President Trump’s recent executive orders on quantum computing and post quantum encryption, combined with fresh government funding and a new simulator launch, have put D-Wave Quantum (QBTS) firmly back on investors’ radar.

After a sharp run earlier in the quarter linked to executive orders, funding headlines and the simulator announcement, D-Wave Quantum’s share price has recently cooled, with the 30 day share price return down 21.24% and the 7 day share price return down 11.26%. At the same time, the 90 day share price return is up 57.63% and the 1 year total shareholder return is up 55.83%. This points to strong longer term momentum but fading near term enthusiasm as investors reassess risk around the latest news flow.

If you are looking beyond D-Wave Quantum to see how the wider quantum theme is trading, now is a useful moment to scan 30 quantum computing stocks

With D-Wave Quantum shares pulling back after a strong multi month run and the stock trading at a steep discount to the average analyst price target, is the recent cooldown a fresh entry point, or is the market already factoring in years of future growth?

Most Popular Narrative: 46.1% Undervalued

According to the most followed narrative on D-Wave Quantum, the fair value of $40.65 sits well above the last close at $21.91. This frames the recent pullback very differently compared with the headline share price weakness.

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 revenue ramp and margin shift this narrative is baking in for D-Wave Quantum, and how that connects to a premium future multiple and a higher fair value trajectory over time?

Result: Fair Value of $40.65 (UNDERVALUED)

However, D-Wave Quantum’s heavy net losses and dependence on quantum adoption by large enterprises mean that any slowdown in bookings or funding could quickly challenge this bullish narrative.

Next Steps

Given the mix of optimism and concern around D-Wave Quantum, it makes sense to look at the underlying data yourself and move promptly while sentiment is still split, starting with the 1 key reward and 4 important warning signs.

Looking for more investment ideas beyond D-Wave Quantum?

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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.