D-Wave Quantum
D-Wave Quantum is a publicly traded quantum computing company whose SPAC origins, board composition, and government contracting trajectory intersect with Emil Michael's role as USD(R&E). The dossier traces the company's transition from a commercially focused quantum annealing firm to an entity pursuing defense contracts, examining the timeline of government registrations, lobbying expenditures, board-level national security credentials, and insider financial activity alongside Michael's Pentagon appointment.
D-Wave Quantum Inc. (NYSE: QBTS) is a Canadian-founded quantum computing company that became publicly traded in August 2022 through a merger with DPCM Capital, the special purpose acquisition company founded by Emil Michael. Headquartered in Burnaby, British Columbia, with U.S. operations based at 2650 East Bayshore Road in Palo Alto, California, D-Wave specializes in quantum annealing — a distinct approach from the gate-model quantum computing pursued by most competitors 1. The company reported $26.6 million in revenue for FY2025, a 179% year-over-year increase, though it remains deeply unprofitable with a $138 million net loss 2.
D-Wave's significance within this investigation stems from the intersection of its government contracting ambitions and Emil Michael's appointment as Under Secretary of Defense for Research and Engineering (USD(R&E)), confirmed May 14, 2025. Michael founded the SPAC that took D-Wave public, served on its board from August 2022 until resigning on October 28, 2024, and held 887,138 shares as of his last SEC filing in June 2024 — with no subsequent filing confirming divestiture. Three days after Michael's board departure, D-Wave obtained "Awardable" vendor status on the DoD's Tradewinds Solutions Marketplace, a fast-track procurement pathway 3. The company subsequently formed a dedicated Government Business Unit on December 2, 2025, whose press release explicitly cited Michael by name as the policy driver who "added quantum technologies as a critical technology of focus" at the Pentagon 4.
D-Wave's board includes Kirstjen Nielsen, the former Secretary of Homeland Security under the first Trump administration, who joined in January 2023 and chairs the company's Cybersecurity Committee 5. Its government subsidiary, D-Wave Government Inc., is chaired by Jeffrey K. Harris, a former director of the National Reconnaissance Office and former Lockheed Martin executive 6. In January 2026, D-Wave announced a collaboration with Anduril Industries and Davidson Technologies on quantum-assisted missile defense planning, reporting a 10x speedup and 9-12% improved threat mitigation in simulations 7. Analysis of these capabilities indicates direct relevance to the Golden Dome program that falls under Michael's authority. Despite this aggressive government positioning, D-Wave has only one prior federal contract on record: a $40,000 NAVWAR training purchase order from 2016 8.
The Emil Michael Conflict Vector
Emil Michael founded DPCM Capital Inc., a blank-check SPAC named after his own initials, which raised $300 million in its October 2020 IPO. Eric Schmidt served as Special Advisor to DPCM Capital Connection #2694. The SPAC completed its business combination with D-Wave Systems on August 5, 2022, creating D-Wave Quantum Inc. (NYSE: QBTS) and placing Michael on the company's board. As SPAC sponsor, Michael's entity CDPM Sponsor Group LLC received 2,768,075 common shares plus 8,000,000 private warrants (purchased at $1.00 each for $8 million), with each warrant exercisable for 1.4541326 D-Wave shares. Michael additionally invested $250,000 as a PIPE investor, receiving 36,353 common shares.
Michael sold 111,938 shares on June 4, 2024, retaining 887,138 shares, and resigned from D-Wave's board on October 28, 2024. Three days later, on October 31, D-Wave announced it had obtained "Awardable" vendor status on the DoD CDAO Tradewinds Solutions Marketplace — a process that takes months, meaning the application was prepared while Michael was still a director 3. Michael was nominated for USD(R&E) on Inauguration Day, January 20, 2025, and confirmed May 14, 2025. In his new role, Michael oversees DARPA, the defense laboratories, and the Missile Defense Agency, which reports directly to his office. He chairs the Missile Defense Executive Board. No OGE 278e financial disclosure for Michael has been located in the public database as of March 2026, and no SEC filing confirms divestiture of his remaining 887,138 D-Wave shares.
