Grindr (NYSE:GRND – Get Free Report) and D-Wave Quantum (NYSE:QBTS – Get Free Report) are both mid-cap computer and technology companies, but which is the better investment? We will compare the two businesses based on the strength of their risk, valuation, institutional ownership, analyst recommendations, dividends, earnings and profitability.
Institutional and Insider Ownership 7.2% of Grindr shares are held by institutional investors. Comparatively, 42.5% of D-Wave Quantum shares are held by institutional investors. 60.9% of Grindr shares are held by insiders. Comparatively, 1.3% of D-Wave Quantum shares are held by insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a stock will outperform the market over the long term.
Profitability This table compares Grindr and D-Wave Quantum’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Grindr 19.85% 123.31% 19.00% D-Wave Quantum -2,957.23% -44.06% -38.48% Valuation and Earnings This table compares Grindr and D-Wave Quantum”s gross revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Grindr $439.90 million 6.00 $94.75 million $0.48 30.96 D-Wave Quantum $24.59 million 244.21 -$355.06 million ($1.13) -14.37 Grindr has higher revenue and earnings than D-Wave Quantum. D-Wave Quantum is trading at a lower price-to-earnings ratio than Grindr, indicating that it is currently the more affordable of the two stocks.
Analyst Ratings This is a breakdown of recent ratings for Grindr and D-Wave Quantum, as provided by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Grindr 0 1 5 0 2.83 D-Wave Quantum 1 1 14 1 2.88 Grindr currently has a consensus price target of $19.20, suggesting a potential upside of 29.21%. D-Wave Quantum has a consensus price target of $36.80, suggesting a potential upside of 126.68%. Given D-Wave Quantum’s stronger consensus rating and higher possible upside, analysts plainly believe D-Wave Quantum is more favorable than Grindr.
Risk & Volatility Grindr has a beta of 0.22, meaning that its share price is 78% less volatile than the S&P 500. Comparatively, D-Wave Quantum has a beta of 2.11, meaning that its share price is 111% more volatile than the S&P 500.
Summary Grindr beats D-Wave Quantum on 8 of the 15 factors compared between the two stocks.
About Grindr (Get Free Report)
Grindr Inc. operates social network and dating application for the lesbian, gay, bisexual, transgender, and queer (LGBTQ) communities worldwide. Its platform enables LGBTQ people to find and engage with each other, share content and experiences, and express themselves. The company offers ad-supported service and a premium subscription version. Grindr Inc. was founded in 2009 and is headquartered in West Hollywood, California.
About D-Wave Quantum (Get Free Report)
D-Wave Quantum Inc. develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community. It also provides D-Wave Launch, a quantum professional service that guides enterprises from problem discovery through production implementation. The company's quantum solutions are used in logistics, financial services, drug discovery, materials sciences, scheduling, fault detection, mobility, and supply chain management. It serves financial services, manufacturing/logistics, mobility, and life sciences/pharmaceuticals industries. D-Wave Quantum Inc. was founded in 1999 and is headquartered in Burnaby, Canada.
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Key Takeaways D-Wave expects modest Q2 revenue growth, with much of 2026 revenues recognized in the second half.QBTS first-quarter Bookings reached $31.8M, with commercial customers accounting for more than 31%.D-Wave's RPO totaled $42.4M, with 54% expected as revenues in the next 12 months. D-Wave Quantum (QBTS - Free Report) , or D-Wave, expects second-quarter 2026 revenues to be modestly higher than the first quarter, with the majority of the year's revenues likely to be recognized in the second half. The pattern reflects the timing of revenue recognition related to systems transactions, the company’s remaining performance obligations (RPOs) and its sales pipeline.
D-Wave notes that the system sales typically involve site preparation, delivery, installation and calibration before it becomes fully operational. These activities often span several months or quarters. The company recognizes a significant portion of revenues when a system is physically delivered, while a smaller portion is recognized over time as installation and calibration activities advance.
This was also seen in the first quarter of 2026, where revenues fell 81% year over year to $2.9 million, as the prior-year period included $12.6 million from the first sale of D-Wave’s annealing quantum computer system. However, first-quarter Bookings climbed to $33.4 million from $1.6 million a year earlier, with commercial customers accounting for more than 31% of Bookings. The balance came from educational and research organizations, led by the $20 million system sale to Florida Atlantic University.
D-Wave’s sales opportunity pipeline more than doubled in dollar value during the first quarter compared with the prior quarter, while the average potential deal size also more than doubled.
As of March 31, RPO related to unsatisfied or partially unsatisfied customer contracts totaled $42.4 million, up 563% from the first quarter of 2025 balance. Approximately 54% of this amount is expected to be recognized as revenues in the next 12 months and 71% within the next two years, with the remainder to be recognized thereafter.
Latest Developments Among QBTS PeersIBM (IBM - Free Report) has signed a definitive agreement to acquire HRL Laboratories, LLC (HRL), a private company jointly owned by Boeing and General Motors. HRL's silicon-spin qubit engineering expertise strengthens IBM’s push to scale increasingly powerful quantum computers. Both superconducting qubits and spin qubits leverage state-of-the-art silicon fabrication, offering credible paths to scaling quantum technologies.
Intel (INTC - Free Report) delivered a solid second-quarter 2026, with revenues up 25% year over year, marking its strongest revenue growth in more than 15 years. In the data center AI group, the quarter’s server growth was the strongest on record, while Xeon 6 continues to remain one of the fastest ramping-up products in Intel history, reflecting improving execution and strong customer demand. Intel also made steady progress in its newly announced design services business, with revenues nearly tripling year over year.
The Zacks Rundown for QBTS StockOver the past year, QBTS shares have declined 9% compared with the industry’s 17.6% fall.
Image Source: Zacks Investment Research
D-Wave is trading at a forward, 12-month Price/Sales (P/S) of 91.68X compared with its 164.72X median and the industry average of 3.85X.
Image Source: Zacks Investment Research
As shown below, analyst estimates for D-Wave’s 2026 and 2027 loss per share have remained stable over the past 60 days.
Image Source: Zacks Investment Research
D-Wave currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
PALO ALTO, Calif.--(BUSINESS WIRE)--D-Wave Quantum Inc., the only dual-platform quantum computing company providing both annealing and gate-model systems, software and services, today announced that D-Wave's CEO, Dr. Alan Baratz, and its management team, will ring the Nasdaq Opening Bell on July 27, 2026, marking the company's listing debut on the exchange following the voluntary transfer of its common stock listing.The occasion celebrates D-Wave's leadership in transforming quantum computing in.
