D-Wave Quantum (QBTS) is back in focus after the U.S. government outlined up to $100 million in CHIPS Act support, the company detailed a 2032 100-logical-qubit roadmap, and several Wall Street analysts turned more optimistic.

D-Wave Quantum’s share price has swung sharply around this news, with a 1 month share price return of 35.73% and a 3 month share price return of 56.96%. The stock is still down 12.23% year to date, while a 1 year total shareholder return of 57.16% and a very large 3 year total shareholder return signal that sentiment around its long term quantum roadmap and federal backing has periodically been very strong.

If this recent surge in interest around quantum computing has your attention, it could be a good time to look beyond D-Wave Quantum and scan 30 quantum computing stocks

With D-Wave Quantum stock up sharply on CHIPS Act support, a 2032 roadmap to 100 logical qubits and higher analyst price targets, are investors still getting in early, or is the market already pricing in years of future growth?

Most Popular Narrative: 39.3% Undervalued

According to Wil_Analyst, the most followed narrative currently places D-Wave Quantum’s fair value at $40.65 per share, compared with the last close of $24.69. This frames the recent rally against a much higher long term target.

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 margins that cash war chest is being lined up to support? The narrative leans heavily on acceleration in bookings, a shift to at scale quantum services and a future earnings profile that looks very different to today’s loss making position. Curious how those assumptions connect to a fair value that sits well above the current D-Wave Quantum share price?

Result: Fair Value of $40.65 (UNDERVALUED)

However, D-Wave Quantum’s narrative still hinges on turning US$12.44 million of revenue and a reported net loss of US$367.998 million into a more sustainable business model.

Next Steps

With mixed sentiment around D-Wave Quantum’s potential and current losses, this is a moment to move quickly, review the full picture, and reach your own judgment using 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.