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QBTSD-Wave Quantum Inc. · Insider ownership research

D-Wave Quantum Inc. insiders sold $110M in the past 12 months. How much of their stake is that?

About 12% overall. As a group they still hold 91% of their starting shares. These figures leave out Alan Baratz, the largest holder (most of their shares vested during the period, so a percentage would mislead).

Updated Oct 8, 2026 from SEC filings · covers Oct 9, 2025 to Oct 8, 2026
How this comparesMore of their stake sold than at 125 of the 156 other companies we can measure (#32 of 157)See ranking
1
buyer among officers and directors (1 trade), past 12 months
58%
of sales were under disclosed trading plans, past 12 months
7 of 12
officers and directors sold shares, past 12 months
Recent activity · past 30 days, Sep 9, 2026 to Oct 8, 2026
Sep 15, 20264 executives had 7.4K shares ($125K) withheld by the company for taxes (not a market sale). That is between 0.7% and 1.1% of each person's total stake held that day (1 person can't be measured).
WhoSharesPrice% of total stakeTotal stake afterTrade dateFiled
Diane Nguyen
EVP, Chief Legal Officer & GC
3,191$16.830.7%469KSep 15, 2026Sep 16, 2026
Sophie Ames
Exec. Vice President & CHRO
1,544$16.83holdings record incomplete-76KSep 15, 2026Sep 16, 2026
Stanley Black
Exec. Vice President & CISO
1,535$16.831.1%133KSep 15, 2026Sep 16, 2026
Gregory Golkov
Acting CFO & SVP, Finance
1,132$16.830.7%169KSep 15, 2026Sep 24, 2026

"% of total stake" is the shares in this event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings don't reconcile, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Is this normal? More than usual: about 4x the 3-year average. 7 insiders sold; the average is 4 a year. Year by year
Latest filing: Filed Sep 24 for a tax withholding on Sep 15. Gregory Golkov had 1.1K shares withheld by the company for taxes. Filing
69 SEC ownership filings in the period · See the evidence

What stands out

Steven West bought 82 shares for $2K, first on Nov 18, 2025. These are the first by current officers or directors since Nov 17, 2022.Purchase, Nov 18, 2025
Two officers sold $34.8M with no disclosed plan: Alan Baratz ($18.0M) and John Markovich ($16.8M). The filings don't state a reason.Alan Baratz: largest such sale, Jun 8, 2026 · John Markovich: largest such sale, May 22, 2026
Two insiders sold shares but ended with larger stakes, because more shares came in than were sold: Diane Nguyen (sold 115K, 20% of starting holdings; 147K added) and Kirstjen Nielsen (sold 7K, 6.6% of starting holdings; 14K added).Diane Nguyen: largest sale, May 21, 2026 · Kirstjen Nielsen: largest sale, Dec 3, 2025

Percentages cover 7 of 12 officers and directors. 5 are left out

i
Left out: Alan Baratz, John Markovich, John DiLullo and Sophie Ames (most of their shares vested during the period, so a percentage would mislead); Steven West (most holdings were last confirmed in 2023).
Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is the insider's vested stake at the start of the period (Oct 8, 2025). The gold part is what they sold.

SoldRest of starting stakeAdded during the period
Alan Baratz
President & CEO, Director
No bar: most of their shares vested during the period, so a percentage would mislead.
$71.4M66% planned
John Markovich
Chief Financial Officer
No bar: most of their shares vested during the period, so a percentage would mislead.
$33.0M39% planned
Diane Nguyen
EVP, Chief Legal Officer & GC
20% · $3.3M68% planned
Rohit Ghai
Director
100% · $776KDisclosed plan
John DiLullo
Director
No bar: most of their shares vested during the period, so a percentage would mislead.
$575KDisclosed plan
All 7 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosed
Oct 2025: $2.6M to cover taxesOctNov 2025: $28.4M under a disclosed planNov 2025: $6.2M to cover taxes$34.6MNovDec 2025: $32.6M under a disclosed planDec 2025: $342K to cover taxesDec 2025: $158K no plan disclosedDecJan 2026: $704K under a disclosed planJan 2026: $1.2M to cover taxesJanFeb 2026: $29K to cover taxesFebMar 2026: $320K under a disclosed planMar 2026: $233K to cover taxesMarApr 2026: $66K under a disclosed planAprMay 2026: $1.4M under a disclosed planMay 2026: $9.1M no plan disclosedMayJun 2026: $549K under a disclosed planJun 2026: $25.6M no plan disclosedJunJul 2026: $52K under a disclosed planJulAugSep 2026: $20K under a disclosed planSepOct

