D-Wave Quantum (QBTS) is back in focus after its Q1 2026 earnings date and Qubits Europe 2026 conference plans drew attention to bookings, recent contracts, and how its quantum technology is being commercialized.

D-Wave Quantum’s share price has been volatile, with a 60.04% 1 month share price return and an 8.43% 7 day share price return. However, a 21.83% year to date share price decline contrasts with a very large 3 year total shareholder return, suggesting that momentum has been rebuilding around recent conference news and bookings updates.

If the recent quantum headlines have your attention, it can be useful to see what else is moving in the space and review 27 quantum computing stocks

With QBTS swinging from a very large three year total return to a 21.83% year to date decline, and trading at a steep discount to analyst targets, is this pullback a potential entry, or is the market already pricing in future growth?

Most Popular Narrative: 45.9% Undervalued

According to the most followed narrative, D-Wave Quantum’s fair value of $40.65 sits well above the last close at $21.99, with that gap framed through a high-growth, high-spend quantum build out.

The most critical underlying factor in D-Wave’s 2026 narrative is its unprecedented liquidity. Following the financial restructuring associated with the QCi merger, D-Wave enters 2026 with its largest cash-on-hand position in company history.

Want to see how a cash heavy balance sheet, rapid bookings and a dual platform roadmap combine into that valuation call? The core assumptions sit in the revenue curve, the timing of commercialization and the margin profile the narrative expects D-Wave Quantum to reach.

Result: Fair Value of $40.65 (UNDERVALUED)

However, this narrative depends on continued bookings strength and efficient use of cash, so slower deal flow or heavier than expected losses could quickly challenge it.

Another View: What The P/B Ratio Is Saying

The popular narrative leans on cash and growth to call QBTS undervalued at a $40.65 fair value, yet the market is also assigning a P/B of 9.6x. That is well above the wider US Software industry on 2.8x, even if it sits below a 22x peer average. For you, that gap raises a simple question: is this pricing in a lot of future success already, or is it a premium you are comfortable paying for quantum exposure?

Next Steps

With mixed signals on value and risk, do you want to rely on one story or test the numbers yourself and respond while sentiment is still shifting? Review the 1 key reward and 3 important warning signs

Looking for more investment ideas?

If you are serious about sharpening your watchlist, do not stop at one quantum stock. Use these focused stock ideas to spot opportunities others might overlook.

• Target potential mispricings by reviewing 51 high quality undervalued stocks that combine solid fundamentals with prices that may not fully reflect their businesses.
• Strengthen your portfolio’s foundation by assessing the solid balance sheet and fundamentals stocks screener (44 results) and see which companies pair financial resilience with room to grow.
• Get ahead of the crowd by scanning the screener containing 23 high quality undiscovered gems that may sit off the radar but still show quality metrics.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.