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[8-K] Tradeweb Markets Inc. Reports Material Event

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Rhea-AI Filing Summary

D-Wave Quantum Inc. (NYSE: QBTS) filed an 8-K (Item 7.01) announcing a strategic development initiative to expand superconducting cryogenic packaging for both its annealing and fluxonium gate-model quantum processors. The effort leverages NASA Jet Propulsion Laboratory’s superconducting bump-bond process, with successful demonstrations of end-to-end chip interconnects. Management believes the program will accelerate cross-platform development and support the company’s roadmap toward 100,000 qubits.

The initiative includes new equipment, processes and multichip packaging capabilities intended to strengthen D-Wave’s manufacturing base and supply-chain resilience. No financial terms, cap-ex estimates or revenue guidance were provided. As information is furnished under Reg FD, it is not subject to Section 18 liability.

  • Key partner: NASA-JPL (Caltech-managed, federally funded)
  • Focus: advanced cryogenic multichip packaging
  • Trading symbols: QBTS (common), QBTS.WT (warrants)

D-Wave Quantum Inc. (NYSE: QBTS) ha presentato un modulo 8-K (Voce 7.01) annunciando un'iniziativa strategica per espandere il packaging criogenico superconduttore sia per i suoi processori quantistici annealing sia per quelli a modello gate fluxonium. L'iniziativa sfrutta il processo di bump-bond superconduttore del NASA Jet Propulsion Laboratory, con dimostrazioni di successo di interconnessioni chip end-to-end. La direzione ritiene che il programma accelererà lo sviluppo cross-platform e sosterrà la roadmap dell'azienda verso 100.000 qubit.

L'iniziativa comprende nuove apparecchiature, processi e capacità di packaging multichip volte a rafforzare la base produttiva di D-Wave e la resilienza della catena di approvvigionamento. Non sono stati forniti termini finanziari, stime di spesa in conto capitale o previsioni di ricavi. Poiché le informazioni sono fornite ai sensi del Reg FD, non sono soggette alla responsabilità ai sensi della Sezione 18.

  • Partner chiave: NASA-JPL (gestito da Caltech, finanziato a livello federale)
  • Focus: packaging criogenico multichip avanzato
  • Simboli di negoziazione: QBTS (azioni ordinarie), QBTS.WT (warrant)

D-Wave Quantum Inc. (NYSE: QBTS) presentó un formulario 8-K (Ãtem 7.01) anunciando una iniciativa estratégica para expandir el empaquetado criogénico superconductor para sus procesadores cuánticos tanto de recocido como de modelo de puerta fluxonium. El esfuerzo aprovecha el proceso de unión por bump superconductora del Laboratorio de Propulsión a Chorro de la NASA, con demostraciones exitosas de interconexiones de chip de extremo a extremo. La dirección cree que el programa acelerará el desarrollo multiplataforma y respaldará la hoja de ruta de la empresa hacia 100,000 qubits.

La iniciativa incluye nuevos equipos, procesos y capacidades de empaquetado multichip destinados a fortalecer la base de fabricación de D-Wave y la resiliencia de la cadena de suministro. No se proporcionaron términos financieros, estimaciones de gastos de capital ni guías de ingresos. Dado que la información se suministra bajo Reg FD, no está sujeta a la responsabilidad bajo la Sección 18.

  • Socio clave: NASA-JPL (gestionado por Caltech, financiado federalmente)
  • Enfoque: empaquetado criogénico multichip avanzado
  • Símbolos de negociación: QBTS (acciones comunes), QBTS.WT (warrants)