D-Wave Quantum Inc. (NYSE: QBTS) (âD-Waveâ or the âCompanyâ), the only dual-platform quantum computing company providing both annealing and gate-model s
PALO ALTO, Calif.--(BUSINESS WIRE)--D-Wave Quantum Inc. (NYSE: QBTS) (“D-Wave” or the “Company”), the only dual-platform quantum computing company providing both annealing and gate-model systems, software and services, today announced it will release its financial results for the second quarter of 2026 ended June 30, 2026 on Thursday, August 6, 2026 before market open. The press release will be available on the D-Wave Investor Relations website: ir.dwavequantum.com.In conjunction with this annou.
Key Takeaways Quantinuum-SoftBank outlined practical quantum applications and a hybrid computing roadmap for enterprises. D-Wave Quantum posted nearly 2,000% booking growth as analysts see 129.1% upside from recent levels. Rigetti Computing secured potential U.S. funding and analysts see 117.5% upside from recent levels. Quantinuum (QNT - Free Report) and SoftBank's (SFTBY - Free Report) release of the joint white paper, Quantum Computing Frontiers, marks another step in the quantum computing industry's shift toward commercialization. Rather than focusing on hardware milestones or qubit counts, the paper outlines practical applications for quantum technologies across telecommunications, financial services, materials science and cybersecurity, while emphasizing hybrid quantum-classical computing as the most viable path to enterprise adoption.
The initiative comes as enterprises increasingly invest in AI, cloud and high-performance computing infrastructure, while governments worldwide continue funding quantum research and promoting the development of strategic technologies.
Against this backdrop, investors seeking exposure to the sector may consider D-Wave Quantum (QBTS - Free Report) and Rigetti Computing (RGTI - Free Report) , both of which carry price targets with more than 100% upside from current trading levels.
Government Initiatives and AI Spending Fuel Quantum InvestmentThe Quantinuum-SoftBank collaboration comes at a time when the global policy and investment environment is becoming increasingly supportive of quantum computing. Governments are treating quantum as a strategic technology alongside artificial intelligence and semiconductors, driven by its potential applications in national security, cybersecurity and scientific research.
In the United States, recent federal initiatives have increased support for domestic quantum capabilities, including a broader $2 billion investment package for quantum manufacturing and infrastructure, alongside policy efforts to accelerate commercialization and strengthen the domestic supply chain. The United Kingdom has also reaffirmed its long-term commitment through multi-year funding for quantum technologies, while countries across Europe and Asia continue expanding national quantum programs.
These policy initiatives are increasingly being complemented by private-sector investment and commercial partnerships. Major technology companies continue expanding AI and high-performance computing infrastructure, creating demand for hybrid computing architectures that combine classical, AI and quantum systems.
Against this backdrop, the Quantinuum-SoftBank white paper is consistent with the industry's broader direction, focusing on commercially relevant applications such as quantum chemistry and graph analytics, while providing a roadmap for when these use cases could become practical as hardware advances.
2 Quantum Stocks With 100%+ Price TargetQBTS: D-Wave Quantum announced the transfer of its stock listing to the Nasdaq Global Market, a move intended to broaden its visibility among institutional investors and improve trading liquidity. Earlier this month, D-Wave earned recognition as one of only two Leaders in the IDC MarketScape: Worldwide Quantum Computing 2026 Vendor Assessment, highlighting its growing traction in enterprise quantum computing. Backed by first-quarter bookings of $33.4 million, a nearly 2,000% year-over-year increase and a robust cash and investments balance, the company appears well positioned to benefit as commercial demand for quantum solutions continues to rise.
Based on short-term price targets offered by 13 analysts, the average price target for D-Wave of $38.31 represents an increase of 129.1% from the last closing price. The stock carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Image Source: Zacks Investment Research
RGTI: Rigetti, too, is leveraging favorable industry and policy trends to strengthen its long-term growth prospects. In May, the company signed a letter of intent with the U.S. Department of Commerce for an award of up to $100 million over three years to accelerate superconducting quantum computing research and development, highlighting growing government support for domestic quantum capabilities.
The company ended the first quarter of 2026 with a strong cash position and no debt, providing financial flexibility to execute its technology roadmap. Coupled with the commercial rollout of its 108-qubit Cepheus-1 system and continued focus on full-stack quantum computing, Rigetti remains well positioned to benefit as enterprise adoption and public-sector investment in quantum technologies continue to expand.
Based on short-term price targets offered by 10 analysts, the average price target for Rigetti of $31.00 represents an increase of 117.5% from the last closing price. This stock carries a Zacks Rank #3 (Hold).
While artificial intelligence (AI) has been the buzz of Wall Street over the last two years, it's not the only trend responsible for lifting the market's major stock indexes to new heights. Investor hype surrounding quantum computing deserves its fair share of credit.
Investors who had the foresight and luck to invest in pure-play quantum computing leaders IonQ (IONQ +3.71%), Rigetti Computing (RGTI +7.40%), and D-Wave Quantum (QBTS +6.94%) in mid-July 2024 are sitting on potentially life-altering gains. Shares of IonQ have more than quadrupled, while shares of Rigetti and D-Wave have skyrocketed by nearly 1,200% and 1,500%, respectively.
Professional and everyday investors are excited about the real-world applications of quantum computers, which include dramatically accelerating the learning curve for AI-driven large language models.
Image source: Getty Images.
But this next-big-thing technology may not be all that it's cracked up to be -- at least according to the individuals who know IonQ, Rigetti Computing, and D-Wave Quantum best.
Quantum computing stock insiders are sending a clear message Although Wall Street analysts spend their time specializing in sectors, industries, and trends, no one knows IonQ, Rigetti, and D-Wave better than their insiders.
An "insider" is a high-ranking executive, board member, or beneficial owner of at least 10% of a company's outstanding shares who may possess non-public information. Regulators require that insiders report trades in their company's stock (including the exercising of option contracts) via Form 4 no later than two business days after a transaction. This prevents insiders from taking advantage of the system and allows investors a transparent look at what the most in-the-know investors have been up to.
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According to aggregated Form 4 filings over the last five years for the three most prominent quantum computing stocks, insiders have been decisive sellers:
IonQ: $576.5 million in net selling by insiders D-Wave Quantum: $331.3 million in net selling by insiders Rigetti Computing: $80.4 million in net selling by insiders Collectively, insiders at this pure-play trio have sold just over $988 million of their respective companies' stock since mid-July 2021.
The asterisk that can be added to this insider-selling shockwave is that not all selling is inherently bad news. Given that most executives and board members are compensated in stock and/or options, some selling is required to cover federal and/or state tax liability. There are several reasons for insiders to sell, and they aren't all nefarious.