On December 2, 2025, D-Wave issued a press release announcing its new Government Business Unit that directly cited Michael: "Undersecretary of War for Research and Engineering, Emil Michael, who added quantum technologies as a critical technology of focus" 4. The press release thus cited the government authority of a former board member who held nearly 900,000 shares to validate the company's market positioning. Senator Elizabeth Warren raised these conflicts in a March 2, 2025 letter demanding ethics commitments. Records indicate that on March 5, 2025, three days after that letter, D-Wave Quantum Inc. registered with SAM.gov for the first time — the parent entity had never previously registered for federal contracting 9. A second new entity, D-Wave US Inc., registered in August 2025.
Board Composition and Intelligence Community Ties
D-Wave's governance structure features a notable concentration of former senior national security officials. D-Wave Government Inc., the Washington-based subsidiary established in 2016, is chaired by Jeffrey K. Harris, who served as director of the National Reconnaissance Office, assistant secretary of the Air Force, and a Lockheed Martin executive 6. The subsidiary's board also includes Frances Fleisch, former Executive Director of the National Security Agency. Its president, Rene Copeland, came from government sales roles at SGI and Cray — both companies with deep intelligence community customer bases 6.
Kirstjen Nielsen, who served as the sixth Secretary of Homeland Security from 2017 to 2019, joined D-Wave's parent company board in January 2023 and chairs its Cybersecurity Committee 5. Nielsen's tenure at DHS included service as White House Principal Deputy Chief of Staff and Senior Director of the Homeland Security Council. SEC filings confirm her status as an insider: she filed Form 144 on June 16, 2025, for stock disposition, and board records show she received 14,260 shares as a director grant on June 5, 2025 10. Her appointment placed a second former Trump administration official on D-Wave's board alongside Michael's prior tenure, connecting the company to both defense and homeland security policy networks.
The CEO, Alan Baratz, directs D-Wave UK Ltd. (company number 11871115, incorporated March 2019) from D-Wave's London office at 10 John Street. The corporate structure comprises five SAM-registered entities: D-Wave Systems Inc. (Canadian parent, registered 2007), D-Wave Quantum Inc. (Delaware, registered March 2025), D-Wave Commercial Inc. (Delaware, registered 2014), D-Wave Government Inc. (Delaware, registered 2015), and D-Wave US Inc. (Delaware, registered August 2025) 1. All U.S. entities share the same Palo Alto address and government point of contact, Melinda Soares, Director of Sales Operations 1.
D-Wave Quantum
Government Capture Timeline
Between October 2024 and January 2026, D-Wave reached five milestones that shifted the company from a quantum computing firm with minimal federal presence toward active pursuit of defense contracts. The company's prior federal contract history consisted of a single entry: a $40,000 NAVWAR training purchase order from 2016 8.
On October 31, 2024, three days after Michael's board resignation, D-Wave obtained DoD Tradewinds Awardable status through the CDAO marketplace, working with Clipper Defense on the submission 3. Records show that on March 5, 2025, three days after Senator Warren's ethics letter, D-Wave Quantum Inc. registered with SAM.gov for federal contracting for the first time 9. On June 16, 2025, Nielsen's board appointment was confirmed by her SEC Form 144 filing — this occurred 27 days after Michael's Senate confirmation and one day before the Golden Dome program announcement 10. On December 2, 2025, D-Wave formed its Government Business Unit led by VP Jack Sears Jr., explicitly citing Michael's quantum technology prioritization 4. On January 27, 2026, D-Wave announced its collaboration with Anduril Industries and Davidson Technologies on quantum-assisted missile defense planning 7.
