On June 5, D-Wave Quantum declined 5.07% in regular trading, trading at $25.2/share, with trading volume of $228 million. The stock continued its recent pullback trajectory as multiple headwinds converged.
On the news front, quantum computing leader Quantinuum debuted on the Nasdaq at $60 per share, raising $1.68 billion with a valuation exceeding $14 billion. The blockbuster IPO triggered a fund siphoning effect across the quantum computing sector, as investors sold existing positions to free up capital for the new listing, putting significant pressure on incumbent names including D-Wave.
Additionally, profit-taking pressure persisted following the earlier rally driven by D-Wave's announcement of a preliminary agreement with the U.S. Department of Commerce to receive up to $100 million through the CHIPS and Science Act, which had propelled shares from approximately $19 to near $30. Meanwhile, Q1 fundamentals remained a concern, with revenue of approximately $2.86 million declining roughly 81% year-over-year, operating expenses doubling to $56.5 million, and net losses widening considerably.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments