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marketsMay 25, 20262 min read

D-Wave Quantum: +33% in 24 Hours – Quantum Computing Surge

In 24 hours, institutional traders bought D-Wave calls at a 5:1 ratio to puts — the highest call volume in the quantum computing sector in 18 months.

Daniel Richter
Daniel Richter·Lead Quantitative Analyst

At 9:30 AM Eastern on May 22, 2026, D-Wave Quantum opened at $21.76. By 3:30 PM, the stock hit $25.74 — a 33.4% single-day gain. No Musk tweet. No earnings call. Just institutional capital taking positions.

What Happened

D-Wave Quantum (QBTS) specializes in quantum annealing systems — a form of quantum computing optimized for solving complex optimization problems. Unlike gate-based quantum computers (IBM, Google), D-Wave focuses on commercial applications: logistics, finance, pharma.

On May 22, 2026, the call options exploded. Between 2:30 PM and 4:00 PM, 295,220 contracts traded — three times the 20-day average. Call-to-put ratio: 5:1. Implied volatility (IV) jumped from 92% to 108.3%, a 6-month high.

The $24 strike with June 6 expiry accumulated 47,800 contracts against open interest of just 9,200 — a vol/OI ratio of 519%. This is not hedging. This is positioning.

The Options Side

D-Wave has had a wild ride since January 2026: From $5.77 in February to $46.75 in March (52-week high), then a crash back to $12.75 in April. Now at $25.74. That makes QBTS a volatility machine.

Institutional activity shows clear patterns:

  • May 22 Weekly Calls ($24 strike): 47,800 contracts, premium $2.10 → at stock price $25.74 already $1.74 in-the-money
  • June 6 Calls ($26 strike): 28,400 contracts, breakeven $28.20 → implies another +9.5% move expected
  • Puts ($20 strike): only 5,900 contracts — almost nobody hedging downside

The 108% IV is extreme. For context: NVIDIA sits at 45%, Tesla at 52%. But QBTS is not a mega-cap. It's a $4.2 billion company with 70% annualized volatility. For options traders, this is paradise — or hell.

What Traders Are Watching Now

Next resistance is at $28 — where profit-taking hit in March. Above that, $32 is the level where institutional sellers became active in April.

Quantum computing in 2026 is no longer hype, it's infrastructure. IBM, Google, Microsoft build gate-based systems. D-Wave dominates annealing. Both technologies complement each other. D-Wave's customers: Volkswagen (traffic optimization), Lockheed Martin (materials research), Los Alamos National Lab (simulation).

But: D-Wave is not profitable. Q1 2026 revenue: $8.9 million, net loss $42 million. This is a story stock. Call buyers are not betting on quarterly numbers — they're betting on a commercial breakthrough in the next 6–12 months.

Next earnings: August 14, 2026. Until then, June and July options will expire. Anyone buying calls now is playing for news — not fundamentals.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Past performance is not an indicator of future results.

Sources

BeInOptions Research

Frequently Asked Questions

Why did D-Wave Quantum surge 33% today?

No specific news catalyst, but institutional call buying with volume 295,220 contracts and call/put ratio 5:1. IV jumped to 108%, a 6-month high. Traders are positioning for a commercial breakthrough in the quantum computing sector.

What's the difference between D-Wave and IBM/Google quantum?

D-Wave uses quantum annealing for optimization problems (logistics, finance). IBM and Google build gate-based systems for general computation. Both technologies complement each other, but D-Wave is more commercially focused.

Is 108% IV too high for options?

108% IV is extreme — NVIDIA is at 45%, Tesla at 52%. But QBTS has 70% annualized volatility and moved between $5.77 and $46.75 in 2026. For this stock, high IV is normal. Risk: theta decay eats premium fast.

Which strike is interesting now?

The $24 strike (June 6 expiry) has the highest volume with 47,800 contracts. Breakeven $26.10. The $26 strike costs less premium but needs another +9.5% to $28.20. Both strikes imply rally continuation.

Daniel Richter

Author

Daniel Richter

Lead Quantitative Analyst

AI Options Strategist

15++ YearsCFA-aligned expertiseFRM framework knowledge

Daniel Richter combines deep market expertise with cutting-edge AI technology. After studying Financial Mathematics at TU Munich and several years at leading investment banks in Frankfurt, he specialized in quantitative trading strategies. At BeInOptions, Daniel leads the analytics team and develops data-driven options strategies. His strength lies in combining classical financial analysis with machine learning – using AI models to identify market patterns and assess risk. "My goal is to make complex options strategies accessible to everyone while leveraging modern analytical tools to make informed decisions."

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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results.