According to D-Wave's announcement, the missile defense collaboration reported a 10x speedup, 9-12% improved threat mitigation, and 45-60 additional missiles intercepted in simulations 7. D-Wave sold a $20 million Advantage2 quantum computer system to Davidson Technologies' Huntsville, Alabama facility 7. The collaboration plans to expand into contested logistics, manufacturing, cyber defense, and course-of-action generation 7. Analysis indicates these applications fall under Michael's authority as USD(R&E), as the Missile Defense Agency reports to his office and he chairs the Missile Defense Executive Board. D-Wave Government Inc. also holds a $1 million subcontract under Triad National Security LLC's $12.56 billion Los Alamos National Laboratory management contract.
Financial Activity and Insider Trading Patterns
D-Wave's stock price trajectory coincides in timing with several government positioning milestones. Shares traded at approximately $1.00 at the August 2022 de-SPAC, crashed to $0.30 by December 2022, stood at $1.30 when Michael sold shares in June 2024, and then rose to an all-time high of $12.75 on October 15, 2025 — a 36x increase from the low that coincided with a broader quantum computing stock rally, Michael's Pentagon confirmation, and D-Wave's government business announcements 2. Revenue grew from $8.8 million in FY2024 to $26.6 million in FY2025, with post-period bookings of $8.8 million including a $4 million Florida Atlantic University contract and a $4 million Fortune 100 QCaaS deal 2. The company's cash position stood at $316 million against $138 million in net losses 2.
Insider selling accelerated as the stock approached its peak. In approximately six months through December 2025, D-Wave insiders collectively sold over $14 million in shares near the all-time high 11. CEO Alan Baratz exercised 806,000 shares at $0.91 and sold at $28.87 in November 2025 (approximately $23.5 million gain), then exercised another 793,000 shares at $0.91 and sold at $30.13 in December (approximately $23.9 million gain) 10. CFO John Markovich executed multiple tranches: 200,000 shares at $22.94 (November), 100,000 at $25.05 (December 3), 100,000 at $27.56 (December 4), and 100,000 at $30.03 (December 22) 10. Board Chair Steven West sold 144,000 shares for approximately $2.6 million, and General Counsel Diane Nguyen sold 115,633 shares for approximately $2.8 million 11. Many sales were executed under Rule 10b5-1 pre-planned trading plans. No reported insider purchases occurred during this period except West buying 82 shares 11.
In-Q-Tel, the CIA's venture capital arm, invested in D-Wave in October 2012 alongside Bezos Expeditions in a $30 million round 2. The DPCM Capital SPAC transaction itself included a PIPE investment from PSP Investments, Goldman Sachs Asset Management, NEC Corporation, Yorkville Advisors, and Aegis Group Partners, yielding up to $40 million in gross proceeds. D-Wave has 153 insider filings and 225 total forms on SEC EDGAR 10.
Lobbying Operations
D-Wave Government Inc. maintained continuous federal lobbying from 2021 through 2025 through seven different firms, with total disclosed spending of $3.18 million — a significant outlay for a company with only one $40,000 federal contract 12. The largest registrant was D-Wave Government Inc. itself (in-house lobbying, $1.54 million), followed by Franklin Square Group ($750,000), 535 Group ($490,000), Capitol Chambers Strategies ($180,000), Reston Strategy Group ($100,000), Dogwood Strategies ($78,000), and FTI Government Affairs ($40,000) 12.
Annual lobbying expenditure estimates ran approximately $280,000 in 2021, $360,000 in 2022, $400,000 in 2023, $280,000 in 2024, and $370,000 in 2025 13. Lobbying issue codes cover Computer Industry, Budget/Appropriations, Science/Technology, and — notably — Defense, which was added alongside the existing technology-focused categories 13. The addition of Dogwood Strategies as a new lobbying firm in Q1 2025 coincides with the new administration and Michael's nomination timeline. Dogwood's first quarterly payment was $12,000 in Q1 2025, escalating to $18,000 per quarter by Q2 2025 14. The firm had not been retained in any prior year 14.