Common questions

Is the D-Wave Quantum Inc. CEO selling stock?

Yes. Alan Baratz sold 2.52M shares ($71.4M) in the past 12 months, 66% of it under a trading plan disclosed in the filings.

Why are D-Wave Quantum Inc. insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 58% of sales by value ran under 10b5-1 trading plans disclosed in the filings, 10% were to cover taxes and 32% had no disclosed plan. A trading plan schedules sales in advance.

Are any D-Wave Quantum Inc. insiders buying?

Yes. 1 officer or director reported 1 purchase in the past 12 months (Form 4 code P, which includes private purchases).

How much of their stake did D-Wave Quantum Inc. insiders sell?

About 12% overall. As a group they still hold 91% of their starting shares. These figures leave out Alan Baratz, the largest holder (most of their shares vested during the period, so a percentage would mislead). That covers the 12 months to Oct 8, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold7 officers and directors: amount, % of holdings, trading plan
Who soldAmount% of holdingsTrading plan
Alan Baratz
President & CEO, Director
$71.4M
2.52M shares
i
No percentage: most of their shares vested during the period, so a percentage would mislead.
66% under a disclosed plan
John Markovich
Chief Financial Officer
$33.0M
1.27M shares
i
No percentage: most of their shares vested during the period, so a percentage would mislead.
39% under a disclosed plan
Diane Nguyen
EVP, Chief Legal Officer & GC
$3.3M
115K shares
20%68% under a disclosed plan
Rohit Ghai
Director
$776K
34K shares
100%Disclosed plan
John DiLullo
Director
$575K
25K shares
i
No percentage: most of their shares vested during the period, so a percentage would mislead.
Disclosed plan
Sophie Ames
Exec. Vice President & CHRO
$555K
29K shares
i
No percentage: most of their shares vested during the period, so a percentage would mislead.
Disclosed plan
Kirstjen Nielsen
Director
$158K
7K shares
6.6%No plan disclosed
The full ownership picture12 of 12 insiders fully reconciled · 12 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

InsiderHeld Oct 8, 2025SoldHeld Oct 8, 2026Still held
Alan Baratz
i
Unvested RSUs stated in footnotes are excluded from owned shares.
President & CEO, Director
1.64M−2.52M2.11Mnot meaningful
Vesting, gifts, unvested awards and holding lines for Alan Baratz
+2.29Mshares vested or exercised
0gifted (net of own trusts)
−105Kwithheld by the company for taxes
none reportedunvested awards, start → end
  • Unvested RSUs stated in footnotes are excluded from owned shares.
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock, par value $0.0001 per share ("Common Stock")1,636,7042,110,194

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
2,920,207$0.91May 5, 2030$49.9M

Estimate: options held × ($18.00 − strike price), using the most recent insider trade price on Form 4 (Sep 8, 2026), not a market close.

