D-Wave Quantum (QBTS) just secured more than $1.5 million in National Science Foundation funding for the ERASE project, underscoring federal interest in its dual-rail gate-model quantum effort in addition to its existing annealing systems.

For investors watching the bigger picture, D-Wave Quantum’s 1-day share price decline of 4.13% and 30-day share price fall of 24.67% sit alongside a strong 90-day share price return of 57.33% and a very large 3-year total shareholder return. This suggests recent volatility after a period of strong momentum as the market reassesses both growth potential and risks around its expanding quantum roadmap and fresh federal support.

If this funding news has you looking across the sector, it could be a good moment to scan other quantum computing opportunities using our screener for 26 quantum computing stocks

With D-Wave Quantum shares down 24.67% over 30 days but still up 57.33% over 90 days and trading well below the average analyst price target, you have to ask: is this a reset worth considering or is it already pricing in future growth?

Most Popular Narrative: 45% Undervalued

The latest widely followed narrative pegs D-Wave Quantum’s fair value at $40.65, well above the last close of $22.53, which sets up a very different picture to the recent pullback.

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.

There is a lot packed into that valuation story. Revenue acceleration, margin assumptions and a sizable acquisition all sit under the hood. Curious which levers matter most, and how they connect to that higher fair value tag.

Result: Fair Value of $40.65 (UNDERVALUED)

However, D-Wave Quantum’s narrative could be tested if revenue growth slows from its recent 45% annual pace, or if losses near US$368 million remain elevated.

Next Steps

Given the mix of optimism and concern around D-Wave Quantum, it makes sense to review the underlying data yourself and decide quickly where you stand. To examine both the potential rewards and the highlighted risks side by side, take a closer look at the 1 key reward and 4 important warning signs.

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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.