The ratio of lobbying expenditure to federal contract revenue is notable. D-Wave spent approximately $1.6-1.7 million on lobbying between 2021 and 2025 while holding only a single $40,000 contract 15. Analysis suggests the company was investing in future government market access rather than supporting existing contract performance 16.
Quantum Technology and Competitive Position
D-Wave employs quantum annealing, a fundamentally different approach from the gate-model quantum computing pursued by competitors such as IBM, Google, and IonQ. D-Wave was not selected for the DARPA Quantum Benchmarking Initiative (QBI), which received $250 million in additional funding through budget reconciliation and targets gate-model fault-tolerant quantum computers 7 17. Review of these programs indicates that DARPA reports directly to the USD(R&E) office that Michael leads 17.
D-Wave's annealing architecture is designed for optimization problems, including the missile defense resource allocation computations demonstrated in the Anduril/Davidson collaboration 7. The company's Advantage2 system, which Davidson Technologies purchased for $20 million and installed in Huntsville, Alabama, represents D-Wave's primary hardware offering for government customers 7. D-Wave was deemed "Awardable" on the DoD CDAO Tradewinds marketplace, a designation that simplifies the procurement pathway for DoD customers to access its annealing quantum computing capabilities 3.
The company maintains an active UK subsidiary, D-Wave UK Ltd. (company number 11871115), incorporated March 9, 2019, with offices at 10 John Street, London. Current directors include CEO Alan Baratz, Trevor Lanting, and CFO John Markovich. D-Wave operates across five SAM-registered entities, with the Canadian parent maintaining primary NAICS code 334111 (Electronic Computer Manufacturing) and the government subsidiary registered under NAICS 541715E (R&D, Physical/Engineering/Life Sciences).
All Connections
3 total
All Connections
3 totalNielsen serves on D-Wave board since Jan 2023, chairs Cybersecurity Committee. Former Trump DHS Secretary — second Trump admin official connected to D-Wave alongside Emil Michael.
Harris chairs D-Wave Government Inc board. Former director of National Reconnaissance Office, former assistant secretary of Air Force, former Lockheed Martin executive. Key intelligence community-to-quantum pipeline.
Michael held 887K D-Wave shares and sat on board until Oct 2024. D-Wave now partnering with Anduril for missile defense optimization under USD(R&E) that Michael leads.
All Findings
18 total
All Findings
18 totalfinancial (11)
D-Wave revenue surged 179% YoY in FY2025 to .6M; stock went from .30 (Michael sale price Jun 2024) to ATH .75 (Oct 2025) — 36x increase coinciding with quantum rally, Michael appointment, and govt business announcements
D-Wave revenue: FY2022 .2M, FY2023 .8M, FY2024 .8M (flat), FY2025 .6M (+179%). Net loss M. Cash position M. Stock price: ~ at de-SPAC (Aug 2022), .00 crash (Dec 2022), .30 at Michael sale (Jun 2024), ATH .75 (Oct 15 2025), ~-20 current (Mar 2026). 36x rise coincided with broader quantum stock rally, Michael Pentagon confirmation, D-Wave govt business announcements, and M quantum earmark. Post-period bookings .8M (FAU M, Fortune 100 M QCaaS). In-Q-Tel invested in D-Wave Oct 2012 (M round with Bezos Expeditions).
D-Wave insiders sold M+ in shares near ATH (.75, Oct 2025): CEO Baratz .5M, CFO Markovich .1M, Chair West .6M, CLO Nguyen .8M
In approximately 6 months through December 2025, D-Wave insiders collectively sold over M in shares near the all-time high of .75 (Oct 15, 2025). CEO Alan Baratz sold 1,005,759 shares for ~.5M. CFO John Markovich sold 767,616 shares for ~.1M. Board Chair Steven West sold 144,000 shares for ~.6M. CLO Diane Nguyen sold 115,633 shares for ~.8M. Director Rohit Ghai sold 10,000 shares for ~K. Many executed under Rule 10b5-1 pre-planned trading plans. No reported insider purchases except West buying 82 shares.