John Markovich
i
Unvested RSUs stated in footnotes are excluded from owned shares.
Chief Financial Officer
803K−1.27M725Knot meaningful
Vesting, gifts, unvested awards and holding lines for John Markovich
+829Kshares vested or exercised
0gifted (net of own trusts)
−28Kwithheld by the company for taxes
none reportedunvested awards, start → end
  • Unvested RSUs stated in footnotes are excluded from owned shares.
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock, par value $0.0001 per share ("Common Stock")802,988724,632
Diane Nguyen
i
Minor difference of 1,442 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer). Includes unvested RSUs, amount not disclosed. Unvested RSUs stated in footnotes are excluded from owned shares.
EVP, Chief Legal Officer & GC
576K−115K588K+2%
Vesting, gifts, unvested awards and holding lines for Diane Nguyen
0shares vested or exercised
0gifted (net of own trusts)
−21Kwithheld by the company for taxes
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
  • Unvested RSUs stated in footnotes are excluded from owned shares.
Held throughShare classOct 8, 2025Oct 8, 2026
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.0001 per share254,643254,643
DirectCommon Stock, par value $0.0001 per share ("Common Stock")321,818333,340

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
16,592$0.91May 5, 2030$284K
43,750$2.10Mar 27, 2034$696K
27,668$0.91May 5, 2030$473K

Estimate: options held × ($18.00 − strike price), using the most recent insider trade price on Form 4 (Sep 8, 2026), not a market close.

Reconciliation: minor difference of 1,442 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Roger Biscay
i
Includes unvested RSUs, amount not disclosed. Unvested RSUs stated in footnotes are excluded from owned shares.
Director
219K0233Kno sales
Vesting, gifts, unvested awards and holding lines for Roger Biscay
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
  • Unvested RSUs stated in footnotes are excluded from owned shares.
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock, par value $0.0001 per share014,260
Direct
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.0001 per share ("Common Stock")218,822218,822
Steven West
!
Most of this insider's holdings were last confirmed in 2023. Confirmed in the last three years: 188,077 shares. Not confirmed since: 203,673 shares, left out of this row. "Still held" is not shown because it would cover only the smaller, confirmed part.
Director
188K0188Ksee note
Vesting, gifts, unvested awards and holding lines for Steven West
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
  • Unvested RSUs stated in footnotes are excluded from owned shares.
  • An owner entity could not be identified from the footnotes.
  • Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Held throughShare classOct 8, 2025Oct 8, 2026
Unresolved (see footnote)Common Stock24,65924,659
DirectCommon Stock, par value $0.0001 per share ("Common Stock")19,83719,837
trust
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.0001 per share ("Common Stock")118,840118,840
Unresolved (see footnote)
includes unvested RSUs, amount not disclosed
Common Stock, par value $0.0001 per share ("Common Stock")24,65924,659
SpouseCommon Stock, par value $0.0001 per share ("Common Stock")082

Additional holdings last reported Jun 28, 2023, not confirmed since: 203,673 shares. Not included in any total or percentage on this page.

Gregory Golkov
i
Unvested RSUs stated in footnotes are excluded from owned shares. Started reporting during the period; starting holdings are from the Form 3.
Acting CFO & SVP, Finance
170K0171Kno sales
Vesting, gifts, unvested awards and holding lines for Gregory Golkov
0shares vested or exercised
0gifted (net of own trusts)
−1.1Kwithheld by the company for taxes
none reportedunvested awards, start → end
  • Unvested RSUs stated in footnotes are excluded from owned shares.
  • Started reporting during the period; starting holdings are from the Form 3.
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock, par value $0.0001 per share ("Common Stock")170,159171,411

Stock options (not counted as shares):

Options heldStrike priceExpiresIntrinsic value (estimate)
43,152$0.85Jan 10, 2034$740K

Estimate: options held × ($18.00 − strike price), using the most recent insider trade price on Form 4 (Sep 8, 2026), not a market close.

