D-Wave Quantum Inc. (NASDAQ: QBTS) finalized a definitive agreement with the US Department of Commerce to access up to $100 million in CHIPS and Science Act funding. The deal aims to accelerate the development of next-generation quantum computing technologies.

The funding follows a previously announced letter of intent. As a condition of the award, the Commerce Department will receive a minority, non-controlling equity stake in D-Wave. The company stated this arrangement is designed to enhance potential returns for US taxpayers while supporting broader goals to expand domestic quantum capacity.

Technology Roadmap

D-Wave plans to deploy the funds toward research and development for both its annealing and gate-model quantum computing technologies. The company outlined specific targets for these systems:

• Annealing System: Development of a 100,000-qubit system targeting applications in optimization, materials simulation, blockchain, and artificial intelligence.
• Gate-Model System: Development of a 10,000-qubit system aimed at supporting 100 logical qubits and performing more than 1 million operations, with applications in quantum chemistry and quantum AI.

CEO Alan Baratz said the award will help D-Wave expand domestic quantum capabilities, strengthen its supply chain, and bring more powerful systems to market.

Market Reaction and Technical Outlook

D-Wave shares rose 2.29% to $16.96 in Tuesday premarket trading. This movement occurred despite broader market weakness, with Nasdaq futures slipping 0.02% and S&P 500 futures falling 0.33%.

Technical Setup Remains Weak

Despite the positive news flow, technical indicators suggest continued pressure on the stock:

The stock remains below several key trend lines. A death cross formed in March when the 50-day SMA fell below the 200-day SMA. Currently, the 20-day SMA remains below the 50-day SMA. Momentum indicators remain weak, with the MACD below its signal line.

Analyst Outlook

The stock carries a Buy consensus rating with an average price forecast of $38.78. Recent analyst actions include:

• Rosenblatt: Maintained Buy rating with a $43.00 forecast (July 28 and Aug. 7).
• Wedbush: Maintained Outperform rating with a $40.00 forecast (Aug. 3).

What the Numbers Show

The divergence between analyst sentiment and technical momentum is notable. While analysts maintain a Buy consensus with an average target of $38.78, the current price of $16.96 represents a significant discount of approximately 56% to that average estimate. However, the stock’s position well below its 20-day ($18.81) and 200-day ($21.52) simple moving averages suggests that near-term technical resistance may persist despite the fundamental catalyst of the government funding.

Shares of D-Wave Quantum Inc (NASDAQ: QBTS) fell 8.73% to $17.67 on Wednesday following the announcement that Chief Financial Officer John Markovich will retire effective September 2, 2026.

The selloff reflects investor caution regarding the leadership transition, despite the company confirming that the departure is a planned retirement and not linked to any operational or accounting disputes.

Leadership Transition

Greg Golkov, senior vice president of finance, will assume the role of acting CFO and principal financial and accounting officer. The company stated that Mr. Markovich’s resignation was not the result of any disagreement regarding business operations, accounting policies, or internal controls.

Dr. Alan Baratz, CEO of D-Wave, highlighted Mr. Markovich’s contributions over the last five years. Key achievements cited include leading the company’s public listing in 2022 and raising over $900 million in capital. The CEO also noted Mr. Markovich’s role in improving financial performance and developing a path to profitability.

Mr. Golkov brings more than 25 years of finance and accounting experience across publicly traded and private equity-backed technology companies. He has served as D-Wave’s senior vice president of finance since May 2023, overseeing accounting, SEC reporting, financial planning, treasury, and tax functions.

Prior to joining D-Wave, Mr. Golkov served as vice president and controller at Butterfly Network Inc from October 2020 to March 2023, where he led the transition to public company reporting. Before that, he was senior vice president of finance at Kaseya from August 2018 to October 2020, focusing on finance transformation and M&A integration.

What the Numbers Show

The disclosure of $900 million in capital raised under Mr. Markovich’s tenure provides context for the company’s liquidity position during its transition to a public entity. This capital infusion supports the dual-platform quantum computing strategy involving both annealing and gate-model systems. The immediate market reaction, with shares down nearly 9%, suggests investors are pricing in uncertainty around the interim leadership structure despite the orderly succession plan.