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On the other hand, there's only one reason why insiders buy shares of their own company: the expectation that they'll appreciate. Over the trailing five-year period, insider purchases have been few and far between:
IonQ: $3,349,040 in insider purchases D-Wave: $309,080 in insider purchases Rigetti: $625,000 in insider purchases If insiders aren't buying, there may be a logical reason (or two) why.
For starters, quantum computing stock valuations are otherworldly. No company at the forefront of a next-big-thing technology has ever sustained a price-to-sales (P/S) ratio above 30. Quantum computing pure-play stocks have trailing 12-month P/S ratios ranging from 60 to 459!
Every game-changing technological innovation for the last three decades has also endured a bubble-bursting event early in its expansion. While quantum computing hype is real, broad-based adoption and enterprise optimization are many, many years from becoming a reality.
What a time for tech investors. Quantum computing looks like a remarkable follow-up to artificial intelligence (AI). Researchers at McKinsey estimate that quantum computing could create up to $2.7 trillion in economic value for companies worldwide by 2040. Quantum computers could unlock new possibilities across applications, ranging from drug discovery to cybersecurity and AI.
D-Wave Quantum (QBTS 0.06%) is a promising quantum computing company. Its quantum annealing systems are already commercially available, and the acquisition of Quantum Circuits earlier this year gives it a pathway to gate-model systems. As a result, the company can pursue a broad range of commercial opportunities.
But is D-Wave Quantum stock actually a millionaire-maker? Investors may want to temper their expectations.
Image source: Getty Images.
The stock is way ahead of the business Many millionaire-maker stocks start out really small. That's because it's usually much easier for a stock's market cap to grow from $500 million to $5 billion than it is to go from $50 billion to $500 billion. It's just difficult to grow large numbers for all but the most exceptional businesses. D-Wave Quantum's current market cap of $6.2 billion doesn't seem huge at first glance. That's until you look at the actual business, which is still in its infancy.
D-Wave Quantum has generated only $12.4 million in total revenue over the past year. Wall Street analysts estimate that revenue will grow to $42.8 million this year and $85.8 million next year. That's really strong growth, but from a tiny base. The stock is still very expensive, trading at approximately 72 times next year's revenue estimate. To realistically deliver life-changing investment returns from here, D-Wave Quantum probably needs to grow to a market cap of at least $100 billion.
Why that could be a very tall task It's highly unlikely that D-Wave Quantum will have the opportunity to achieve that anytime soon. The quantum computing industry is overcrowded with other emerging pure-play companies and established tech firms, including International Business Machines, Microsoft, Amazon, Nvidia, and Alphabet, all developing quantum computers. McKinsey estimated that total industry revenue was $1 billion in 2025, so you can see just how insignificant D-Wave Quantum is at this moment.
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It's still so early that investors have little way of knowing how D-Wave Quantum eventually fits into the competitive landscape. On top of that, it's hard to see D-Wave Quantum competing with the cloud giants in cloud-based quantum services. That potentially restricts the company's primary market opportunity to on-premise systems.
Lastly, none of this takes profitability into account. D-Wave Quantum has burned through $102.7 million in free cash flow over the past four quarters, resulting in a net loss of $368 million. Investors face share dilution as the company raises new capital to fund its operations over time. It's an understatement to call the stock risky. A risky stock can be a millionaire-maker when you buy at a cheap valuation. But D-Wave Quantum isn't that anymore.
Justin Pope has positions in Alphabet and Microsoft. The Motley Fool has positions in and recommends Alphabet, Amazon, International Business Machines, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.
A downtrend has been apparent in D-Wave Quantum Inc. (QBTS - Free Report) lately with too much selling pressure. The stock has declined 32.2% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.
We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.
RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.
Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.
So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefiting from the inevitable rebound.
However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.
Here's Why QBTS Could Experience a TurnaroundThe heavy selling of QBTS shares appears to be in the process of exhausting itself, as indicated by its RSI reading of 29.83. So, the trend for the stock could reverse soon for reaching the old equilibrium of supply and demand.
The RSI value is not the only factor that indicates a potential turnaround for the stock in the near term. On the fundamental side, there has been strong agreement among the sell-side analysts covering the stock in raising earnings estimates for the current year. Over the last 30 days, the consensus EPS estimate for QBTS has increased 2.3%. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.
Moreover, QBTS currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Alan E. Baratz, President and Chief Executive Officer of D-Wave Quantum Inc. (QBTS 0.95%), reported a sale of 52,320 shares on July 14, 2026, according to a recent SEC Form 4 filing.
Transaction summaryMetricValueTransaction value$976,291Shares sold52,320Post-transaction shares (directly held)3,247,451Post-transaction value$61.5 millionTransaction value based on SEC Form 4 weighted average sale price ($18.66); post-transaction value based on July 14, 2026 market close ($18.95).
Key questionsWhat prompted this disposition of shares?
The transaction was a non-discretionary sale-to-cover, executed by the company to satisfy tax withholding obligations triggered by the vesting of restricted stock units (RSUs). It does not represent a discretionary market trade or a change in the insider's investment thesis.What is the status of the CEO's remaining equity incentives?
Following this filing, Alan Baratz holds ~3.2 million shares directly. This ownership figure includes 1,137,257 unvested restricted stock units, ensuring continued long-term alignment with company performance.What is the company's current financial profile?
D-Wave Quantum reported trailing twelve-month revenue of $12.4 million and a net loss of $368.0 million as of the July 14, 2026 transaction date. The company maintains a market capitalization of $7 billion and a 20% one-year total return as of the same close.How significant is total insider ownership?
Across all reported insiders, the total ownership percentage for the company stands at 0.88%. The CEO's individual holdings remain a primary component of this total, with a post-transaction market value of $61.54 million as of the July 14, 2026 market close.Company OverviewMetricValueShare Price (as of market close 2026-07-14)$18.95Market Capitalization$7.0 billionRevenue (TTM)$12.4 millionNet Income (TTM)-$368.0 millionCompany SnapshotD-Wave Quantum Inc. develops and commercializes quantum computing systems, including its flagship Advantage quantum computer platform, alongside complementary software solutions and cloud-based services such as Leap and Ocean programming tools.The company generates revenue through quantum computing hardware sales, software licensing, cloud service subscriptions, and professional services including its Launch onboarding program designed to facilitate customer adoption of quantum computing technology.D-Wave serves enterprise customers, research institutions, and technology partners across industries seeking to leverage quantum computing capabilities for optimization, simulation, and machine learning applications.D-Wave Quantum Inc. is a pioneer in the quantum computing hardware sector with a market capitalization of $7.0 billion and a global workforce of 382 employees. The company maintains a differentiated position through its proprietary quantum annealing technology, a gate-based approach, and integrated software ecosystem, enabling customers to access quantum computing resources through both on-premise systems and cloud-based platforms.
