D-Wave Quantum (QBTS) has drawn fresh attention after publishing peer reviewed research in Nature on a high fidelity two qubit entangling gate, while also reporting second quarter 2026 earnings and announcing new commercial collaborations.

The recent Nature publication, new Nasdaq Verafin and AT&T agreements, and second quarter earnings have come alongside sharp share price swings, with a 7 day share price return of 32.20% but a year to date share price return down 23.96%. The 3 year total shareholder return is very large, suggesting sentiment around D-Wave Quantum is still evolving as investors weigh growth potential against risk.

If this kind of quantum computing progress has your attention, it could be worth seeing what else is moving and checking out 26 quantum computing stocks

D-Wave Quantum now sits at the crossroads of breakthrough science, fresh commercial deals, and a share price that has surged over the past week but is still down so far this year. Is that mix actually priced fairly today?

Most Popular Narrative: 47.4% Undervalued

According to the most followed narrative on D-Wave Quantum, the current share price of $21.39 sits well below a fair value estimate of $40.65. That gap is driving a very different view of what the stock could be worth compared with recent market trading.

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.

Read the complete narrative. Read the complete narrative.

The valuation story here focuses on what that liquidity and the QCi acquisition might enable for D-Wave Quantum. The narrative highlights a dual platform model, higher bookings and a step change in commercial scale. It also anchors its fair value on assumptions about how revenue and profitability could evolve if those pieces fall into place.

Result: Fair Value of $40.65 (UNDERVALUED)

However, D-Wave Quantum still faces execution risk around integrating QCi and turning its liquidity into sustainable revenue, while ongoing losses highlight financing and dilution risk for shareholders.

Next Steps

If the mix of risks and potential rewards around D-Wave Quantum feels finely balanced, now is a good time to look through the details yourself and decide where you stand. You can weigh both sides in one place with the 1 key reward and 4 important warning signs

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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.