D-Wave Quantum Outperforms with 2.3% Gain as S&P 500 Falls 1.4% After Trump's Quantum Push

For markets, June 23, 2026 delivered a stark contrast: while the S&P 500 shed 1.44% amid broad risk-off sentiment, D-Wave Quantum bucked the trend with a 2.29% gain. The catalyst—two executive orders targeting a scientific quantum computer by 2028—highlights how targeted government spending can create isolated islands of outperformance. With a $100 million CHIPS grant converting the government into a shareholder, D-Wave’s story now intertwines policy momentum, dilution trade-offs, and the high-stakes race to commercialize quantum computing.

On June 23, 2026, D-Wave Quantum (QBTS) defied a broad market sell-off, rising 2.29% to $25.03 after President Donald Trump signed two executive orders designed to dramatically accelerate U.S. adoption of quantum computing and the development of quantum-resistant encryption. The catalyst for the move was the White House’s commitment to site the 'first-ever quantum computer powerful enough for scientific research' at a national laboratory by 2028, two years earlier than most industry roadmaps had envisioned. The orders build on momentum from the $100 million CHIPS and Science Act grant announced a month earlier by the Department of Commerce—a matching arrangement in which D-Wave will issue $100 million in common stock to the government, effectively making the U.S. a shareholder. With the broader market under pressure (the S&P 500 fell 1.44% and the Nasdaq dropped 2.21%), D-Wave’s strength was especially notable, and it was accompanied by above‑average volume of 46.5 million shares, 36% above the three‑month average.

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IonQ (IONQ) slipped 0.81% to $57.85, while Rigetti Computing (RGTI) edged down 0.47% to $21.28, suggesting that the perceived benefits of the executive orders are not uniform.

The executive orders signal a new urgency in Washington around quantum technologies, not only as a scientific endeavor but as a national security imperative. By explicitly calling for quantum-resistant cryptography, the administration acknowledges the threat that powerful quantum computers could break current encryption standards. For D-Wave, which has historically focused on annealing-based systems for optimization problems, this federal push validates a broader quantum ecosystem and raises the probability that demand for its hardware, software, and cloud services will materialize faster than skeptics have assumed. The stock, which has appreciated 146% since its 2020 IPO, now faces the challenge of delivering on its product roadmap and converting policy tailwinds into sustainable revenue growth.

The grant from the CHIPS Act is a double-edged sword. On one hand, it provides non-dilutive-like capital insulation and a powerful endorsement. On the other, the issuance of $100 million in shares to the Department of Commerce introduces dilution for existing shareholders, albeit at a price that implicitly sets a floor. With the share issuance pending, investors are focusing on D-Wave’s upcoming quarterly earnings to gauge whether commercial traction can offset any dilutive impact. The company must show that its quantum systems can move from niche research projects to enterprise and government contracts, a leap that many pure-play quantum firms have yet to prove.