Despite early-stage revenue generation of $12.4 million TTM, D-Wave has demonstrated significant market validation and investor confidence, reflected in its 19.71% one-year share price appreciation.
What this transaction means for investorsThe July 14 sale of D-Wave Quantum stock by CEO Alan Baratz is not a cause for investor concern, since it was executed to fulfill tax withholding obligations from the vesting of RSUs. In addition, he possessed over three million directly-held shares post-transaction, some of which are RSUs that have yet to vest, indicating he maintains a sizable equity stake in the company.
D-Wave shares rose over the past year thanks to several factors. The company was granted $100 million in funding by the federal government to advance quantum computing research, a testament to its promising technology.
It acquired Quantum Circuits in January, which focuses on a gate-model quantum platform, expanding D-Wave’s capabilities beyond quantum annealing and opening up larger market opportunities. The company also posted record quarterly bookings of $33.4 million, up nearly 2,000% year over year, in the first quarter.
While D-Wave’s technology holds the promise of delivering unprecedented computational capabilities to the computing industry, its business remains deeply unprofitable. In Q1, the company’s operational loss totaled $54.7 million, up substantially from $11.3 million in the prior year.
Robert Izquierdo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Key Takeaways D-Wave Quantum has fallen 29.4% in July amid profit-taking, valuation concerns and macro headwinds.QBTS plans a Nasdaq listing transfer and expanded quantum research with an NSF-backed subsidiary grant.QBTS faces weak technical signals as investors await second-quarter earnings and further execution updates. The sharp pullback in D-Wave Quantum (QBTS - Free Report) this month has shifted investor attention from the quantum computing sector's long-term promise to its near-term execution risks. After delivering substantial gains earlier this year, the stock has fallen 29.4% month to date, underperforming the Computer and Technology sector's 1.4% decline and the S&P 500's 1.2% gain.
The weakness reflects a combination of profit-taking after the stock's outsized gains earlier this year, valuation concerns across high-growth quantum names and a macroeconomic backdrop marked by elevated U.S. Treasury yields and expectations that the Federal Reserve will keep interest rates higher for longer. These conditions have weighed disproportionately on speculative technology stocks despite continued enthusiasm for artificial intelligence and quantum computing.
During the same period, QBTS' pure-play quantum computing peers, IonQ (IONQ - Free Report) and Rigetti Computing (RGTI - Free Report) , also witnessed sharp share price declines of 34.1% and 27%, respectively.
Month-to-Date Share Price Comparison
Image Source: Zacks Investment Research
Will July Catalysts Change QBTS' Trajectory?D-Wave Quantum will report its second-quarter earnings in early August. While the stock has remained under pressure amid a broader selloff of speculative growth companies, the company's strategic execution continues to advance. Most notably, D-Wave announced plans to transfer its listing from the NYSE to the Nasdaq later this month, a move expected to enhance its visibility among technology-focused investors and potentially broaden its shareholder base. The company also disclosed that its Quantum Circuits subsidiary received a U.S. National Science Foundation grant to support research in fault-tolerant quantum computing, further strengthening D-Wave's expansion beyond quantum annealing into gate-model quantum systems.
The broader industry backdrop also remains constructive. NVIDIA (NVDA - Free Report) recently introduced an open-source AI decoder that significantly improves quantum error-correction performance, while IBM reaffirmed plans to invest more than $10 billion in quantum technologies over the coming years. Meanwhile, governments across the United States and Europe continue to expand funding for quantum research and commercialization. These developments strengthen the long-term growth opportunity for the sector, although they are yet to offset near-term concerns surrounding elevated valuations, higher Treasury yields and a "higher-for-longer" interest-rate environment that continues to put pressure on pre-profit technology companies.
What Do the Estimates Say?The earnings estimate chart indicates that D-Wave is expected to report a second-quarter loss of 8 cents per share, representing an 85.5% improvement from the year-ago quarter. For full-year 2026, the consensus estimate calls for a loss of 25 cents per share, reflecting a 77.5% improvement from 2025. Despite the broader market selloff, the absence of estimate revisions suggests that analysts have adopted a wait-and-see stance ahead of the company's second-quarter earnings release.
Image Source: Zacks Investment Research
Technical Pressure RemainsThe technical picture remains weak. As the chart shows, QBTS is trading well below both its 50-day SMA and 200-day SMA, indicating sustained bearish momentum. While the sharp correction reflects deteriorating near-term sentiment, upcoming catalysts, including the Nasdaq listing transition and second-quarter earnings, could determine whether the stock stabilizes or extends its decline.
QBTS 50-&-200-Day SMAs
Image Source: Zacks Investment Research
Our TakeDespite near-term macro headwinds and a weak technical setup, D-Wave's strengthening fundamentals and strategic execution support a constructive long-term outlook. The planned Nasdaq listing, continued expansion into gate-model quantum computing and strong earnings expectations position the company favorably ahead of its second-quarter results. Consistent with its Zacks Rank #2 (Buy), we believe the recent pullback offers a buying opportunity for investors willing to look beyond near-term volatility, while recognizing that technical weakness may persist until fresh business catalysts emerge. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
D-Wave Quantum Inc. has typically been known for annealing, a unique approach best suited to helping customers solve optimization problems. That sets it apart from other quantum firms. Citing Boston Consulting Group, QBTS says this will amount to $100-$220 billion out of an $800+ billion total quantum market. That sounds like more than a mere "niche." Also, QBTS is going big into the “gate model,” the approach used by the other quantum firms. That will let it compete for the entire quantum market.
Key Takeaways D-Wave raised its outlook to 2-3 system deals annually, with at least 2 deliveries expected this year.QBTS posted $33.4M Q1 bookings as its sales pipeline and average potential deal size more than doubled.QBTS expects multiyear service, maintenance and cloud contracts to add recurring revenue after system sales. D-Wave Quantum (QBTS - Free Report) , or D-Wave, continues to see growing interest in its Advantage2 annealing quantum computer system. During the May 2026 earnings call, management raised its annual outlook for system sales, now expecting to close 2 or 3 system deals per year, with at least 2 system deliveries anticipated this year.
The stronger outlook comes on the back of record first-quarter bookings of $33.4 million, up 1,994% from the year-ago quarter and 149% from the fourth quarter of 2025. More than two dozen commercial customers accounted for more than 31% of quarterly bookings, while educational and research organizations made up the rest.
