D-Wave Quantum Inc. (QBTS) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

Medium Risk
Moderate dilution risk
Last updated: May 12, 2026

Risk Assessment Details

Potential Dilution: 0.0% of current shares
Recent Dilution: 92.28% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
370M
Potential Supply
0
Additional shares possible
Splits
None
Past 2 years

Summary

QBTS currently has 367M outstanding shares. with minimal authorized share overhang for future dilution. The company has significantly diluted shareholders by 92.28% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 12, 2026

10-Q filing | 367.5M shares outstanding

370M 0
Jan 20, 2026

8-K filing: D-Wave Quantum Inc. filed a prospectus supplement covering the resale by certain selling stockholders of an aggregate of 10,430,444 shares of Company common stock.

340M 0
Nov 21, 2025

8-K filing: D-Wave Quantum Inc. completed the redemption of all outstanding public warrants, with 4,746,358 warrants exercised for approximately 6.9 million shares of common stock, yielding cash proceeds of approximately $54.6 million, and the remaining 270,820 warrants redeemed for $0.01 per warrant. ($54.6M proceeds)

340M 0
Nov 13, 2025

8-K filing: D-Wave Quantum Inc. is redeeming all of its outstanding public warrants at $0.01 per warrant on November 19, 2025. Holders can exercise their warrants to purchase 1.4541326 shares of common stock at $11.50 per warrant until the Redemption Date.

340M 0
Nov 06, 2025

10-Q filing | 342.2M shares outstanding

340M 0
Oct 20, 2025

8-K filing: D-Wave Quantum Inc. announced the redemption of all of its outstanding public warrants to purchase shares of the Company's common stock at $0.01 per Warrant, with a Redemption Date of November 19, 2025. If all warrants are exercised approximately 7.2 million shares of Common Stock will be issued.

340M 0
Aug 07, 2025

10-Q filing | 338.6M shares outstanding

340M 150M
Jun 04, 2025

8-K filing: D-Wave Quantum Inc. received proceeds of approximately $15.3 million from the exercise of approximately 1.33 million warrants and $80.5 million from the exercise of approximately 7.0 million warrants, both to purchase shares of the company's common stock. ($95.8M proceeds)

290M 200M
Jun 03, 2025

S-3 filing: The filing is an S-3 registration statement for an indeterminate amount of securities, including common shares, preferred stock, debt securities, and warrants, with a total proposed amount of $400,000,000.

290M 200M
May 30, 2025

8-K filing: D-Wave Quantum Inc. received proceeds of approximately $80.5 million from the exercise of approximately 7.0 million warrants to purchase shares of the Company's common stock at an exercise price of $11.50 per warrant. ($80.5M proceeds)

290M 200M
May 08, 2025

10-Q filing | 286.4M shares outstanding

290M 200M
Mar 21, 2025

S-3 filing: The filing is an S-3 registration statement for an equity line offering of common shares to Lincoln Park, with a proposed amount of up to $37.8 million.

290M 190M
Mar 14, 2025

10-K filing | 287.8M shares outstanding

290M 190M
Dec 23, 2024

S-3 filing: This is an S-3 filing for a universal shelf offering of common shares, preferred stock, debt securities, warrants, and units, with a total proposed amount of $125,000,000.

180M 300M
Nov 14, 2024

10-Q filing | 180.3M shares outstanding

180M 300M
Aug 08, 2024

10-Q filing | 172.1M shares outstanding

170M 310M
May 13, 2024

10-Q filing | 126.4M shares outstanding

130M 350M
Apr 10, 2024

S-3/A filing: This S-3/A filing registers the resale of common shares and warrants by selling securityholders, as well as the issuance of common shares upon exchange/redemption of exchangeable shares and exercise of warrants, with the company not receiving proceeds from the resale but potentially from the exercise of warrants and options.

160M 320M
Apr 02, 2024

S-3 filing: The filing is an S-3 registration statement for various securities, including common shares, preferred stock, debt securities, and warrants, with a total offering amount of $175,000,000.

120M 370M
Apr 02, 2024

S-3 filing: The offering includes 35,000,000 common shares, with the company potentially selling 34,860,416 shares to Lincoln Park, and anticipates receiving up to approximately $82.1 million in gross proceeds.

160M 330M
Apr 02, 2024

S-3 filing: This S-3 filing registers the resale of common shares and warrants by selling securityholders, as well as the issuance of common shares upon exchange of exchangeable shares and exercise of warrants.

160M 330M
Mar 29, 2024

10-K filing | 116.8M shares outstanding

120M 110M
Nov 09, 2023

10-Q filing | 113.4M shares outstanding

110M 110M
Aug 10, 2023

10-Q filing | 98.9M shares outstanding

99M 130M
Jul 10, 2023

S-1/A filing: This S-1/A filing includes information about a potential offering of 35,000,000 common shares to Lincoln Park with the possibility of receiving up to $150,000,000 in gross proceeds. The filing also provides financial data and details about significant customers, including D-Wave Quantum Inc.

160M 65M
Jun 27, 2023

S-1/A filing: This is an S-1/A filing for D-Wave Quantum Inc. offering 35,000,000 common shares to Lincoln Park through an equity line, with a proposed amount of up to $150,000,000. After the offering, there will be 162,173,554 common shares outstanding.

160M 65M
Jun 02, 2023

S-1/A filing: This S-1/A filing includes information about the sale of common shares to Lincoln Park, revenue by geography, significant customers, and consolidated financial data.

160M 65M
May 19, 2023

10-Q filing | 80.6M shares outstanding

81M 150M
Apr 18, 2023

10-K filing | 80.4M shares outstanding

80M 150M
Feb 13, 2023

S-1 filing: D-Wave Quantum Inc. is offering 35,000,000 common shares to Lincoln Park with a potential to receive up to $150,000,000 in gross proceeds.

160M 65M
Nov 10, 2022

10-Q filing | 63.1M shares outstanding

63M 130M
Oct 19, 2022

S-1/A filing: This S-1/A filing relates to the offering of common stock, including shares issued to Lincoln Park as Commitment Shares and shares that may be sold to Lincoln Park from time to time.

130M 67M
Oct 19, 2022

S-1/A filing: This S-1/A filing registers the resale of common shares and warrants by selling securityholders, as well as the issuance of common shares upon exchange or exercise of warrants.

110M 83M
Sep 27, 2022

S-1/A filing: This S-1/A filing registers the resale of common shares and warrants by selling securityholders, as well as the issuance of common shares upon exchange, retraction, or redemption of exchangeable shares, and upon the exercise of warrants.

110M 83M
Sep 27, 2022

S-1/A filing: This S-1/A filing details the offering of common stock through an equity line of credit with Lincoln Park, including the issuance of commitment shares and the potential sale of additional shares over the next 36 months.

130M 67M
Aug 29, 2022

S-1 filing: D-Wave Quantum Inc. is registering the resale of common shares and warrants by selling securityholders, as well as the issuance of common shares upon exchange, retraction, redemption, or exercise of warrants.

110M 150M
Aug 29, 2022

S-1 filing: D-Wave Quantum Inc. is offering common shares through an equity line with Lincoln Park, potentially issuing up to 15,500,000 shares, including 381,540 commitment shares, with the possibility of receiving up to $150 million in gross proceeds.

130M 130M
Aug 26, 2022

10-Q filing | 61.6M shares outstanding

62M 0
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