The cluster is entirely passive/index-driven, reducing its signal value. Monitor for active manager 13F filings in coming weeks — if value-oriented or activist funds also show new positions, the thesis strengthens. The 45-day lag means these positions were taken at Q3-end prices; current price action may already reflect this buying.
Executive Summary
Three major institutional investors (Vanguard, Fidelity, Morgan Stanley) significantly increased their D-Wave Quantum positions in Q3 2025, adding a combined $674.5M in new holdings. Vanguard alone added $551.5M, bringing its stake to $950.2M. The cluster is dominated by mega-passive managers, which weakens the signal as it may reflect index rebalancing or passive inflows rather than a fundamental thesis.
Key Financial Metrics
Institutional Positions
Net institutional flow: $674.5M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Vanguard | ADD | +41.2% | $950.2M | $551.5M |
| Fidelity | DOUBLED | +999.4% | $32.3M | $30.6M |
| Morgan Stanley | ADD | +44.6% | $156.7M | $92.5M |
Key Facts
- 3 institutions added $674.5M in net new holdings, with zero sellers
- Vanguard increased by 41.2% to 38.45M shares worth $950.2M
- Fidelity nearly 10x'd its position (up 999.4%) to 1.31M shares worth $32.3M
- Morgan Stanley added 44.6% to 6.34M shares worth $156.7M
- All three buyers are mega-passive managers — no active hedge funds or activists in the cluster
Financial Impact
3 institutions accumulated $674.5M in net new holdings, bringing total institutional disclosed value to $1.14B
Risk Factors
- All buyers are passive managers — the buying may reflect index rebalancing or ETF inflows, not a fundamental view
- 13F data is 45+ days stale; positions may have been partially or fully unwound since quarter-end
- No active managers or hedge funds participated, limiting conviction signal
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-QBTS-2025-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | 8-K | $16.41 $17.11 | ▲ +4.27% | ▲ +3.45% | — |
Sep 8, 2026 24d ago | 8-K | $17.67 $16.83 | ▼ −4.75% | ▼ −4.09% | — |
Aug 25, 2026 5w ago | 8-K | $17.51 $16.49 | ▼ −5.83% | ▼ −5.71% | — |
Aug 18, 2026 6w ago | 8-K | $19.53 $19.35 | ▼ −0.92% | ▼ −0.72% | — |
Aug 17, 2026 6w ago | 8-K | $20.87 $18.68 | ▼ −10.49% | ▼ −9.30% | — |
Aug 6, 2026 8w ago | 8-K | $19.41 $20.90 | ▲ +7.70% | ▲ +6.49% | — |
Aug 3, 2026 8w ago | 8-K | $19.98 $16.21 | ▼ −18.87% | ▼ −20.90% | — |
Jul 27, 2026 9w ago | 8-K | $19.51 $18.08 | ▼ −7.33% | ▼ −8.40% | — |
Jul 24, 2026 10w ago | 8-K | $16.21 $17.98 | ▲ +10.92% | ▲ +10.55% | — |
Jul 14, 2026 11w ago | 8-K | $18.95 $16.72 | ▼ −11.77% | ▼ −10.47% | — |
US Market Status
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