Stanley Black
i
Unvested RSUs stated in footnotes are excluded from owned shares. Started reporting during the period; starting holdings are from the Form 3.
Exec. Vice President & CISO
136K04.7Kno sales
Vesting, gifts, unvested awards and holding lines for Stanley Black
0shares vested or exercised
0gifted (net of own trusts)
−3.1Kwithheld by the company for taxes
none reportedunvested awards, start → end
  • Unvested RSUs stated in footnotes are excluded from owned shares.
  • Started reporting during the period; starting holdings are from the Form 3.
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock, par value $0.0001 per share ("Common Stock")136,3484,734
Kirstjen Nielsen
i
Unvested RSUs stated in footnotes are excluded from owned shares.
Director
105K−7K113K+6.9%
Vesting, gifts, unvested awards and holding lines for Kirstjen Nielsen
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Unvested RSUs stated in footnotes are excluded from owned shares.
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock, par value $0.0001 per share ("Common Stock")105,413112,673
Sharon Holt
i
Includes unvested RSUs, amount not disclosed. Unvested RSUs stated in footnotes are excluded from owned shares.
Director
75K075Kno sales
Vesting, gifts, unvested awards and holding lines for Sharon Holt
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Includes unvested RSUs, amount not disclosed.
  • Unvested RSUs stated in footnotes are excluded from owned shares.
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock, par value $0.0001 per share ("Common Stock")75,33975,339
Rohit Ghai
i
Unvested RSUs stated in footnotes are excluded from owned shares.
Director
34K−34K14K43%
Vesting, gifts, unvested awards and holding lines for Rohit Ghai
0shares vested or exercised
0gifted (net of own trusts)
none reportedunvested awards, start → end
  • Unvested RSUs stated in footnotes are excluded from owned shares.
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock, par value $0.0001 per share ("Common Stock")33,51814,260
John DiLullo
i
Unvested RSUs stated in footnotes are excluded from owned shares.
Director
22K−25K11Knot meaningful
Vesting, gifts, unvested awards and holding lines for John DiLullo
0shares vested or exercised
−492gifted (net of own trusts)
none reportedunvested awards, start → end
  • Unvested RSUs stated in footnotes are excluded from owned shares.
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock, par value $0.0001 per share ("Common Stock")22,03510,853
Sophie Ames
i
Unvested RSUs stated in footnotes are excluded from owned shares. Started reporting during the period; starting holdings are from the Form 3.
Exec. Vice President & CHRO
11K−29K31Knot meaningful
Vesting, gifts, unvested awards and holding lines for Sophie Ames
0shares vested or exercised
0gifted (net of own trusts)
−57Kwithheld by the company for taxes
none reportedunvested awards, start → end
  • Unvested RSUs stated in footnotes are excluded from owned shares.
  • Started reporting during the period; starting holdings are from the Form 3.
Held throughShare classOct 8, 2025Oct 8, 2026
DirectCommon Stock, par value $0.0001 per share ("Common Stock")10,74930,506

12 of 12 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (11 exactly, 1 with a minor or footnoted difference). Percentages cover 7 of 12 officers and directors. Left out: Alan Baratz, John Markovich, John DiLullo and Sophie Ames (most of their shares vested during the period, so a percentage would mislead); Steven West (most holdings were last confirmed in 2023). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$110M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $110M across 3,997,862 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

The lighter segment is sales with no plan disclosed in the filing ($45.6M), including tax-related sales outside a plan.

No plan disclosed · $34.9M

Sales with no 10b5-1 plan and no tax reference in the filing. $18.0M of it is Alan Baratz. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Alan Baratz, Jun 8, 2026

Taxes

$10.8M of sales (9.9%) cite tax obligations in their footnotes, $192K of them also under a plan. Separately, 214,803 shares ($4.1M) were withheld by the company for taxes, which isn't a market sale. Example: Diane Nguyen, Mar 13, 2026

Purchases · 1 buyer (1 trade)

1 officer or director bought shares in this period, in 1 trade(Form 4 code P). Across all their filings on record there are 2 purchase trades.