D-Wave Quantum Inc. (NYSE: QBTS)ëŠ� 8-K ë³´ê³ ì„�(Item 7.01)ë¥� 제출하여 ì–´ë‹ë§� ë°� 플럭소늄 게ì´íŠ� ëª¨ë¸ ì–‘ìž í”„ë¡œì„¸ì„œë¥� 위한 초전ë� ì €ì˜� 패키ì§� 확장ì—� ê´€í•� ì „ëžµì � 개발 ì´ë‹ˆì…”티브를 발표했습니다. ì� ë…¸ë ¥ì€ NASA 제트 추진 연구ì†�(Jet Propulsion Laboratory)ì� 초전ë� 범프 본딩 공정ì� 활용하며, ì¹� ê°� 종단 ê°� ì¸í„°ì»¤ë„¥íŠ¸ì˜ ì„±ê³µì ì¸ 시연ì� í¬í•¨í•©ë‹ˆë‹�. ê²½ì˜ì§„ì€ ì� 프로그램ì� í¬ë¡œìŠ� 플랫í� 개발ì� ê°€ì†í™”하고 회사ì� 100,000 í비íŠ� ë¡œë“œë§µì„ ì§€ì›í•  것ì´ë¼ê³  믿고 있습니다.

ì� ì´ë‹ˆì…”티브ì—ëŠ� D-Waveì� 제조 기반ê³� 공급ë§� íƒ„ë ¥ì„±ì„ ê°•í™”í•˜ê¸° 위한 새로ìš� 장비, 공정 ë°� 멀티칩 패키ì§� 기능ì� í¬í•¨ë©ë‹ˆë‹�. 재무 ì¡°ê±´, ìžë³¸ ì§€ì¶� 추정ì¹� ë˜ëŠ” ìˆ˜ìµ ê°€ì´ë˜ìŠ¤ëŠ” 제공ë˜ì§€ 않았습니ë‹�. Reg FDì—� ë”°ë¼ ì œê³µë� ì •ë³´ëŠ� 섹션 18 ì±…ìž„ 대ìƒì´ 아닙니다.

  • 주요 파트ë„�: NASA-JPL (Caltech ê´€ë¦�, ì—°ë°© ìžê¸ˆ ì§€ì›�)
  • ì´ˆì : 고급 ì €ì˜� 멀티칩 패키ì§�
  • 거래 심볼: QBTS (보통ì£�), QBTS.WT (워런íŠ�)

D-Wave Quantum Inc. (NYSE : QBTS) a déposé un formulaire 8-K (Article 7.01) annonçant une initiative stratégique visant à étendre l'emballage cryogénique supraconducteur pour ses processeurs quantiques à recuit et à modèle de porte fluxonium. Cette démarche s'appuie sur le procédé de bump-bond supraconducteur du NASA Jet Propulsion Laboratory, avec des démonstrations réussies d'interconnexions de puces de bout en bout. La direction estime que ce programme accélérera le développement multiplateforme et soutiendra la feuille de route de l'entreprise vers 100 000 qubits.

L'initiative comprend de nouveaux équipements, processus et capacités d'emballage multipuces destinés à renforcer la base de fabrication de D-Wave et la résilience de sa chaîne d'approvisionnement. Aucun détail financier, estimation des dépenses en capital ou prévision de revenus n'a été communiqué. Étant donné que les informations sont fournies conformément au Reg FD, elles ne sont pas soumises à la responsabilité en vertu de la Section 18.

  • Partenaire clé : NASA-JPL (géré par Caltech, financé par le gouvernement fédéral)
  • Focus : emballage cryogénique multipuces avancé
  • Symboles boursiers : QBTS (actions ordinaires), QBTS.WT (warrants)

D-Wave Quantum Inc. (NYSE: QBTS) hat ein 8-K-Formular (Punkt 7.01) eingereicht und eine strategische Entwicklungsinitiative zur Erweiterung der supraleitenden kryogenen Verpackung für sowohl seine Annealing- als auch Fluxonium-Gate-Modell-Quantenprozessoren angekündigt. Das Vorhaben nutzt den supraleitenden Bump-Bond-Prozess des NASA Jet Propulsion Laboratory, mit erfolgreichen Demonstrationen von durchgehenden Chip-Interconnects. Das Management ist der Ansicht, dass das Programm die plattformübergreifende Entwicklung beschleunigen und die Roadmap des Unternehmens zu 100.000 Qubits unterstützen wird.