The largest transaction was the $20 million annealing quantum computer system sale to Florida Atlantic University in January, which D-Wave views as an important collaboration to further quantum computing experimentation and innovation. During the first quarter of 2026, the dollar value of the company’s sales opportunity pipeline more than doubled from the end of the fourth quarter of 2025, while the average potential deal size also more than doubled over the same period.
Management noted that system sales typically involve multiple stages, such as site preparation, delivery, installation and calibration, before customers begin using the systems. While a significant portion of revenues is recognized when a system is delivered, additional revenues are recognized over time as installation and calibration activities progress.
D-Wave also expects most system transactions to include multiyear revenue components, such as service and maintenance contracts, as well as access to its cloud service. These recurring streams expected to complement revenue generated from the initial system sales.
QBTS’ Peer UpdatesAstera Labs (ALAB - Free Report) has announced a significant expansion of its Taiwan operations and Cloud-Scale Interop Lab. This deepens ALAB’s engineering and operational footprint, and strategic coordination with customers and ecosystem partners in one of the world’s most important semiconductor ecosystems. In collaboration with several AI platform providers, Astera Labs will strengthen the validation and system integration work required to bring purpose-built AI infrastructure to market faster.
Arista Networks (ANET - Free Report) has announced a new portfolio of 1.6T networking platforms designed specifically as the foundation for rack-scale AI infrastructure. The 7060XE7 Series represents Arista’s transition from providing high-performance switches to delivering comprehensive rack-scale systems. By addressing the extreme density, power and thermal efficiency requirements of the AI era, these platforms of ANET enable customers to build scale-up and scale-out AI fabrics optimized for air, liquid and hybrid-cooled environments, maximizing compute density per kilowatt of power.
QBTS’ Price Performance, Valuation & EarningsYear to date, QBTS shares have declined 30.1% compared with the industry’s 4.5% fall.
Image Source: Zacks Investment Research
D-Wave is trading at a forward, five-year Price/Sales (P/S) of 103.29X, significantly higher than its 16.25X median and the industry average of 4.06X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for D-Wave’s 2026 and 2027 loss per share has remained constant in the past 60 days.
Image Source: Zacks Investment Research
D-Wave currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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PALO ALTO, Calif.--(BUSINESS WIRE)--D-Wave Quantum Inc. (NYSE: QBTS), (“D-Wave” or the “Company”), the only dual-platform quantum computing company providing both annealing and gate-model systems, software and services, announced today that it will voluntarily transfer the listing of its common stock, par value $0.0001 per share (“Common Stock”) to The Nasdaq Stock Market LLC (“Nasdaq”) from the New York Stock Exchange, effective after market close on July 24, 2026.D-Wave expects its Common Stoc.
Key Takeaways QBTS bookings jumped 1,994% year over year as commercial momentum continued into first-quarter 2026. QBTS is expanding beyond annealing with a gate-model roadmap after the Quantum Circuits acquisition. QBTS revenues can fluctuate as larger contracts depend on customer deployment schedules and milestones. D-Wave Quantum’s (QBTS - Free Report) shares have surged 42.9% over the past year, showing impressive momentum. It has significantly outperformed the industry’s 14.2% decline and the S&P 500 composite’s 23.1% gain.
With healthy fundamentals and strong growth opportunities, this Zacks Rank #3 (Hold) company appears to be a solid wealth creator for its investors at the moment.
D-Wave Quantum develops and delivers quantum computing systems, software, and services for commercial customers. Core use cases focus on optimization-workforce and production scheduling, vehicle routing and resource allocation, with expanding applications in AI and research. The current sixth-generation annealing system is Advantage2. Revenues come from three primary sources — cloud-based quantum computing as a service (QCaaS), professional services that help customers deploy solutions and on-premises system sales.
Key Catalysts for QBTS’ GrowthD-Wave Quantum’s share price is trending upward, prompted by its commercial momentum carried into the first quarter of 2026. Bookings were up 1,994% from the year-ago period. Over two dozen commercial customers represented over 31% of bookings, while the largest order was the $20 million Florida Atlantic University system sale. Remaining performance obligations were $42.4 million as of March 31, 2026, with about 54% expected to convert to revenues in the next 12 months and 71% in the next two years.
Investors are also focused on the company’s annealing platforms - Advantage2 and the Leap cloud service. The company is extending its product set into gate-model computing following the Quantum Circuits acquisition in January 2026. It highlighted dual-rail qubits with built-in error detection and on-chip cryogenic control as key elements of its gate-model approach. It is targeting roughly 175 physical qubits by the end of 2028 to demonstrate error correction and logical operations, then 10 logical qubits by 2030 and 100 logical qubits by the end of 2032. Alongside this long-dated gate-model roadmap, D-Wave continues to add commercial annealing applications in production and expand research use cases, including work in quantum AI and blockchain benchmarking.
From solvency view point, cash and cash equivalents totaled $338.2 million and marketable investment securities amounted to $250.2 million. Operating cash outflow was $45 million in the first quarter, while investing cash outflow included $250.8 million of cash consideration for the Quantum Circuits acquisition. Even after that step-down, the balance sheet supports continued investment in R&D, sales coverage and system installations. Leap cloud utilization was below 50% entering 2026, which leaves capacity headroom, and additional annealing systems can be installed within months at modest cost.
Factors That May Offset QBTS’ GainsD-Wave’s revenue mix still depends on the timing of larger contracts and system deliveries. First-quarter 2026 revenues fell to $2.9 million from $15.0 million in the first quarter of 2025 because the prior-year quarter included $12.6 million from the first system sale, with no comparable system revenues recognized in the current period.
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While deferred revenues increased to $11.6 million and remaining performance obligations rose to $42.4 million, conversion depends on customer deployment schedules and contract milestones. This setup can drive quarter-to-quarter volatility and delay reported revenues even when bookings are rising.
A Glance at QBTS’ EstimatesIn the past 30 days, the Zacks Consensus Estimate for 2026 loss per share EPS has remained unchanged at 25 cents.
Revenues are projected to grow 63.3% to $40.16 million in 2026, while the same for 2027 is expected to reach $91.76 million (up 128.5%).
Key PickSome better-ranked stocks in the broader internet space are Atlassian (TEAM - Free Report) , BILL Holdings, Inc. (BILL - Free Report) and Compass (COMP - Free Report) .
Atlassian has an earnings yield of 7.1%, well ahead of the industry’s 4.5% yield. Its earnings surpassed estimates in each of the trailing four quarters, the average surprise being 21.5%. The company’s shares have rallied 43.8% against the industry’s 4.8% decline over the past year.
TEAM carries a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
BILL Holdings, carrying a Zacks Rank #1 at present, has an earnings yield of 8.4% compared to the industry’s negative 4.5% yield. Shares of the company have gained 22.8% compared with the industry’s 4.5% growth. BILL’s earnings topped estimates in each of the trailing four quarters, the average surprise being 21.7%.
