Key Stats for D-Wave Quantum Inc.
- 52-Week Range: $12.75 to $46.75
- Current Price: $18.95
- Street Mean Target: $37.39
- Street Median Target: $40.00
- Market Cap: ~$7.4 billion
- Q1 2026 Revenue: $15.0 million, up 2,000% YoY
- Q1 2026 Gross Margin: 62.6%
- FY2025 Revenue: $24.59 million, up 179% YoY
- Bookings (Q1 2026): $32.4 million, up 2,000% YoY
Now Live: Discover how much upside your favorite stocks could have using TIKR’s new Valuation Model (It’s free)>>>
D-Wave Dropped 59% While the Business Was Actually Growing
D-Wave Quantum, Inc. (QBTS) occupies a genuinely unusual position in the technology landscape. Founded in 1999 and headquartered in Palo Alto, the company is the world’s only commercial provider of quantum computing systems available via the cloud, on-premises deployment, and as a managed service.
Quantum computing, in plain terms, is a fundamentally different approach to computation that uses quantum-mechanical phenomena to solve certain categories of complex problems, such as optimization, logistics, and drug discovery, orders of magnitude faster than conventional computers can.
D-Wave’s specific approach, called annealing-based quantum computing, is purpose-built for optimization problems and is already running in production environments at real companies today.
The drawdown chart tells a brutal story for anyone who owned the stock coming into the year. From near its January highs, QBTS fell steadily and relentlessly through February and March, hitting a maximum drawdown of 58.49% on March 30.
A sharp recovery through April and May briefly brought the stock back near its early-June highs before sellers returned, pushing it down to around -36% from its peak.
The decline happened not because the business deteriorated, but because the broader quantum computing sector sold off hard as investor enthusiasm that had built up through late 2025 cooled significantly.
Q1 2026 revenue of $15 million represented roughly 2,000% year-over-year growth, and bookings of $32.4 million in the quarter suggested the commercial pipeline was expanding rapidly. The stock went down anyway.
See analysts’ growth forecasts and price targets for D-Wave stock (It’s free) >>>
The Revenue Inflection Is Real, Even If It Is Still Small
Putting D-Wave’s financials in context requires honesty about where the company currently sits. Revenue just crossed $24 million for full-year 2025, and the company remains deeply unprofitable, with a net loss margin well above 800% on a trailing basis.
Investors need to hold both of those things in mind at once: the growth rate is genuinely extraordinary, and the absolute numbers are still very small.
Revenue sat in a narrow band between $6 million and $9 million for four consecutive years before nearly tripling in 2025. The driver behind that jump was a meaningful acceleration in enterprise adoption, with customers including NTT Docomo, Mastercard, and various government agencies beginning to run real optimization workloads on D-Wave’s Advantage systems.
The company’s “Quantum Launchpad” program, which offers subsidized access to help enterprises get their first quantum applications into production, has been a key tool for converting interest into paying customers. Once a customer has an optimization application running on quantum hardware, switching costs are high, which is a key foundation of any durable revenue model.
The Q1 2026 bookings figure of $32.4 million, up roughly 2,000% year over year, suggests the pipeline building underneath the revenue line is growing faster than the revenue itself.
Estimate a company’s fair value instantly (Free with TIKR) >>>
What Does the Street Say About Valuation?
Given the early stage of the business and the lack of a credible path to near-term profitability, a traditional valuation model produces outputs that are more of a mathematical exercise than a genuine guide. The Street Targets table offers a more grounded frame.
Fifteen analysts cover QBTS today, with 12 Buys, 1 Outperform, and 1 Hold, and no Sells. The mean target is around $37, while the median is $40, implying the Street sees between 86% and 99% upside from the current price of $20. The gap between mean and median is modest here, suggesting reasonable analyst consensus rather than a skewed distribution driven by outliers.
What is notable is how stable those targets have been: the mean has held at $37.39 since at least June, despite the stock swinging dramatically in both directions.
Analysts appear to be looking through the near-term volatility and anchoring to the longer-term commercial opportunity rather than reacting to price action.
Should You Invest in D-Wave Quantum, Inc.?
D-Wave is not a stock for investors who need near-term profitability or valuation comfort in traditional metrics. At a $7.4 billion market cap on $24 million of trailing revenue, the price reflects a bet on the quantum computing adoption curve, not the current income statement.
What the data does show is real commercial momentum, a stable and constructive analyst consensus, and a stock sitting well below where most of the Street thinks it belongs. Investors with a long time horizon and tolerance for volatility will find the setup worth examining closely.
See a stock’s true value in under 60 seconds (Free with TIKR) >>>
Looking for New Opportunities?
- See what stocks billionaire investors are buying so you can follow the smart money.
- Analyze stocks in as little as 5 minutes with TIKR’s all-in-one, easy-to-use platform.
- The more rocks you overturn… the more opportunities you’ll uncover. Search 100K+ global stocks, global top investor holdings, and more with TIKR.
Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
