The NYSE Listing Ends Friday
D-Wave notified the NYSE on July 14 that it had decided to withdraw its listing voluntarily and transfer it to Nasdaq.
Its NYSE listing and trading will end after the market closes on Friday, July 24. QBTS will then begin trading on Nasdaq when the market opens on Monday, July 27, according to the company’s Form 8-K.
There is therefore no additional trading gap beyond the usual weekend closure. Nasdaq said D-Wave had met its listing requirements, while the company said it expected a smooth transition.
The move should not be confused with a delisting caused by a failure to meet exchange rules. D-Wave’s filing describes it as a board-authorized, voluntary transfer.
What Changes for QBTS Holders
The listing venue changes from the NYSE to Nasdaq. The ticker does not.
Investors do not need to sell their NYSE-listed shares and purchase a separate Nasdaq security. Existing brokerage positions should continue to appear under QBTS, although the exchange identifier displayed beside the stock may change.
The transfer also does not alter the company’s operations, contracts, management, financial statements or shareholder rights. D-Wave is moving the marketplace where its shares trade, not restructuring the business.
It does not guarantee admission to the Nasdaq-100 or another major index. Index inclusion has separate eligibility and selection requirements. Nor does a Nasdaq listing automatically bring higher demand or a higher valuation.
Why D-Wave Wants Nasdaq’s Audience
Companies usually transfer listings to improve their fit with an exchange’s investor base, brand or market ecosystem.
D-Wave’s explanation centered on technology. Chief Executive Alan Baratz described Nasdaq as the marketplace for companies “shaping the future of technology” and said D-Wave was aligned with the innovation associated with the exchange.
That positioning is understandable. Nasdaq is home to many of the technology companies and institutional investors D-Wave wants as peers and shareholders.
Yet the timing also invites a more useful question: Why emphasize the listing venue when the stock is struggling?
QBTS closed at $16.72 on July 20, approximately 36% below its $26.15 close on December 31, 2025. Shares traded around $17.10 late Thursday, leaving them down roughly 35% this year.
The transfer gives D-Wave another opportunity to present itself to technology-focused investors. It does not resolve the market’s debate over the valuation of early-stage quantum companies.
D-Wave’s Bookings Rose While Its Stock Fell
D-Wave’s first-quarter bookings reached a record $33.4 million, up 1,994% from $1.6 million a year earlier.
The total included a $20 million agreement for Florida Atlantic University to purchase an Advantage2 annealing quantum computer and a $10 million, two-year Quantum Computing as a Service agreement with an unnamed Fortune 100 company.
Remaining performance obligations rose 563% year over year to $42.4 million, providing a clearer pipeline of contracted revenue. D-Wave expects approximately 54% of that amount to be recognized within 12 months.
Bookings, however, are not current revenue. First-quarter revenue fell 81% to $2.9 million because the prior-year period included a large system sale. Operating expenses increased 125% to $56.5 million, while the adjusted EBITDA loss widened to $32.8 million.
That gap between future orders and present financial results helps explain why the stock can fall even while the company announces larger contracts. Investors still need evidence that bookings can become recurring revenue quickly enough to support D-Wave’s valuation and development spending.
The broader sector faces the same skepticism. A July 22 Motley Fool analysis calculated that insiders at IonQ, Rigetti and D-Wave had recorded more than $988 million of net stock sales over five years, including $331.3 million at D-Wave. The analysis acknowledged that insider selling may reflect compensation and tax obligations rather than a negative view of the business.
FinanceFeeds previously examined that valuation tension in its D-Wave $37 bull case and $13 bear case.
What to Watch After July 27
D-Wave will report its second-quarter results on August 6, making earnings a more meaningful catalyst than the exchange transfer.
Investors should watch how much of the $33.4 million bookings total begins converting into revenue, whether remaining performance obligations continue to rise and whether operating expenses stabilize after the Quantum Circuits acquisition.
Progress on the Florida Atlantic system installation and the Fortune 100 cloud agreement will also matter. Both contracts contributed heavily to the first-quarter bookings surge.
D-Wave will trade beside more technology companies starting Monday. What determines the stock afterward will remain the same: contract conversion, cash consumption and evidence that commercial quantum demand can support the valuation.
The sign above the trading floor changes. The investment case does not.
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