Die Initiative umfasst neue Ausrüstung, Prozesse und Multichip-Verpackungsfähigkeiten, die darauf abzielen, die Fertigungsbasis von D-Wave und die Resilienz der Lieferkette zu stärken. Es wurden keine finanziellen Bedingungen, Investitionsschätzungen oder Umsatzprognosen angegeben. Da die Informationen gemäß Reg FD bereitgestellt werden, unterliegen sie nicht der Haftung nach Abschnitt 18.

  • Wichtiger Partner: NASA-JPL (von Caltech verwaltet, bundesfinanziert)
  • Fokus: fortschrittliche kryogene Multichip-Verpackung
  • Handelssymbole: QBTS (Stammaktien), QBTS.WT (Warrants)
Positive
  • Collaboration with NASA-JPL provides access to proven superconducting bump-bond technology, reducing development risk.
  • Initiative supports roadmap to 100,000 qubits, a key milestone for commercial viability.
  • Expanded multichip cryogenic packaging strengthens supply-chain resilience and manufacturing scalability.
Negative
  • Filing contains no financial metrics, leaving cost, funding source and ROI unclear.
  • Execution risk: achieving large-scale integration may require significant capital expenditure and time before revenue impact.

Insights

TL;DR: NASA-JPL collaboration enhances long-term scaling prospects; near-term financial impact undisclosed and likely modest.

D-Wave’s reliance on JPL’s proven superconducting bump-bonding should shorten development cycles and reduce technical risk for larger, multi-chip quantum cores. Although no revenue or cost figures were released, the move aligns with the company’s stated roadmap to 100k qubits—a scale investors view as critical for commercial quantum advantage. Because this is a technology announcement without accompanying orders or guidance, immediate valuation impact is limited but sentiment could improve given the prestigious partner and clearer scalability path.

TL;DR: Packaging breakthrough tackles I/O bottlenecks, enabling higher qubit counts and mixed architectures.

The shift to superconducting bump-bonded multichip modules addresses two technical pain points: heat load management and interconnect density. Demonstrated end-to-end superconducting links imply reduced signal loss and better coherence, which are prerequisites for scaling annealers and fluxonium gates. Incorporating JPL’s mature process should lower experimentation risk versus in-house development. If execution matches claims, D-Wave could achieve higher qubit yields and broaden its technology moat.

D-Wave Quantum Inc. (NYSE: QBTS) ha presentato un modulo 8-K (Voce 7.01) annunciando un'iniziativa strategica per espandere il packaging criogenico superconduttore sia per i suoi processori quantistici annealing sia per quelli a modello gate fluxonium. L'iniziativa sfrutta il processo di bump-bond superconduttore del NASA Jet Propulsion Laboratory, con dimostrazioni di successo di interconnessioni chip end-to-end. La direzione ritiene che il programma accelererà lo sviluppo cross-platform e sosterrà la roadmap dell'azienda verso 100.000 qubit.

L'iniziativa comprende nuove apparecchiature, processi e capacità di packaging multichip volte a rafforzare la base produttiva di D-Wave e la resilienza della catena di approvvigionamento. Non sono stati forniti termini finanziari, stime di spesa in conto capitale o previsioni di ricavi. Poiché le informazioni sono fornite ai sensi del Reg FD, non sono soggette alla responsabilità ai sensi della Sezione 18.

  • Partner chiave: NASA-JPL (gestito da Caltech, finanziato a livello federale)
  • Focus: packaging criogenico multichip avanzato
  • Simboli di negoziazione: QBTS (azioni ordinarie), QBTS.WT (warrant)

D-Wave Quantum Inc. (NYSE: QBTS) presentó un formulario 8-K (Ãtem 7.01) anunciando una iniciativa estratégica para expandir el empaquetado criogénico superconductor para sus procesadores cuánticos tanto de recocido como de modelo de puerta fluxonium. El esfuerzo aprovecha el proceso de unión por bump superconductora del Laboratorio de Propulsión a Chorro de la NASA, con demostraciones exitosas de interconexiones de chip de extremo a extremo. La dirección cree que el programa acelerará el desarrollo multiplataforma y respaldará la hoja de ruta de la empresa hacia 100,000 qubits.

