Why D-Wave Quantum is on investors’ radar

D-Wave Quantum (QBTS) has drawn fresh attention as investors reassess quantum computing exposure. They are looking closely at its recent returns, revenue base and ongoing losses to understand how the current share price reflects that profile.

Recent trading reflects that tension between promise and risk, with the share price at $17.47 and a 30 day share price return of an 11% decline, adding to a 37.9% year to date decline, despite a 1 year total shareholder return of 61.76% and a very large 3 year total shareholder return that hints at earlier enthusiasm now cooling.

If quantum computing is on your watchlist, it can help to compare D-Wave Quantum with a broader set of peers by scanning 24 quantum computing stocks

So, with a share price of $17.47, a market value of about $6.46b, fast growing revenue but heavy losses, and a large gap to the average analyst price target, is there a buying opportunity here, or is the market already pricing in future growth?

Most Popular Narrative: 57% Undervalued

According to Wil_Analyst, the most followed narrative for D-Wave Quantum pegs fair value at $40.65, well above the recent $17.47 close, and builds a case around scale, liquidity and bookings momentum.

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.

This story leans on rapid top line expansion, ambitious margins and a rich future earnings multiple to justify that fair value. It also examines which assumptions matter most and how they fit together.

Result: Fair Value of $40.65 (UNDERVALUED)

However, this story still faces pressure, with ongoing net losses of US$355.062m and a very large gap between current revenue of US$24.587m and market value.

Next Steps

With sentiment clearly split between risk and reward, this is the moment to look at the numbers yourself and decide where you stand, starting with the 1 key reward and 4 important warning signs

Looking for more investment ideas?

If D-Wave Quantum has caught your attention, do not stop here. Cast the net wider and compare it with other opportunities that might fit your style.

• Target potential mispricings by scanning companies that screen as 49 high quality undervalued stocks and see which ones deserve a closer look.
• Build a steadier income stream by checking out businesses in the 15 dividend fortresses that focus on higher yielding payouts.
• Prioritise financial strength by reviewing companies in the solid balance sheet and fundamentals stocks screener (42 results) and see which balance sheets you are most comfortable backing.

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.