On February 17, 2026, Trybe Capital Management LP disclosed a new position in the quantum computing stock D-Wave Quantum (QBTS 5.55%).
What happened
According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, Trybe Capital Management LP initiated a new position in D-Wave Quantum by purchasing 1,936,922 shares. The estimated value of this transaction, based on the quarter’s average pricing, is $50.65 million. The stake’s value at the end of the quarter was also $50.65 million, reflecting the new share purchase.
What else to know
- This new position comprises 7.25% of Trybe Capital’s 13F reportable assets under management as of December 31, 2025.
- Top five holdings after the filing:
- NASDAQ: NVDA: $145.60 million (26.2% of AUM)
- NASDAQ: LRCX: $81.87 million (11.7% of AUM)
- NASDAQ: GOOGL: $78.07 million (11.2% of AUM)
- NYSE: TSM: $61.47 million (8.8% of AUM)
- NASDAQ: AMZN: $51.39 million (7.4% of AUM)
- As of February 13, 2026, D-Wave Quantum shares were priced at $19.67, up 202.6% over the past year, outperforming the S&P 500 by 190.82 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 2/13/26) | $19.67 |
| Market Capitalization | $6.89 billion |
| Revenue (TTM) | $24.14 million |
| Net Income (TTM) | ($398.81 million) |
Company snapshot
- Offers quantum computing systems (Advantage), cloud-based quantum access (Leap), open-source programming tools (Ocean), and professional onboarding services (Launch and D-Wave Launch).
- Offers quantum computing hardware, cloud-based quantum computing access, software solutions, and enterprise professional services.
- Serves enterprise clients in manufacturing, logistics, financial services, life sciences, and sectors seeking advanced computational solutions.
D-Wave Quantum is a leading provider of quantum computing systems and cloud-based quantum solutions, with a focus on enterprise adoption across multiple industries. The company leverages proprietary quantum hardware and software to address complex computational problems, positioning itself at the forefront of commercial quantum technology. D-Wave Quantum's integrated platform and specialized services provide a competitive edge in delivering scalable quantum applications for real-world business challenges.
What this transaction means for investors
Trybe Capital bought into D-Wave Quantum stock in a quarter where it experienced extreme volatility. In October of last year, it reached its 52-week high of $46.75 per share. However, it lost more than half of its value within a few weeks and ended the quarter at $26.15 per share.
As previously stated, the stock sells at a significantly lower price now, a factor that speaks to the volatility of these quantum computing stocks. While their exponentially faster speeds could transform the tech industry, it remains unclear whether its commercially-focused products can succeed in the current marketplace.
NYSE: QBTS
Key Data Points
Investors should also note that Trybe also opened a position in quantum computing peer IonQ, which now represents 3.4% of its AUM. Although this is smaller than its investment in D-Wave Quantum, that move indicates a strong belief in the this industry.
Ultimately, such holdings make Trybe’s fund more risky but could also lead to outsized returns should these stocks move higher over time.
