11 hours ago
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Lyle Daly, The Motley Fool
Wed, May 20, 2026 astatine 6:40 AM CDT 4 min read
Quantum computing stocks person soared successful caller years, and D-Wave Quantum (NYSE: QBTS) is 1 of the astir successful. While volatile, the company's stock terms is up 3,310% implicit the past 3 years (as of May 18).
Early D-Wave investors are sitting connected unthinkable returns, but with a $7 cardinal marketplace headdress and conscionable $24.6 cardinal successful gross past year, this institution present trades astatine an highly precocious valuation. Is determination inactive a lawsuit for investing, oregon is it excessively late?
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The bull case: Record maturation and a high-profile acquisition
D-Wave whitethorn inactive person airy income numbers fixed its marketplace cap, but to its credit, those numbers person been growing. Its $24.6 cardinal successful gross for fiscal 2025 was a 179% year-over-year increase.
Revenue for the archetypal 4th of 2026 was down 81% twelvemonth implicit twelvemonth to $2.9 million. That mightiness look worrisome, but quantum computing companies thin to person lumpy sales, truthful you can't larn excessively overmuch from a azygous quarter. More important than the apical enactment was D-Wave's bookings for the quarter, which deed a grounds of $33.4 million. Those bookings, which is however D-Wave refers to aboriginal lawsuit orders, exceeded the company's full bookings successful fiscal 2024 and 2025 combined.
D-Wave absorption besides landed a fewer important deals successful the archetypal quarter. It acquired Quantum Circuits Inc. for $550 cardinal successful a merger that makes D-Wave the lone dual-platform quantum institution -- 1 that has annealing and gate-model quantum computers.
In addition, D-Wave and 2 defence companies, Davidson Technologies and Anduril, announced a collaboration. The 3 volition enactment unneurotic connected quantum applications for U.S. aerial and rocket defense.
Risk factors: Mounting losses and pugnacious contention
D-Wave is unprofitable, and its losses are outpacing its gross growth. Net losses successful 2025 were $355.1 million, up from $143.9 cardinal successful 2024. It reported a much humble nonaccomplishment of $18.4 cardinal successful the archetypal 4th of 2026, though that was inactive an summation of $13 cardinal twelvemonth implicit year.
This is mean for a pure-play quantum computing company, but it's worthy noting that rival IonQ has had much fiscal occurrence than D-Wave. IonQ reported $130 cardinal successful 2025 revenue, though it posted a nett nonaccomplishment of $510.4 million. Still, quantum computing is simply a competitory space. The information that IonQ is acold up of D-Wave successful presumption of income gives it a important edge.
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