roughly 246,000 shares between June 12 and 15, netting nearly $6.25 million at prices ranging from $24.01 to $25.75 apiece. Those sales followed an earlier tranche on June 8 and 9 worth about $1.34 million. A portion of the transactions was tied to covering tax obligations from the vesting of restricted stock units — a standard administrative move rather than a free-market decision. After the flurry of disposals, Markovich still directly holds approximately 1.24 million shares, including nearly 421,000 unvested units. He was not alone in trimming his position: Chief Executive Alan Baratz sold around 688,000 shares in early June, representing roughly 17% of his stake.

The insider activity unfolded as D-Wave took the stage at Qubits Europe 2026 in London. There the company announced the world’s first simulator for error-aware quantum programming, set to launch on its Leap cloud platform in September 2026. The tool supports up to 21 qubits and uses dual-rail technology, integrating Monte Carlo simulations to tackle the industry’s persistent bugbear — high error rates on quantum hardware. D-Wave, the only provider of both annealing and gate-model quantum computers, also laid out a long-term roadmap: 100 logical qubits by 2032, with intermediate steps of 17 physical qubits this year and 49 by 2027.

The technology push comes despite a jarring financial hiccup. D-Wave’s first-quarter revenue collapsed by nearly 81% year-over-year to a mere $2.86 million. That slump helps explain the stock’s 11% decline since January. Yet the longer view is more forgiving: the shares have gained roughly 58% over the past twelve months. The company’s market capitalisation stands at €8.49 billion, with institutional investors owning 42% of the equity — a sign of enduring confidence. D-Wave also has a pre-order for up to $100 million from the CHIPS Act and liquid assets of around $884 million, providing a cushion as it chases commercial adoption.

Usage of the existing Advantage2 system surged 314% in the last fiscal year, suggesting that early adopters are moving beyond experiments into operational workflows. The question is whether that engagement can translate into stable recurring revenue before the cash reserves shrink. Analysts appear to be betting on the firm’s strategic pivot from pure hardware to full-stack software. B. Riley Financial and Roth MKM have both raised their price targets to $40, Rosenblatt Securities sees $43, and Stifel Nicolaus holds at $35. Of the 17 analysts covering the stock, 14 rate it a buy. The average analyst target of €32.13 implies upside of roughly 50% from current levels.

The stock itself is in a consolidation phase. At €21.47, it trades about 44% below the all-time high of €38.48 reached in October 2025. It comfortably sits above the 200-day moving average of €19.64, and the relative strength index of 50.8 indicates neutral momentum. The annualised 30-day volatility remains extreme at over 140% — a number that underscores the high-risk, high-reward nature of the quantum computing sector. The next major catalyst arrives in September when the new simulator goes live, offering a real-world test of whether D-Wave can turn technical promises into a sustainable business.