D-Wave Quantum (QBTS) just reported first quarter 2026 results that paired sharply lower revenue with a very large jump in bookings, spotlighting how investors might weigh near term cash flow against longer term contract commitments.

Following the Q1 earnings release and record bookings headlines, D-Wave Quantum’s share price has pulled back sharply in the near term, with a 1-day share price return of down 8.04% and a year-to-date share price return of down 27.66%. At the same time, the 1-year total shareholder return of 66.12% and very large 3-year total shareholder return of over 40x highlight how sentiment has swung between enthusiasm for quantum growth potential and concern about ongoing losses and revenue volatility.

If you are weighing D-Wave Quantum’s story against other quantum opportunities, this is a useful moment to broaden your watchlist with 26 quantum computing stocks

With revenue under pressure, bookings very high and the stock down sharply this year after a huge multi year run, should you view D-Wave Quantum as mispriced potential, or has the market already baked in future growth?

Most Popular Narrative: 49.9% Undervalued

At a last close of $20.35 versus a narrative fair value of $40.65, the current price sits well below what the most followed story implies. This puts the focus firmly on whether that gap reflects caution or an opportunity according to Wil_Analyst.

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 profile would support that higher fair value? The narrative leans on rapid bookings momentum, a dual-platform model and a significant acquisition to justify its assumptions around future cash generation.

Result: Fair Value of $40.65 (UNDERVALUED)

However, this story still hinges on heavy losses and volatile revenue, as well as the risk that large booked deals fail to convert into durable, recurring usage.

Next Steps

With sentiment clearly split between concern over risks and optimism around potential rewards, this is a good time to look at the data directly and move quickly to your own view. To balance the picture, review the 1 key reward and 3 important warning signs

Looking for more investment ideas?

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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.