D-Wave announced partnership with Davidson Technologies and Anduril Industries for US missile defense planning optimization. Sold $20M Advantage2 quantum system to Davidson's Huntsville facility for government customers. D-Wave Government Inc formed as dedicated business unit. D-Wave deemed 'Awardable' by DoD CDAO Tradewinds marketplace. Emil Michael (USD R&E, former D-Wave board member with 887K shares) listed quantum computing as one of 6 Pentagon critical technology priorities. D-Wave pursuing air and missile defense optimization -- directly relevant to Golden Dome. No evidence of Michael recusal from quantum policy.
DARPA Quantum Benchmarking Initiative received $250M additional funding via budget reconciliation — DARPA reports directly to Michael's USD(R&E) office per his APQ (p.4). D-Wave is a leading candidate for QBI awards given its Tradewinds Awardable status and government business unit
A budget reconciliation bill allocated an additional $250M to the DARPA Quantum Benchmarking Initiative (QBI), which aims to examine approaches for constructing utility-scale fault-tolerant quantum computers. Michael's APQ confirms DARPA is 'under the authority, direction, and control of the USD(R&E)' (p.4). D-Wave has: (1) Tradewinds Awardable status from DoD CDAO, (2) Dedicated Government Business Unit since Dec 2025, (3) Operational quantum system at Davidson Technologies positioned for government customers, (4) Demonstrated 10x missile defense speedup with Anduril. D-Wave is one of the few companies positioned to receive QBI awards. Michael held 887K QBTS shares as of last SEC filing. No Form 4 or public disclosure confirms divestiture.
D-Wave missile defense positioning update: Jan 27 2026 announced collaboration with Anduril and Davidson Technologies on quantum-assisted missile defense planning. 10x speedup, 9-12% improved threat mitigation, 45-60 additional missiles intercepted in simulations. 20M Advantage2 system sold to Davidson Huntsville facility. D-Wave Government Inc formed Dec 2 2025 with Jack Sears as VP. CRITICAL: D-Wave was NOT selected for DARPA QBI (wrong technology type -- annealing not gate-model). DARPA QBI received 250M+ additional funding and reports to Michael USD(R&E) office.
D-Wave missile defense positioning creates multiple Michael conflict vectors: (1) Jan 27 2026: D-Wave/Anduril/Davidson announced collaboration on quantum-hybrid missile defense optimization. Proof-of-concept showed 10x speedup, 9-12% improved threat mitigation, 45-60 additional missiles intercepted. Plans to expand to contested logistics, manufacturing, cyber defense, course of action generation. (2) 20M Advantage2 quantum system sold to Davidson facility in Huntsville, AL for government customers. (3) D-Wave Government Inc formed Dec 2 2025 with dedicated VP (Jack Sears) for federal market. (4) D-Wave was NOT selected for DARPA Quantum Benchmarking Initiative because it uses quantum annealing, not gate-model computing. This matters because DARPA QBI received 250M+ funding and is under Michael office. However, D-Wave press release (Dec 2 2025) explicitly cited Michael by name as policy driver: Undersecretary of War for Research and Engineering Emil Michael who added quantum technologies as a critical technology of focus. (5) D-Wave deemed Awardable by DoD CDAO Tradewinds marketplace. (6) Michael still held 887,138 QBTS shares as of last Form 4 (June 2024). No subsequent divestiture filing found on SEC.