Compass, carrying a Zacks Rank #1 at present, has an earnings yield of 0.8% compared with the industry’s 4.5% yield. Shares of the company have climbed 43.1% against the industry’s 27.9% decline. COMP’s earnings beat estimates in two of the trailing four quarters, missed in one and matched in the other, the average surprise being 37.8%.
Key Takeaways D-Wave was named a Leader in the IDC MarketScape Worldwide Quantum Computing 2026 Vendor Assessment.QBTS reported 200M submitted problems, with Advantage2 usage up 314% year over year.D-Wave's roadmap targets 10 logical qubits by 2030 and 100 logical qubits by 2032. D-Wave Quantum (QBTS - Free Report) , or D-Wave, has been recognized as a Leader in the IDC MarketScape: Worldwide Quantum Computing 2026 Vendor Assessment. The evaluation assessed vendors based on both their existing capabilities and future strategies. According to the company, the recognition comes as organizations increasingly seek practical quantum solutions that can be integrated into existing enterprise and high-performance computing environments.
The report highlighted several of D-Wave’s strengths, such as its broad production deployment footprint, spanning operational manufacturing, telecommunications, retail, logistics, defense, and research computing workflows. D-Wave submitted more than 200 million problems to its systems. The usage of its Advantage2 system grew 314% year over year, while the Stride hybrid solver usage expanded 114% over the six months as of early 2026.
IDC also highlighted that the company’s enterprise accessibility and hybrid adoption framework, including the Leap cloud platform, Ocean SDK, the Stride hybrid solver and the Leap Quantum LaunchPad onboarding program. These tools help organizations to apply quantum-assisted optimization to problems involving up to 2 million variables without requiring dedicated quantum programming expertise. Beyond optimization, IDC recognized D-Wave’s active effort to extend quantum annealing into scientific computing domains relevant to materials science, electronics, medical imaging, and physical systems modeling.
Another highlight was D-Wave’s roadmap, which includes both continued scaling of quantum annealing systems and expansion into gate-model quantum computing. Key roadmap milestones for the gate-model program include the completion of a 10-logical-qubit system by 2030, which can support the first fault-tolerant algorithms, and completion of a 100-logical-qubit system by 2032, which can support initial quantum chemistry and quantum AI applications.
IDC noted that D-Wave’s dual-platform strategy broadens its long-term opportunity to address a wider range of enterprise workloads as the market evolves.
Key Developments Among QBTS PeersQualcomm Inc. (QCOM - Free Report) recently announced a strategic multi-generation collaboration with Meta to be a supplier for data center CPUs for the latter. Qualcomm Technologies’ data center CPU, the Qualcomm DragonflyC1000, is planned to power Meta’s next-generation server fleet, highlighting the growing importance of high-performance, power-efficient compute in large-scale, scale-out environments. The company’s solutions will be in production starting in the second half of 2028 for future data center capacity expansions.
Intel (INTC - Free Report) has unveiled innovations at Computex 2026 that address customers’ chip-to-systems-level AI needs with solutions tailored to address their specific industry challenges. The company announced rackscale AI infrastructure for customers interested in scaling their inference and agentic workloads based on Intel Xeon processors and SambaNova SN-50 Reconfigurable Dataflow Units. Intel also announced strategic collaborations with Foxconn, Siemens, Hitachi, Echo Neurotechnologies and Greenstone Biosciences to deliver integrated vertical customer solutions based on Intel processors and purpose-built silicon.
The Zacks Rundown for QBTS StockOver the past 12 months, QBTS shares have risen 32.1% against the industry’s 15.6% decline.
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D-Wave is trading at a forward, one-year Price/Sales (P/S) of 116.55X, lower than its 169.78X median but significantly above the industry average of 3.89X.
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Take a look at how estimates for D-Wave’s 2026 and 2027 earnings are shaping up.
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D-Wave currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Pure-play quantum firms like D-Wave Quantum Inc. NYSE: QBTS and Rigetti Computing NASDAQ: RGTI are in the midst of a second major decline this year after a brief rally in May, so the last thing these companies likely want to face is a more crowded field of competitors.
IQM Quantum Computers TodayIQMX
IQM Quantum Computers
$12.24 +0.03 (+0.23%)
As of 10:22 AM Eastern
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52-Week Range$11.20▼
$15.10Nonetheless, that's exactly what they will have to deal with after the early-July U.S. listing of IQM Quantum Computers NASDAQ: IQMX, the first European quantum computing company to be traded publicly on a domestic exchange.
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IQM joins a small but growing list of pure-play quantum firms available to investors in the U.S., and the implications for other companies on this list—D-Wave, Rigetti, and their peers—have both positive and negative connotations. IQM is already known as a strong engineering firm that has built a reputation for delivering physical systems, while others in the industry have struggled with deployment. The odds are that it will be a threat in some ways to D-Wave, even as it helps to buoy the quantum space at the same time.
IQM as a Competitor to D-WaveIQM will certainly compete with D-Wave in some respects, though the two companies have somewhat different focuses in the quantum realm. While D-Wave's emphasis has increasingly included cloud services in addition to its Advantage2 hardware deployments, IQM tends to prioritize on-premises systems. IQM is also a European firm, which means that it is operating both outside of D-Wave's primary region and, conversely, that it threatens D-Wave's capacity for expansion into that region.
Although IQM has previously catered mostly to large institutional clients, it appears to be looking to expand its customer base. Immediately after its listing on the Nasdaq, the firm moved to acquire select assets of Quantistry GmbH, a German cloud-based simulation workflow platform. The new tools acquired here should enhance AI-based research capabilities across the automotive, aerospace, chemicals, materials science, and pharmaceutical industries, immediately expanding IQM's reach and cementing it as a firm integrating AI into quantum tools.
D-Wave Faces New Pressure as Quantum Competition GrowsD-Wave Quantum Today
$20.59 -0.57 (-2.70%)
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52-Week Range$12.75▼
$46.75Price Target$36.80
Despite the challenges IQM will pose for D-Wave and other existing quantum companies, it also helps expand the public universe for this emerging technology at a time when all these firms are working for greater recognition. A broader group of pure-play quantum firms may help to further increase interest among customers and institutional investors.
This comes at a time when D-Wave is already seeing strong commercial momentum building. Bookings for the first quarter of the year reached a record $33.4 million, up almost 2,000% from the prior-year period, and the company's pipeline is growing rapidly.