La iniciativa incluye nuevos equipos, procesos y capacidades de empaquetado multichip destinados a fortalecer la base de fabricación de D-Wave y la resiliencia de la cadena de suministro. No se proporcionaron términos financieros, estimaciones de gastos de capital ni guías de ingresos. Dado que la información se suministra bajo Reg FD, no está sujeta a la responsabilidad bajo la Sección 18.

  • Socio clave: NASA-JPL (gestionado por Caltech, financiado federalmente)
  • Enfoque: empaquetado criogénico multichip avanzado
  • Símbolos de negociación: QBTS (acciones comunes), QBTS.WT (warrants)

D-Wave Quantum Inc. (NYSE: QBTS)ëŠ� 8-K ë³´ê³ ì„�(Item 7.01)ë¥� 제출하여 ì–´ë‹ë§� ë°� 플럭소늄 게ì´íŠ� ëª¨ë¸ ì–‘ìž í”„ë¡œì„¸ì„œë¥� 위한 초전ë� ì €ì˜� 패키ì§� 확장ì—� ê´€í•� ì „ëžµì � 개발 ì´ë‹ˆì…”티브를 발표했습니다. ì� ë…¸ë ¥ì€ NASA 제트 추진 연구ì†�(Jet Propulsion Laboratory)ì� 초전ë� 범프 본딩 공정ì� 활용하며, ì¹� ê°� 종단 ê°� ì¸í„°ì»¤ë„¥íŠ¸ì˜ ì„±ê³µì ì¸ 시연ì� í¬í•¨í•©ë‹ˆë‹�. ê²½ì˜ì§„ì€ ì� 프로그램ì� í¬ë¡œìŠ� 플랫í� 개발ì� ê°€ì†í™”하고 회사ì� 100,000 í비íŠ� ë¡œë“œë§µì„ ì§€ì›í•  것ì´ë¼ê³  믿고 있습니다.

ì� ì´ë‹ˆì…”티브ì—ëŠ� D-Waveì� 제조 기반ê³� 공급ë§� íƒ„ë ¥ì„±ì„ ê°•í™”í•˜ê¸° 위한 새로ìš� 장비, 공정 ë°� 멀티칩 패키ì§� 기능ì� í¬í•¨ë©ë‹ˆë‹�. 재무 ì¡°ê±´, ìžë³¸ ì§€ì¶� 추정ì¹� ë˜ëŠ” ìˆ˜ìµ ê°€ì´ë˜ìŠ¤ëŠ” 제공ë˜ì§€ 않았습니ë‹�. Reg FDì—� ë”°ë¼ ì œê³µë� ì •ë³´ëŠ� 섹션 18 ì±…ìž„ 대ìƒì´ 아닙니다.

  • 주요 파트ë„�: NASA-JPL (Caltech ê´€ë¦�, ì—°ë°© ìžê¸ˆ ì§€ì›�)
  • ì´ˆì : 고급 ì €ì˜� 멀티칩 패키ì§�
  • 거래 심볼: QBTS (보통ì£�), QBTS.WT (워런íŠ�)

D-Wave Quantum Inc. (NYSE : QBTS) a déposé un formulaire 8-K (Article 7.01) annonçant une initiative stratégique visant à étendre l'emballage cryogénique supraconducteur pour ses processeurs quantiques à recuit et à modèle de porte fluxonium. Cette démarche s'appuie sur le procédé de bump-bond supraconducteur du NASA Jet Propulsion Laboratory, avec des démonstrations réussies d'interconnexions de puces de bout en bout. La direction estime que ce programme accélérera le développement multiplateforme et soutiendra la feuille de route de l'entreprise vers 100 000 qubits.

