John D. DiLullo, Director at D-Wave Quantum (QBTS 3.42%), disclosed the sale of 8,000 directly held shares in an open-market transaction on Dec. 5, 2025, as detailed in the SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold (direct) | 8,000 |
| Transaction value | $218,890 |
| Post-transaction shares (direct) | 27,803 |
| Post-transaction value (direct ownership) | $750,681 |
Transaction value based on SEC Form 4 reported price ($27.36); post-transaction value based on Dec. 5, 2025 market close ($27.00).
Key questions
- How does this sale compare to DiLullo's prior sell transactions in 2025?
The 8,000-share sale is consistent with the median for his recent sales; all three sell trades since June 2025 have disposed of either 8,000 or 57,000 shares, with the most recent trades at the 8,000-share level. - What portion of DiLullo's direct holdings remains after this transaction?
Following this sale, DiLullo retains 27,803 directly held shares, which is approximately 27.6% of his June 2025 starting balance, reflecting a significant reduction in available shares over the past six months. - Did the transaction involve any derivative instruments or indirect entities?
No derivative securities or indirect ownership vehicles were involved; the disposition was exclusively of directly held common shares. - What is the broader context for this transaction given D-Wave Quantum's recent stock performance?
The sale occurred after a period of substantial appreciation, with D-Wave Quantum shares up 567.52% year-over-year as of Dec. 5, 2025, suggesting that liquidation is paced to match remaining share capacity rather than ongoing accumulation.
Company overview
| Metric | Value |
|---|---|
| Employees | 216 |
| Revenue (TTM) | $24.14 million |
| Net income (TTM) | -$398.81 million |
| 1-year price change | 567.52% |
* 1-year price change calculated using Dec. 5, 2025 as the reference date.
Company snapshot
- Develops and commercializes quantum computing systems, software platforms, and cloud-based quantum services; flagship offerings include the Advantage quantum computer, Leap cloud access, and Ocean programming tools.
- Generates revenue through the sale of quantum hardware, subscription-based cloud services, and professional onboarding and deployment services for enterprise clients.
- Serves manufacturing, logistics, financial services, life sciences, and technology sectors seeking advanced computational solutions for optimization, AI, and modeling challenges.
D-Wave Quantum operates at the forefront of quantum computing, providing both hardware and cloud-based solutions to address complex computational problems across multiple industries. The company's strategic focus on enterprise adoption and hybrid quantum-classical workflows positions it as a differentiated player in the emerging quantum technology landscape. With a global client base and a robust suite of development tools, D-Wave aims to accelerate the practical deployment of quantum computing in real-world applications.
What this transaction means for investors
DiLullo sold shares at a time when D-Wave Quantum stock was on fire.
Investors had bid quantum computing stock shares much higher as investors react to the potential of exponentially faster computing speeds and the potential for innovation on top of the progress from improvements related to artificial intelligence (AI).
Moreover, the gains point to tremendous uncertainty. As a money-losing company, it has no earnings multiple, and its price-to-sales (P/S) ratio of 325 at the time left it without a meaningful valuation measure.
Additionally, the stock had pulled back by around 30% from its 52-week high, bringing some uncertainty to its near-term direction. That and the aforementioned valuation may have helped prompt him to sell some shares.
NYSE: QBTS
Key Data Points
DiLullo has kept almost 78% of his shares even after making the sale. This leaves him with some gains in case the aforementioned sales multiple points to a bubble. The fact that he kept most of his shares indicates the long-term potential of D-Wave Quantum stock.
Glossary
Form 4: A required SEC filing disclosing insider trades of company securities by officers, directors, or major shareholders.
Open-market transaction: The purchase or sale of securities on a public exchange, rather than through private or negotiated deals.
Direct holdings: Shares owned personally and registered in the individual's name, not through intermediaries or entities.
Indirect holdings: Shares owned through trusts, family members, or other entities, not directly in the individual's name.
Derivative transactions: Trades involving financial contracts whose value is based on an underlying asset, such as options or futures.
Disposition: The act of selling or otherwise transferring ownership of an asset or security.
Insider trading: Buying or selling a company's securities by individuals with access to non-public, material information about the company.
Transaction value: The total dollar amount received or paid in a securities trade.
Post-transaction: Refers to the status or values after a specific trade or event has occurred.
TTM: The 12-month period ending with the most recent quarterly report.
Quantum computing: A field of computing that uses quantum-mechanical phenomena to perform operations on data, enabling new types of problem-solving.
Hybrid quantum-classical workflows: Computational approaches combining quantum computers with traditional computers to solve complex problems more efficiently.
