Quantum-computing stocks plummet after D-Wave reaches agreement to sell more shares

D-Wave Quantum is leading a sell-off in quantum-computing stocks after reaching a deal with investment banks to sell up to $150 million in shares.

The stocks sold off late on Friday when this filing dropped, with momentum accelerating to the downside on Monday morning. As of 9:05 a.m. ET, D-Wave Quantum and Rigetti Computing are each off double digits, while Quantum Computing and IonQ are also posting steep losses.

In response to a question on Thursday as to whether D-Wave faced financial constraints, CEO Dr. Alan Baratz told Sherwood News that “we’re not constrained by that today.”

Based on where D-Wave is trading this morning, $150 million amounts to about 13% of its market cap.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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