Shares of D-Wave Quantum (QBTS) fell 35.7% in October 2026, while the S&P 500 slipped 0.9% over the same period. Other quantum computing stocks also dropped sharply: IonQ fell 31.5%, Quantinuum 30.1%, and Rigetti Computing 28.5%. The selloff followed IonQ's agreement to buy cybersecurity firm Elisity for $1.3 billion in stock and its $2 billion equity offering, which raised concerns about dilution as many quantum companies burn cash. D-Wave brought in $12.4 million of revenue over the last four quarters, down 44.2% year over year, while the stock is still worth about $3.9 billion, roughly 316 times sales. The company holds about $500 million in net cash and little debt, so it faces no immediate pressure to raise funds. Its third-quarter results are due November 10, and the stock is down 60.4% year to date and 68.2% below its 52-week high.
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