D-Wave obtained DoD Awardable status on Tradewinds marketplace Oct 31 2024 while Michael was board director
D-Wave Quantum Inc obtained 'Awardable' vendor status on the DoD Chief Digital and AI Office (CDAO) Tradewinds Solutions Marketplace on Oct 31, 2024. This is a fast-track procurement pathway for DoD customers to access D-Wave quantum computing. Emil Michael was a D-Wave board director at this time (appointed Aug 2022 after DPCM Capital merger). Michael was nominated as USD(R&E) in Dec 2024. The USD(R&E) oversees the CDAO relationship and all defense R&E including quantum computing — one of his stated top priorities. D-Wave worked with Clipper Defense on the Tradewinds submission. The Tradewinds designation simplifies procurement path for DoD customers to access D-Wave annealing quantum computing.
D-Wave EDGAR: 153 insider filings. Kirstjen Nielsen (ex-DHS Sec) filed Form 144. Massive insider selling at $16-43 range in 2025.
D-Wave Quantum (CIK 0001907982, QBTS) has 153 insider filings, 225 forms total (3/4/5/144). Key insiders: CEO Alan Baratz exercised 806K shares at $0.91 and sold at $28.87 (Nov 2025, ~$23.3M gain) plus another 793K shares exercised at $0.91 sold at $30.13 (Dec 2025, ~$23.9M gain). CFO John Markovich exercised and sold repeatedly: 200K shares at $22.94 (Nov), 100K at $25.05 (Dec 3), 100K at $27.56 (Dec 4), 100K at $30.03 (Dec 22). General Counsel Diane Nguyen sold 20K shares at $23.66 (Nov), 20K at $28.86 (Jan). CRITICAL: Kirstjen Nielsen (former DHS Secretary) filed Form 144 on 2025-06-16 for D-Wave stock disposition — confirming her as D-Wave director/insider. Director sold 144K shares at $18.06 (Aug) and 106K shares at $16.85 (Jun). Board granted stock to 7 directors on 2025-06-05 (14,260 shares each).
TEMPORAL PATTERN: D-Wave government capture sequence shows 5 coordinated milestones over 15 months (Oct 2024 - Jan 2026) culminating in missile defense positioning with zero prior federal contract history beyond one $40K training contract
D-Wave government capture timeline: (1) Oct 31 2024: Tradewinds awardable status (3 days after Michael board exit). (2) Mar 5 2025: SAM.gov registration (3 days after Warren letter demanded ethics commitments). (3) Jun 16 2025: Kirstjen Nielsen (ex-DHS Secretary) joins board. (4) Dec 2 2025: Government Business Unit formed citing Michael by name. (5) Jan 27 2026: D-Wave/Anduril/Davidson missile defense collaboration announced. Context: D-Wave had only ONE prior federal contract ($40K NAVWAR training, 2016). Revenue surged 179% YoY to $26.6M in FY2025. Stock went from $1.30 to ATH $12.75 (880% increase). Insiders sold $14M+ near ATH (Dec 22 2025). This trajectory from zero government presence to missile defense positioning in 15 months is temporally anomalous.
D-Wave has 5 SAM-registered entities: D-Wave Systems Inc (CAN, UEI MV56M7JTCKK8, reg 2007), D-Wave Quantum Inc (DE, UEI JPV2KKDNBEU5, reg 2025-03), D-Wave Commercial Inc (DE, UEI JTDKQRNY4JV4, reg 2014), D-Wave Government Inc (DE, UEI PATGKJM747F7, reg 2015), D-Wave US Inc (DE, UEI GM8FRLNC2J75, reg 2025-08). All at 2650 E Bayshore Rd, Palo Alto. Govt POC for all: Melinda Soares, Director Sales Operations.
D-Wave maintains a multi-entity SAM registration structure. The parent (D-Wave Systems) is Canadian (Burnaby BC). D-Wave Quantum Inc is the new public entity post-SPAC (formed 2022-01-24). D-Wave Government Inc is the dedicated government contracting subsidiary (formed 2013). D-Wave Commercial is the commercial contracting arm. D-Wave US Inc registered Aug 2025. All DE-incorporated US entities. Primary NAICS: 334111 (Electronic Computer Manufacturing).
