D-Wave Quantum (QBTS) has drawn fresh attention after BMO Capital initiated coverage with an outperform rating, citing the company’s early role in quantum computing and its work on both annealing and gate model systems.

The BMO coverage comes after a sharp share price gain in the last month, with a 30 day share price return of 17.52%, although the stock is still down 27.52% on a year to date share price basis. Even so, total shareholder return over the past year is 31.21%, and the very large three year total shareholder return reflects market expectations that D-Wave Quantum can convert recent customer deployments and fresh Canadian funding into a more mature commercial profile over time.

If this kind of quantum momentum has your attention, it can be useful to see what else is moving in the space through a curated list of 24 quantum computing stocks

Bulls point to D-Wave Quantum’s early commercial traction and recent rerating. Bears focus on losses and a value score of 1 that flags the stock as expensive. Which side do the current numbers lean toward as you look at valuation next?

Most Popular Narrative: 49.8% Undervalued

The most followed narrative values D-Wave Quantum at $40.65 per share, which is well above the last close of $20.39. That gap raises clear questions about what assumptions sit behind such a difference.

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.

Read the complete narrative. Read the complete narrative.

Want to see what justifies that valuation gap for D-Wave Quantum? The narrative leans heavily on projected revenue expansion, rising margins and a premium future earnings multiple. Curious which specific assumptions are doing the heavy lifting in that fair value model?

Result: Fair Value of $40.65 (UNDERVALUED)

However, this D-Wave Quantum narrative could be knocked off course if projected revenue growth or margin improvement fails to materialize as modeled.

Another View on D-Wave Quantum’s Valuation

The first narrative pegs D-Wave Quantum at $40.65 per share and calls the stock undervalued. A different lens uses its P/B ratio of 7x, which looks expensive compared with the US Software industry at 3.1x, even if it screens cheaper than peers at 19x. Which signal feels more compelling to you?

To see how this ratio based view stacks up in more detail, and what that might mean for valuation risk, check the full breakdown. See what the numbers say about this price — find out in our valuation breakdown.

Next Steps

If mixed signals on D-Wave Quantum have you undecided, now is a good time to review the full picture and sharpen your own view with 1 key reward and 3 important warning signs

Looking For More Investment Ideas Beyond D-Wave Quantum?

If D-Wave Quantum has sharpened your interest in themed investing, now is the moment to broaden your watchlist before the next wave of opportunities moves on without you.

• Target potential mispricings by scanning a curated set of 48 high quality undervalued stocks that pair solid fundamentals with compelling valuations.
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• Protect your capital first by checking 78 resilient stocks with low risk scores that score well on resilience and financial risk metrics.

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.