SellerShares soldProceedsUnder a disclosed planShare of totalSales dates
Alan Baratz
President & CEO, Director
2.52M$71.4M66%65%Oct 14, 2025 to Jun 8, 2026
John Markovich
Chief Financial Officer
1.27M$33.0M39%30%Oct 14, 2025 to Jun 15, 2026
Diane Nguyen
EVP, Chief Legal Officer & GC
115K$3.3M68%3%Oct 14, 2025 to May 21, 2026
Rohit Ghai
Director
34K$776K100%0.7%Dec 15, 2025 to Jun 15, 2026
John DiLullo
Director
25K$575K100%0.5%Dec 5, 2025 to Sep 8, 2026
Sophie Ames
Exec. Vice President & CHRO
29K$555K100%0.5%Apr 20, 2026 to Jul 20, 2026
Kirstjen Nielsen
Director
7K$158K0%0.1%Dec 3, 2025 to Dec 3, 2025

Sales by month

MonthSale proceedsDisclosed planTo cover taxesNo plan disclosed
Oct 2025$2.6M$0$2.6M$0
Nov 2025$34.6M$28.4M$6.2M$0
Dec 2025$33.1M$32.6M$342K$158K
Jan 2026$1.9M$704K$1.2M$0
Feb 2026$29K$0$29K$0
Mar 2026$554K$320K$233K$0
Apr 2026$66K$66K$0$0
May 2026$10.5M$1.4M$0$9.1M
Jun 2026$26.2M$549K$0$25.6M
Jul 2026$52K$52K$0$0
Aug 2026$0$0$0$0
Sep 2026$20K$20K$0$0
Oct 2026$0$0$0$0
Is this normal? Selling year by year3 earlier years to compare with

More than usual: about 4x the 3-year average. 7 insiders sold; the average is 4 a year.

12 months endingShares soldInsiders who soldProceeds
Oct 8, 2026
Latest 12 months
4.00M7$110M
Oct 8, 2025
1 year earlier
2.52M8$43.1M
Oct 8, 2024
2 years earlier
135K2$168K
Oct 9, 2023
3 years earlier
44K2$90K
Oct 9, 2022
4 years earlier · filings don't cover the whole year
n/an/an/a
Oct 9, 2021
5 years earlier · filings don't cover the whole year
n/an/an/a

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertaintyEvery officer and director reconciles

Every officer and director reconciles for this period.

Diane Nguyen: minor difference of 1,442 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Inferred rename: "Sponsor and may be deemed to" is treated as the same holder as "reporting person", because the old name was never reported again and the new one opened with the same balance (2,768,075 shares). Old name, new name

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology199 filings from SEC EDGAR, and how we read them

All 199 Forms 3, 4 and 5 filed for D-Wave Quantum Inc. (SEC CIK 1907982) from Aug 5, 2022 to Sep 24, 2026, retrieved from SEC EDGAR on Oct 8, 2026. Prices are the ones reported in each filing, often weighted averages.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (12)No filing in 18 months; last reported balances, not in any total
NameLast filedLast reported balance
PUBLIC SECTOR PENSION INVESTMENT BOARDJan 14, 202520,384,694 shares, last reported balance as of Jan 14, 2025
Emil MichaelJun 14, 20248,416,038 shares, last reported balance as of Jun 6, 2024
Amy Cappellanti-WolfJun 7, 2024331,018 shares, last reported balance as of Jun 6, 2024
Victoria BrydonNov 1, 2023291,714 shares, last reported balance as of Oct 30, 2023
Michael RogersJun 30, 2023148,717 shares, last reported balance as of Jun 28, 2023
GOLDMAN SACHS GROUP INCMar 24, 20237,939,776 shares, last reported balance as of Sep 2, 2022
CDPM Sponsor Group, LLCAug 5, 20222,768,075 shares, last reported balance as of Aug 5, 2022
Jennifer HoustonAug 5, 2022No balance on record
Tanya RotheAug 5, 20222,049 shares, last reported balance as of Aug 5, 2022
Eduard van GelderenNo balance on record
Ziv EhrenfeldNo balance on record
Philip Smalley IIINo balance on record