Why D-Wave Quantum Stock Led a Quantum Computing Crash in October

Shares of D-Wave Quantum (NASDAQ:QBTS) fell 35.7% in October 2026, according to data from S&P Global Market Intelligence. The S&P 500 (SNPINDEX:^GSPC) barely noticed, slipping 0.9% over the same period. D-Wave didn't do anything wrong, exactly. It just happens to be in a sector that suddenly needed a lot of cash, and investors didn't love that idea.

D-Wave had plenty of quantum computing company on the way down. IonQ (NYSE:IONQ) fell 31.5% in October, Quantinuum (NASDAQ:QNT) dropped 30.1%, and Rigetti Computing (NASDAQ:RGTI) lost 28.5%. The four stocks moved in near lockstep for most of the month, and that's just the top of a long list. D-Wave plunged just a little faster than the rest.

The real trouble started with IonQ. First, it agreed to buy cybersecurity firm Elisity for $1.3 billion in stock. Then it announced a $2 billion equity offering. D-Wave's stock fell on both occasions. That's a lot of new shares hitting the market in a hurry, and it reminded everyone that many quantum computing companies are burning through lots of cash nowadays. Dilutive fundraising always lurks just around the corner. It was IonQ last month, and D-Wave could be next, even with a decent cash cushion.

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