D-Wave Quantum (QBTS) has put a firm date on its next big investor touchpoint, scheduling its first Investor Day for June 1, 2026. The event will spotlight its dual-platform quantum strategy as well as its recent bookings and acquisition activity.

The recent 43.09% 1-month share price return and 10.82% 7-day gain suggest momentum has picked up again after a weaker year-to-date share price return of 27.16%. The 1-year total shareholder return of 159.04% points to strong longer-term swings tied to bookings, acquisitions, and growing interest in quantum computing stocks.

If D-Wave’s recent rebound has your attention, this could be a moment to scope out other quantum names using our screener of 26 quantum computing stocks

With D-Wave trading at US$20.49 against an analyst price target of US$35.77, and fresh bookings plus acquisitions in focus, is the recent surge just catching up to fundamentals, or already pricing in years of future growth?

Most Popular Narrative: 49.6% Undervalued

At a last close of $20.49 versus a narrative fair value of $40.65, the most followed thesis on D-Wave sees a wide gap between price and estimated potential, with that view hinging heavily on liquidity, bookings, and the dual-platform 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 what kind of growth is baked into that war chest, how the dual platform fits into the model, and which revenue and margin assumptions underpin that $40.65 number? The narrative lays out a detailed capital, bookings, and product roadmap that ties directly into the valuation.

Result: Fair Value of $40.65 (UNDERVALUED)

However, this story can change quickly if integration of QCi drags on or if future bookings fall short of the expectations investors have set around recent deals.

Another Angle on Valuation: P/B Sends a Different Message

That $40.65 fair value narrative sits alongside a very different signal from plain P/B math. D-Wave trades at a P/B of 8.9x versus 2.9x for the wider US Software group, yet below a 18.7x peer average. That mix points to meaningful valuation risk and potential upside, so which reference point matters more to you?

Next Steps

With sentiment clearly split between valuation upside and meaningful risks, this is a good time to look through the numbers yourself and decide where you stand. You can start with 1 key reward and 3 important warning signs

Ready to find your next idea?

If D-Wave is on your radar, this is the moment to broaden your watchlist with a few focused stock ideas that fit clear, disciplined themes.

• Target resilient cash generators by scanning companies with the solid balance sheet and fundamentals stocks screener (44 results) and see which names combine financial strength with room for growth.
• Hunt for potential mispricings by checking out the 50 high quality undervalued stocks and compare how their fundamentals stack up against current market expectations.
• Prioritise smoother rides in rough markets by reviewing the 69 resilient stocks with low risk scores and identify businesses that score well on overall risk profiles.

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.