Index inclusion and new enterprise demand put D-Wave Quantum in focus

D-Wave Quantum (QBTS) has been added to the NASDAQ Composite Index shortly after AT&T expanded its use of the company’s quantum computing technology across key network optimization workloads.

For context, D-Wave Quantum’s share price has eased despite the index inclusion and new AT&T agreement. The stock is down 32.10% on a 30 day share price return and 42.48% year to date, while the three year total shareholder return remains very large.

If this quantum story has your attention, it can be useful to see how other listed peers are trading and what kind of momentum they carry, starting with 26 quantum computing stocks

D-Wave Quantum has just joined the NASDAQ Composite and secured a deeper AT&T partnership, yet the share price has stepped back sharply. Is most of the rerating already behind the stock, or is valuation still catching up?

Most Popular Narrative: 60.2% Undervalued

According to the most followed narrative on Simply Wall St, D-Wave Quantum's fair value sits well above the last close of $16.18 at an estimated $40.65, which puts a spotlight on how that gap is being justified.

The most explosive data point in the 2026 narrative is the January Bookings Surge. In that single month, D-Wave generated over $30 million in bookings.

January 2026 bookings alone exceeded the company’s total bookings for the entire 2024 and 2025 fiscal years combined.

Want to understand why this narrative supports such a big gap between price and fair value? It leans heavily on rapid revenue expansion, rich margins and premium future multiples that you will probably want to see for yourself.

Result: Fair Value of $40.65 (UNDERVALUED)

However, this D-Wave Quantum narrative could quickly shift if enterprise bookings slow from recent levels or if high losses around US$368 million continue.

Next Steps

With D-Wave Quantum pulled between optimistic fair value narratives and meaningful ongoing risks, it makes sense to move quickly and test the story against the numbers yourself. To see both sides set out clearly, start with the 1 key reward and 4 important warning signs.

Looking for more investment ideas beyond D-Wave Quantum?

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• Expand your opportunity set by scanning 49 high quality undervalued stocks that could offer a better balance between price and fundamentals.
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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.