Of course, the more competitive the field becomes, the greater the need for D-Wave to differentiate itself. The company has already done so with its basic thesis on quantum technology: it is one of the few firms focused on something beyond the primary gate-model approach. But it must also back that up by standing out in terms of revenue growth, bookings, customer count, commercial deployments, and balance sheet strength. D-Wave has an advantage in its long history of working with enterprise customers, but, like other pure-play firms, it still struggles with profitability.
What It Means for InvestorsIQM's Nasdaq launch immediately gives investors another point of comparison and enables a more thorough evaluation of firms based on their capacity to drive commercial demand and customer adoption. It also bodes well for the industry as a whole, as it likely increases pressure on all quantum firms to innovate and develop products faster, improve hardware performance, and build better software ecosystems.
IQMX shares are unlikely to immediately break the tendency for pure-play quantum stocks to move in tandem—this may remain the case for some time yet, as the burgeoning industry continues to develop—but it may help the pre-existing companies in the space better define and distinguish themselves. This is important not only when it comes to competition among these smaller firms, but especially also as these companies face the significant threat posed by much larger tech giants that have been stepping into the quantum fray recently as well.
With IQM, investors may become more selective when choosing a quantum firm to invest in. The sector may move from a single speculative bet toward a differentiated space in which the market rewards individual companies differently based on how they demonstrate their value and capacity to execute. Even if it means harder times for companies like D-Wave, it may improve the industry overall.
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As the race for quantum supremacy intensifies, investors are weighing the commercial momentum of D-Wave Quantum (QBTS +2.52%) against the specialized architecture of Rigetti Computing (RGTI +0.65%) to decide which is the better buy.
Both companies are pioneers in the quantum space, yet they pursue different technical paths to reach quantum advantage. While D-Wave focuses on solving optimization problems today, Rigetti is building general-purpose quantum computers designed for broad future applications across diverse industries.
The case for D-Wave QuantumD-Wave Quantum specializes in quantum annealing, a specific type of computing designed to solve complex optimization problems such as logistics and manufacturing schedules. The company delivers these services through its Leap cloud platform, serving over 100 organizations including NASA and the Oak Ridge National Laboratory. Following the acquisition of Quantum Circuits Inc. in early 2026, the company now offers a dual-platform strategy that incorporates gate-model computing alongside its established annealing technology.
In its 2025 fiscal year (FY), revenue reached $24.6 million, representing a significant revenue growth of 178.5% compared to the prior year. Despite this rapid top-line expansion, the company reported a net loss of $355.1 million for the period. This trend reflects the high costs of scaling emerging technologies in the quantum computing sector, which remains highly competitive.
As of its December 2025 balance sheet, the company maintained a debt-to-equity ratio of 0.1x. This ratio measures total debt against shareholder equity, with a lower number indicating that a company is not heavily reliant on borrowed funds. The current ratio stands at 42.4x, which measures the ability to pay short-term liabilities with current assets. Free cash flow was negative at $75.8 million, calculated as cash from operations minus capital expenditures.
The case for Rigetti ComputingRigetti Computing operates a vertically integrated business model, designing and manufacturing its own superconducting quantum processors at its Fab-1 facility. The company serves enterprise and government clients through its Quantum Cloud Services. A key driver for Rigetti is its modular architecture, which aims to scale quantum power by connecting multiple chips together for complex tasks like drug discovery.
For FY 2025, the company reported revenue of $7.1 million, which was a decline of 34.3% year-over-year. Rigetti recorded a net loss of $216.2 million during this period as it continued to prioritize research and development. Unlike its peers, the company faces high customer concentration, as government contracts with entities like DARPA and the Department of Energy represent a large portion of its total business.
According to the December 2025 balance sheet, the debt-to-equity ratio was zero, indicating the company carried virtually no debt relative to its shareholder equity. The current ratio stands at 37.4x, suggesting a strong ability to cover near-term financial obligations with liquid assets. Free cash flow for the year was a negative $77.2 million, which represents the cash remaining after the company pays for its operating costs and equipment investments.
Risk profile comparisonD-Wave Quantum faces significant risks regarding its persistent operating losses and its heavy reliance on external funding to sustain its development roadmap. The successful integration of Quantum Circuits Inc. is vital for its new dual-platform strategy, and any failure here could weaken its market position. Furthermore, it faces intense competition from global tech giants, such as IBM, which have much larger budgets for quantum research.
Rigetti Computing is exposed to high customer concentration risk, with its revenue closely tied to government fiscal policies and contract renewals. The company also faces technical execution risks associated with its in-house chip fabrication and the unproven scalability of its modular architecture. Additionally, Rigetti has been subject to legal scrutiny and securities-related investigations stemming from past volatility in its stock price, which could impact investor confidence.
Valuation comparisonD-Wave Quantum appears to be the more expensive option based on its sales multiple, though it is currently generating significantly higher revenue than its peer.
MetricD-Wave QuantumRigetti ComputingSector BenchmarkForward P/En/an/a357.9xP/S ratio566.4x543.3xn/aSector benchmark uses the SPDR XLK sector ETF. Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
I’ve analyzed and invested in quantum computing stocks for a few years now. In looking at how D-Wave and Rigetti have evolved over that time, and where each is going, I believe the better investment right now is D-Wave. That said, quantum computers are still in their early stages, and so, either company, or both, could end up capturing significant market share as the industry matures.
Several reasons drive the decision behind my preference for D-Wave over Rigetti. The former’s quantum annealing technology is the superior choice for solving optimization problems, but that also limited the company’s market opportunities. Its decision to acquire Quantum Circuits adds superconducting quantum integrated circuits to its solution set, the same approach championed by Rigetti and IBM.
Now, D-Wave is positioned to capture a larger share of the market. It was also among the handful of companies in the industry to receive $100 million in funding from the U.S. government in May, a testament to its technological offerings. Rigetti was not awarded funding.
At this point, the companies holding the superior quantum computing technology are poised to be long-term winners. Given D-Wave’s more comprehensive solutions, it looks to be in a better position than Rigetti right now.
D-Wave Quantum Inc (NYSE:QBTS) was last seen off 2.7% to trade at $20.50, poised to nab its fifth loss in the past five sessions and trading at its lowest levels in over a month. However, a historically bullish signal now flashing points to a potential rebound.
According to Schaeffer's Senior Quantitative Analyst Rocky White, QBTS is trading within 0.75 times the 100-day moving average's 20-day average true range (ATR), after spending at least 80% of the previous two weeks and 80% of the prior 42 trading sessions above that trendline.
This setup has appeared five times over the last decade, after which the stock was higher one month later 60% of the time, averaging an impressive 28% gain. A similar move from the stock's current perch would have it trading at $26.24.