L'initiative comprend de nouveaux équipements, processus et capacités d'emballage multipuces destinés à renforcer la base de fabrication de D-Wave et la résilience de sa chaîne d'approvisionnement. Aucun détail financier, estimation des dépenses en capital ou prévision de revenus n'a été communiqué. Étant donné que les informations sont fournies conformément au Reg FD, elles ne sont pas soumises à la responsabilité en vertu de la Section 18.

  • Partenaire clé : NASA-JPL (géré par Caltech, financé par le gouvernement fédéral)
  • Focus : emballage cryogénique multipuces avancé
  • Symboles boursiers : QBTS (actions ordinaires), QBTS.WT (warrants)

D-Wave Quantum Inc. (NYSE: QBTS) hat ein 8-K-Formular (Punkt 7.01) eingereicht und eine strategische Entwicklungsinitiative zur Erweiterung der supraleitenden kryogenen Verpackung für sowohl seine Annealing- als auch Fluxonium-Gate-Modell-Quantenprozessoren angekündigt. Das Vorhaben nutzt den supraleitenden Bump-Bond-Prozess des NASA Jet Propulsion Laboratory, mit erfolgreichen Demonstrationen von durchgehenden Chip-Interconnects. Das Management ist der Ansicht, dass das Programm die plattformübergreifende Entwicklung beschleunigen und die Roadmap des Unternehmens zu 100.000 Qubits unterstützen wird.

Die Initiative umfasst neue Ausrüstung, Prozesse und Multichip-Verpackungsfähigkeiten, die darauf abzielen, die Fertigungsbasis von D-Wave und die Resilienz der Lieferkette zu stärken. Es wurden keine finanziellen Bedingungen, Investitionsschätzungen oder Umsatzprognosen angegeben. Da die Informationen gemäß Reg FD bereitgestellt werden, unterliegen sie nicht der Haftung nach Abschnitt 18.

  • Wichtiger Partner: NASA-JPL (von Caltech verwaltet, bundesfinanziert)
  • Fokus: fortschrittliche kryogene Multichip-Verpackung
  • Handelssymbole: QBTS (Stammaktien), QBTS.WT (Warrants)
0001758730false00017587302025-07-302025-07-30


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________________________________
FORM 8-K
_____________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): July 30, 2025
______________________________________________________________________________
Tradeweb Markets Inc.
(Exact name of registrant as specified in charter)
______________________________________________________________________________
 
Delaware
001-38860
83-2456358
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
1177 Avenue of the Americas
New York, New York
10036
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number, including area code: (646) 430-6000
______________________________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which
registered
Class A common stock, par value $0.00001 TW Nasdaq Global Select Market
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02. Results of Operations and Financial Condition.

On July 30, 2025, Tradeweb Markets Inc. (the “Company”) issued a press release, a copy of which is furnished as Exhibit 99.1 hereto and incorporated herein by reference, announcing financial results for the quarter ended June 30, 2025.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

Exhibit
Number
Exhibit Description
99.1
Press Release of Tradeweb Markets Inc., dated July 30, 2025, announcing Second Quarter 2025 Financial Results.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TRADEWEB MARKETS INC.
Date: July 30, 2025
By:/s/ Douglas Friedman
Name: Douglas Friedman
Title: General Counsel

FAQ

What did D-Wave Quantum (QBTS) announce on July 30 2025?

It launched a strategic initiative to expand superconducting cryogenic packaging, leveraging NASA-JPL’s bump-bond process.

Why is the NASA-JPL partnership important for QBTS investors?

JPL’s proven technology could speed up D-Wave’s path to higher qubit counts, reducing technical risk and enhancing competitiveness.

Does the 8-K include revenue or cost guidance?

No. The filing provides no financial figures, cap-ex estimates, or revenue projections.

How does the initiative fit D-Wave’s qubit roadmap?

Management says the packaging advance is foundational for reaching its target of 100,000 qubits across annealing and gate-model systems.

Is the information in Item 7.01 considered "filed" with the SEC?

No. It is furnished under Regulation FD and is not subject to Section 18 liability.
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