PUBLIC SECTOR PENSION INVESTMENT BOARD

10% owner PUBLIC SECTOR PENSION INVESTMENT BOARD sold 19,672,558 shares (-49.1% of holdings) for $90.1M across 5 transactions Jan 10–14.

PUBLIC SECTOR PENSION INVESTMENT BOARD divested nearly half its stake in D-Wave Quantum via 5 separate sales totaling 19,672,558 shares for $90,138,874.27 between January 10–14. The sales executed at prices ranging from $3.97 to $6.14 (blended average $4.58), occurring while the stock has fallen 53.7% from its 52-week high of $10.21 and is down 5.4% over the past 30 days. The seller reduced holdings from 40,057,252 shares to 20,384,694 shares, retaining a significant but minority 10% stake. Notably, the company is unprofitable (annual net income $-22,712,000.00 in the most recent full fiscal year) with quarterly revenue of only $1,870,000.00, creating a disconnect between the $852.6M market cap and tangible earnings fundamentals. The timing is noteworthy: PSIB has executed five other sales at QBTS in December 2024, with measurable 30-day returns ranging from +15.1% to +37.2%, suggesting the stock has risen after those prior exit points—a pattern worth monitoring given this substantially larger divestiture.

10% owner PUBLIC SECTOR PENSION INVESTMENT BOARD fully exits QBTS, selling 1,000,000 shares at $6.68 on 2024-12-20 for $6,678,200.00

PUBLIC SECTOR PENSION INVESTMENT BOARD, holding 10% of D-Wave Quantum Inc., executed a complete exit on 2024-12-20, selling 1,000,000 shares at $6.68 for $6,678,200.00, reducing holdings to 0 shares (-100.0% vs pre-transaction). This transaction occurs amid significant recent momentum: the stock has appreciated 178.2% over 30 days and 767.0% over 90 days from substantially lower price points, though it currently trades at $8.15 (down 9.0% from its 52-week high of $8.96). The insider's cross-ticker sell track record shows a 0.00% well-timed rate at the 90-day mark—meaning prior sales did not anticipate subsequent declines. At D-Wave specifically, the insider has executed four prior sells within a single 3-day window (2024-12-10 through 2024-12-12), creating a pattern of rapid sequential exits; this 2024-12-20 sale extends that pattern. The company remains unprofitable (net income of $-22,712,000.00 in the latest quarter) despite positive revenue growth of 22.1% year-over-year, warranting investor attention to whether the recent valuation surge and insider liquidation represent a divergence between market enthusiasm and underlying financial performance.

10% owner PUBLIC SECTOR PENSION INVESTMENT BOARD sells 18,374,059 shares (94.8% reduction) for $78.8M across four days at $4.21–$5.01

PUBLIC SECTOR PENSION INVESTMENT BOARD, a 10% shareholder, executed four separate sales totaling 18,374,059 shares for $78,769,231.77 between December 10–12, 2024, reducing its holdings from 19,374,059 to 1,000,000 shares (a 94.8% divestment). The sales occurred at prices ranging from $4.21 to $5.01 (blended average $4.29), during a period when the stock posted +153.9% over 30 days and +287.1% over 90 days off a 52-week low of $0.68. The company remains unprofitable (net income of $-22,712,000 on quarterly revenue of $1.9M) despite 22.1% annual revenue growth. The insider's cross-ticker track record shows a 0.00% well-timed rate on prior sells, indicating historically poor exit timing. The near-complete liquidation by a major institutional shareholder during a steep recovery rally warrants investor scrutiny of whether recent price momentum reflects sustainable business improvement or temporary speculative demand.