D-Wave Government Inc has one federal contract in HigherGov: $40,000 purchase order N6600116P7457 from NAVWAR (Naval Information Warfare Systems Command) dated 2016-05-26, for D-Wave Training (101, 201, 301). Fixed price, not competed (simplified acquisition). D-Wave Quantum Inc (parent entity) has zero federal contracts.
Only one identifiable federal contract despite aggressive lobbying. Suggests D-Wave's government revenue may come through other channels (subcontracts, OTAs, or indirect arrangements). The training contract is minor ($40K). Zero grants for either entity. D-Wave Quantum registered with SAM only in March 2025, shortly before Michael's nomination.
USASpending recipient search for D-Wave returned no results (SSL error). HigherGov confirms D-Wave Quantum Inc (UEI JPV2KKDNBEU5) has zero federal contracts and zero grants. D-Wave Government Inc (UEI PATGKJM747F7) has only one $40K contract (2016 NAVWAR training) and zero grants.
Despite $1.6M+ in lobbying spend 2021-2025 and active SAM registrations, D-Wave has virtually no direct federal contracting revenue. This is a critical finding for conflict-of-interest analysis regarding Emil Michael as USD(R&E). D-Wave Quantum registered with SAM only in March 2025, 2 months before Michael's confirmation.
relationship (4)
D-Wave Government Inc subsidiary (est. 2016) chaired by Jeffrey K. Harris (former NRO director, former Asst SecAF, former Lockheed exec); board includes Frances Fleisch (former NSA Executive Director)
D-Wave Government Inc is a Washington DC-based subsidiary established in 2016 with its own independent board. Board chair Jeffrey K. Harris is a former director of the National Reconnaissance Office, former assistant secretary of the Air Force, and former Lockheed Martin executive. Board includes Frances Fleisch, former NSA Executive Director. President is Rene Copeland, formerly of SGI and Cray government sales. Website: dwavefederal.com. This subsidiary represents D-Wave's pre-existing government infrastructure, expanded significantly after Michael's Pentagon appointment with a new Government Business Unit formed Dec 2, 2025.
Kirstjen Nielsen (6th DHS Secretary, Trump admin) serves on D-Wave board since Jan 2023, chairs Cybersecurity Committee — direct defense/national security board connection
Kirstjen Nielsen, the 6th US Secretary of Homeland Security (2017-2019, Trump administration), has served on D-Wave Quantum's board since January 2023 and chairs the company's Cybersecurity Committee. She also sits on the National Defense University Foundation board and McCrary Institute Advisory Board (Auburn, cybersecurity). Nielsen was formerly White House Principal Deputy Chief of Staff, DHS Chief of Staff, and Senior Director of the Homeland Security Council. She now runs Lighthouse Strategies (global advisory). Her presence on D-Wave's board creates another Trump-administration-to-D-Wave pipeline alongside Emil Michael.
D-Wave retained DOGWOOD STRATEGIES as lobbying firm (6 filings, $78K disclosed)
D-Wave Government Inc. retained DOGWOOD STRATEGIES as a lobbying registrant with 6 filings and $78,000 in disclosed income. This is significant because Dogwood Strategies is flagged in lead #16246 for potential connections to Michael or Trump orbit. D-Wave total lobbying spend was $3.18M across 7 different firms in 2021-2025, making it an aggressive multi-firm lobbying operation for a quantum computing company. Other registrants: D-WAVE GOVERNMENT INC (in-house, $1.54M), FRANKLIN SQUARE GROUP ($750K), 535 GROUP ($490K), CAPITOL CHAMBERS STRATEGIES ($180K), RESTON STRATEGY GROUP ($100K), FTI GOVERNMENT AFFAIRS ($40K).
