Quantum & AI Filing Watch — what 5 names quietly changed

IONQ · RGTI · QBTS · BBAI · SOUN · their latest 10-K Risk Factors, diffed against last year. The changes that matter, ranked — including what they removed.

IonQ (IONQ)

10-K 2025-02-26 → 2026-02-25

• Removed The active securities class-action (Leacock/Fisher) disclosures are gone — the litigation overhang looks resolved.
• New An acquired company's satellite failures (incl. a loss at launch) now sit on IonQ's risk page — inherited operational risk from an undisclosed space/satellite deal.
• New Explicit admission of "significant turnover in our executive ranks and on our Board" during 2025.
• Escalated Accumulated deficit $683.7M → $1,194.1M; warrants outstanding 2.86M → 80.9M shares (large dilution).

Rigetti (RGTI)

10-K 2025-03-07 → 2026-03-04

• Escalated Warrant redemption now spells out holders may get a "nominal redemption price … substantially less than market value."
• New Roadmap milestone redefined from "narrow/broad quantum advantage" to "QA or LFTQC" — a new, more demanding bar investors must judge.
• Escalated Accumulated deficit $771.0M; federal NOLs ~$455.3M. Government-contract risk expanded (termination-for-convenience, sequestration, "attitude toward us as a company").

D-Wave (QBTS)

10-K 2025-03-14 → 2026-02-26

• Removed Emerging-growth-company status ended (as of Dec 31 2025) — losing the auditor-attestation and scaled-disclosure exemptions = materially higher compliance burden from Q1 2026.
• New Quantum Circuits acquisition now a committed transaction (prior filing: "no commitments") — integration risk added.
• Escalated Accumulated deficit $626.9M → $982.0M (~$355M one-year burn); annealing tech newly flagged as possibly "narrow range of customers."

BigBear.ai (BBAI)

10-K 2025-03-25 → 2026-03-02

• Removed Prior material weaknesses in internal controls now stated "have been remediated."
• New Ask Sage acquisition (early-stage tech) + a distinct biometrics-market risk added.
• Escalated Capital structure shifted: total debt ~$200M → ~$142.3M, backlog ~$418M → ~$248M, 2029 convertible notes "voluntarily converted by noteholders."

SoundHound AI (SOUN)

10-K 2025-03-11 → 2026-03-02

• Escalated Late-filing history expanded — now admits extensions for both the 2023 and 2024 Form 10-K (a repeated control/timeliness flag).
• New Tariff risk added despite being SaaS ("significant new tariffs … on about 90 nations"); Interactions Corp acquisition folded into M&A risk.
• Escalated Federal NOLs $548.4M → $892.9M; operating cash flow −$98.2M. Removed the explicit material-weakness language (remediation implied, not confirmed).