$QBTS · D-Wave Quantum Inc.

D-Wave Quantum Inc. entered into a Securities Issuance Agreement with the U.S. Department of Commerce on September 8, 2026, issuing shares of common stock at $14.093 per share as consideration under a CHIPS Act award. The share count is redacted from the exhibit. The agreement includes registration rights for the Department, standard representations and warranties, and closing deliverables including a legal opinion from Paul, Weiss and a secretary's certificate. The company had 372,530,695 shares of common stock outstanding immediately prior to closing, with 675,000,000 authorized.

Extended-hours trading shows QBTS at $17.36, down 1.76% from the regular close of $17.67. The issuance price of $14.093 represents a ~22% discount to the extended-hours price, suggesting potential dilution concerns, though the redacted share count limits precise impact assessment.

CHIPS Act equity issuance represents direct U.S. government backing of a quantum computing company, a rare and strategically significant event.

CHIPS Act funding is flowing to quantum computing firms, signaling U.S. government prioritization of quantum as a strategic semiconductor-adjacent technology alongside traditional chip manufacturers.

The redacted share count obscures the dilution magnitude. Registration rights granted to the Department could create future selling pressure on the stock when shares become freely tradable.