D-Wave Government added Dogwood Strategies as a new lobbying firm in Q1 2025 (registration filing), with first quarterly payment of $12,000 in Q1 2025, escalating to $18,000/quarter by Q2 2025. This new lobbying relationship was added precisely during the transition period when Emil Michael was being nominated for USD(R&E).
Dogwood Strategies lobbying issues include Defense, Science/Technology, and Computer Industry. The firm was not used in any prior year (2021-2024). Its addition during Q1 2025 suggests D-Wave expanded its lobbying footprint anticipating policy changes under the new administration. Other firms (Franklin Square, 535 Group) continued at prior levels.
legal (1)
D-Wave Government Inc maintained continuous federal lobbying from 2021-2025 through 4 lobbying firms: 535 Group LLC ($20-40K/quarter), Franklin Square Group LLC ($40K/quarter consistently), Capitol Chambers Strategies/Reston Strategy Group (via 535 Group), and Dogwood Strategies (added Q1 2025, $12-18K/quarter). Also registered as its own lobbyist. Issues: Computer Industry, Budget/Appropriations, Science/Technology, Defense.
Estimated annual lobbying spend: 2021 ~$280K, 2022 ~$360K, 2023 ~$400K, 2024 ~$280K, 2025 ~$370K (incl new Dogwood). Total 2021-2025 estimated $1.6-1.7M. Significant for a company with only one $40K contract. The addition of Dogwood Strategies in Q1 2025 coincides with the new administration and Emil Michael's nomination timeline. Defense added as a lobbying issue code alongside existing Computer Industry/Science/Tech.
intelligence (1)
CRITICAL TIMING: D-Wave Quantum Inc registered with SAM.gov on 2025-03-05, exactly 2 months before Emil Michael's USD(R&E) confirmation on 2025-05-14. D-Wave US Inc registered 2025-08-01. These registrations position D-Wave entities for federal contracting precisely as their board member/shareholder takes control of Pentagon R&E.
D-Wave Quantum (the public company Michael holds 887K shares in) had never previously registered with SAM. The government contracting arm (D-Wave Government) was registered since 2015 but had only one $40K contract. The parent entity D-Wave Quantum's SAM registration and the creation of D-Wave US Inc both coincide with the Michael nomination/confirmation timeline. This creates a direct conflict-of-interest vector: the USD(R&E) oversees defense technology acquisition while holding shares in a quantum computing company actively positioning for federal contracts.
document (1)
D-Wave Government Business Unit press release (Dec 2, 2025) cites Michael by name as policy driver: 'Undersecretary of War for Research and Engineering, Emil Michael, who added quantum technologies as a critical technology of focus' — a company Michael co-founded via SPAC and in which he held 887K shares
D-Wave's Dec 2, 2025 press release announcing the formation of its U.S. Government Business Unit, led by VP Jack Sears Jr., explicitly names Michael as a driving force behind quantum technology becoming a DoD priority. This is the direct quote from the company he brought public via DPCM Capital SPAC (Aug 2022), from whose board he resigned just 3 days before its DoD Tradewinds Awardable announcement (Oct 31, 2024), and in which he held 887,138 shares as of his last SEC filing. The company's Advantage2 quantum computer is now operational at Davidson Technologies in Huntsville, AL, positioned for DoD customers. D-Wave subsequently announced collaboration with Anduril and Davidson on missile defense quantum applications (Jan 27, 2026).
Full Timeline
6 events
Full Timeline
6 events- 1.Finding #4987Sources: SAM.gov bulk dataView source record
- 2.Finding #4554
- 3.Finding #5039
- 4.Finding #4674
- 5.Finding #4552
- 6.Finding #4553
- 7.Finding #4732
- 8.Finding #4989
- 9.Finding #4998
- 10.Finding #5094
- 11.Finding #4551
- 12.Finding #5081Sources: LDA Senate filingsView source record
- 13.Finding #4991
- 14.Finding #5001
- 15.Finding #4995
- 16.Finding #5443Sources: analysis-run-12View source record
- 17.Finding #4701