Recent technical analysis has put D-Wave Quantum (QBTS) in focus after its stock moved into oversold territory on Relative Strength Index readings, while analyst earnings estimate revisions have started to trend higher.

The latest 6.5% 1 day share price gain to US$17.80 comes after a period where the 30 day share price return declined 27.9% and the year to date share price return fell 36.7%. Over the last 3 years, the total shareholder return sits at roughly 7x, pointing to long term momentum but fading shorter term sentiment as investors reassess risk and growth expectations.

If D-Wave Quantum’s recent swings have caught your attention, it may be worth scanning other quantum computing opportunities through our curated list of 26 quantum computing stocks.

D-Wave Quantum’s technology and long run share price momentum tell one story, while the recent pullback to oversold territory tells another. So how does today’s US$17.80 price stack up against what you are actually getting?

Most Popular Narrative: 56.2% Undervalued

According to the most followed D-Wave Quantum narrative by Wil_Analyst, a fair value of $40.65 sits well above the recent $17.80 close, framing the current pullback in a very different light.

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.

By absorbing QCi’s "dual-rail" qubit technology, D-Wave became the world’s first and only company to offer both Quantum Annealing (best for immediate industrial optimization) and Gate-Model (for universal, error-corrected computing) systems.

Curious what kind of revenue path and margin profile could justify that fair value gap for D-Wave Quantum? The narrative leans heavily on rapid top line expansion, improving unit economics and a long runway of high value quantum contracts feeding into that $40.65 figure. Want to see exactly how those moving parts are stitched together to reach the implied upside?

Result: Fair Value of $40.65 (UNDERVALUED)

However, D-Wave Quantum’s narrative could quickly be challenged if high R&D spending keeps losses elevated, or if expected quantum contract demand does not materialise.

Next Steps

With both enthusiasm and concern circling D-Wave Quantum, now is the time to review the full picture yourself. Weigh the competing signals by checking the 1 key reward and 4 important warning signs.

Looking for more investment ideas beyond D-Wave Quantum?

If D-Wave Quantum is on your radar, do not stop there. The right mix of other stock ideas could round out your portfolio and sharpen your opportunity set.

• Spot potential bargains early by scanning our list of screener containing 20 high quality undiscovered gems that combine solid fundamentals with lower market attention.
• Strengthen your defensive side by reviewing companies in the solid balance sheet and fundamentals stocks screener (48 results) that focus on healthier leverage and more resilient finances.
• Target dependable cash generators by checking stocks in the 9 dividend fortresses if you want income potential alongside capital growth ambitions.

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.