D-Wave’s Bookings Just Grew 1,120%. Is QBTS the Most Overlooked Quantum Computing Stock?

Key Stats for D-Wave Quantum Stock

• 52-Week Range: $12.75 to $46.75
• Street Mean Target: ~$35
• Street High Target: $43
• YTD Max Drawdown: -64% from highs
• Net Cash: ~$498M
• Fwd 2-Yr Revenue CAGR: ~81%

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What Makes D-Wave Different From Every Other Quantum Computing Company

D-Wave (QBTS) is the only quantum computing company in the world currently generating commercial revenue from enterprise-scale deployed quantum systems. Most quantum computing names investors encounter are hardware research projects with no paying customers and no near-term path to revenue.

D-Wave has been selling access to its quantum annealing systems since 2011, and its Quantum Computing as a Service platform, QCaaS, is used today by organizations including Unisys, Shionogi, and Verafin for real optimization problems in logistics, drug discovery, and financial crime detection.

The company is also the only player operating a dual-platform approach, offering both annealing-based quantum systems and gate-model quantum computers following the January 2026 acquisition of Quantum Circuits Inc. for approximately $253 million.

Second-quarter revenue came in at $3.08 million, roughly flat with the $3.10 million posted a year ago, and first-half revenue of $5.93 million was down 67% from $18.1 million in the prior-year period. The decline is important to contextualize: the prior year included a high-margin annealing quantum computer system sale that did not repeat in 2026.

The number that matters most for understanding the trajectory is not the current revenue but the bookings, and the gross margin chart below captures why the unit economics are worth paying attention to even at current revenue levels.

Gross margin has recovered sharply from a trough of 53% in 2023, reaching 63% in 2024 and 83% by the end of 2025 as the revenue mix shifted toward higher-margin QCaaS subscription revenue and away from hardware system sales. The LTM figure of 64% reflects the H1 2026 mix headwind, but the directional trend toward a subscription-led, software-like margin profile is intact.

When D-Wave’s CEO, Dr. Alan Baratz, says the company is building commercial momentum, he means the gross margin trajectory: a business that bills customers recurring fees for quantum compute access has fundamentally different economics than one that sells hardware one system at a time.

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The Bookings Signal and What the Revenue Chart Actually Means

First-half bookings of $35.5 million grew 1,120% year over year from $2.9 million, and remaining performance obligations of $40.7 million grew 668%. These are the leading indicators that matter for a subscription business: they represent contracted future revenue not yet recognized.

The revenue chart below shows where consensus expects those bookings to eventually convert, and it is worth reading carefully given how early the company still is.

Actual annual revenue has hovered between $7 million and $25 million for four years. Consensus estimates project $42 million in 2026, $81 million in 2027, and $444 million by 2030, a trajectory that requires quantum computing to cross from niche enterprise pilot to mainstream deployment at a scale the industry has not yet demonstrated.

Every bar beyond 2025 assumes adoption speed, not existing contracts. The 2026 estimate of $42 million looks optimistic given the $5.93 million H1 actuals, which means near-term estimate revisions are likely before the hockey stick materializes.

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What the Street Thinks About QBTS Right Now

At around $17, D-Wave trades roughly 107% below the Street mean target of $35 and 64% below its 52-week high.

Coverage has expanded from 6 analysts a year ago to 17 today, and the consensus is unusually unified: 15 buys, 1 outperform, 1 hold, and zero underperforms or sells.

Even the low target of $22 sits 30% above the current price, reflecting a Street that sees the valuation as disconnected from the long-term opportunity regardless of near-term revenue softness.

Should You Buy D-Wave Quantum Stock?

D-Wave occupies a genuinely unique position as the only quantum computing company with commercial customers, real recurring revenue, and a dual-platform strategy that hedges between annealing and gate-model approaches.

The bookings acceleration is a legitimate signal; the gross margin profile shows sound unit economics; and the Street’s unanimous view implies the market has overcorrected.

What investors must weigh against that is a revenue base still measured in single-digit millions, a forward curve that requires quantum adoption to accelerate dramatically, and a stock that has already proven it can lose two-thirds of its value in a single year.

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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 of the stocks mentioned. Thank you for reading, and happy investing!