Short interest remains elevated with the 55.75 million shares sold short now accounting for 15.54% of QBTS' available float, and it would take short sellers roughly two days to buy back their bearish bets at the stock's average pace of trading.
It's also worth noting the equity's Schaeffer's Volatility Index (SVI) of 98% stands higher than just 20% of all other readings from the past year, implying that near-term option traders are pricing in relatively low volatility expectations.
PALO ALTO, Calif.--(BUSINESS WIRE)--D-Wave Quantum Inc. (NYSE: QBTS), (“D-Wave” or the “Company”), the only dual-platform quantum computing company providing both annealing and gate-model systems, software, and services, today announced it has been named a Leader in the IDC MarketScape: Worldwide Quantum Computing 2026 Vendor Assessment (doc #US54125526, June 2026, the “IDC MarketScape”). The IDC MarketScape evaluated quantum computing companies based on their current capabilities and future st.
D-Wave Quantum (QBTS +3.44%) just received a major quantum catalyst tied to proposed U.S. government funding, giving investors a new reason to watch the stock closely. The bull case is enormous if quantum adoption accelerates, but the valuation already prices in a future that may take years to prove.
Stock prices used were the market prices of June 26, 2026. The video was published on July 3, 2026.
Rick Orford has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Rick Orford is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link, they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.
Quantum computing stocks are speculative, pre-profit bets, well outside core-portfolio territory, on a technology that even NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) CEO Jensen Huang once suggested is likely at least 15 years away from large-scale commercialization. All three names below routinely swing in double-digit percentages on no news and trade at extreme price-to-sales multiples that have been reported as high as ~109 for IonQ, ~836 for Rigetti, and ~791 for D-Wave by one source, with smaller but still extreme readings from others. Source variance is wide. Treat these as aggressive position-sized lottery tickets on a multi-year technology curve.
That said, the operating data underneath the hype has materially improved in 2026. Bookings, remaining performance obligations, and cash positions are stronger than at any prior point for the publicly traded quantum pure-plays. Here are three US-listed names worth a look in July for investors who can stomach the volatility.
IonQ (NYSE: IONQ) IonQ (NYSE:IONQ) is the scale leader of the group, with a market cap of roughly $20.11 billion and the most aggressive revenue ramp. Q1 FY26 revenue hit $64.67 million, up 755% year over year, beating the midpoint of its own guidance by 30%. Management raised full-year guidance to $260 million to $270 million and pointed to organic growth above 100% YoY.
The bull case rests on three things. First, remaining performance obligations exploded to $470 million, up 554% YoY, providing real revenue visibility. Second, IonQ booked its first 256-qubit Tempo system sale to the University of Cambridge, signaling a shift from R&D-grade testing to commercial-scale systems. Third, the balance sheet shows $493.54 million in cash, plus the pending SkyWater acquisition expected to close in Q2 or Q3 2026. CEO Niccolo de Masi called it “the biggest quarter in our company’s history”.
Risk/caveat: This is a speculative, aggressive-investor-only position. The stock is already down 25% over the past month, and FY26 adjusted EBITDA loss guidance sits at negative $330 million to negative $310 million. Q1 stock-based compensation alone was $128.52 million, with operating cash burn of $151.02 million. Dilution risk is real.
Rigetti Computing (NASDAQ: RGTI) Rigetti Computing (NASDAQ:RGTI) is the technology-purity bet. The company’s 108-qubit Cepheus-1-108Q system reached general availability across Rigetti QCS, Amazon Braket, Microsoft Azure Quantum, and qBraid this quarter, with median 99.8% two-qubit gate fidelity at 40-nanosecond gate speeds, and up to 99.9% on prototypes. Q1 FY26 revenue nearly tripled to $4.40 million from $1.47 million a year earlier.
The thesis: Rigetti’s chiplet-based superconducting architecture is producing measurable performance gains, and the balance sheet has $569 million in cash and investments with no debt, funding a planned $100 million UK investment over three to four years targeting a 1,000+ qubit system. CEO Subodh Kulkarni described Cepheus-1-108Q as “one of the most powerful generally available gate-based quantum computers in the world.” Market cap sits at roughly $6.35 billion, the smallest of the three.
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Risk/caveat: Aggressive-investor-only. Revenue is still tiny relative to valuation, operating losses widened to $25.95 million and insider activity raises eyebrows. CTO David Rivas disposed of 499,328 shares at $25.396 on May 29, and Director Ray Johnson sold over 207,000 shares in early-to-mid June. Shares are down about 12% year to date.
D-Wave Quantum (NYSE: QBTS) D-Wave Quantum (NYSE:QBTS) is the dual-modality wildcard. It is the only company pursuing both annealing and gate-model quantum computing, and the bookings line is exploding. Q1 FY26 bookings reached $33.40 million, up nearly 2,000% YoY, anchored by a $20 million Florida Atlantic University system deal and a $10 million Fortune 100 QCaaS agreement. Remaining performance obligations jumped to $42.40 million, up 563% YoY.
Headline revenue of $2.86 million was down 81% YoY, but the decline is mechanical: the prior-year period included a $12.6 million system sale. The Quantum Circuits acquisition accelerates the gate-model roadmap toward a 17-qubit dual-rail system in 2026 and 100 logical qubits targeted by 2032, while the Advantage3 annealer aims at 100,000 qubits. Cash stood at $588.4 million, with market cap near $8.79 billion. CEO Alan Baratz said the company is “uniquely positioned to participate in the full addressable quantum computing market.”
Risk/caveat: Speculative, aggressive-investor-only. Revenue is lumpy and dependent on large discrete system sales. Adjusted EBITDA loss widened to negative $32.8 million from negative $6.1 million and GAAP operating expenses rose 125% YoY. Shares are down about nearly 9% over the past month.
What to watch in July Position sizing is the entire game here. The June drawdowns across all three (IonQ down 25%, Rigetti down 24%, D-Wave down 21% on the month) underscore how quickly sentiment shifts. Q2 earnings in early August will test whether the bookings momentum is durable or whether the sector is repricing toward the longer commercialization timeline that skeptics keep flagging. Keep an eye on the stock action around any government contract announcements and any updates on the SkyWater and Quantum Circuits integrations.
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Quantum computing's potential to accelerate complex computations opens a new frontier of technological innovation. Investors have piled into quantum computing stocks in anticipation of the investment opportunities quantum computing could create over the next decade.
D-Wave Quantum (QBTS 4.15%), an early-stage quantum computing company that's begun ramping up its commercial operations, has been one of the hottest names in the space. Shares of D-Wave Quantum have traded between $12 and $46 over the past year and currently sit somewhere near the middle at $24 per share. With the business building momentum, is the stock a buy now? Here's why investors may want to hold off for now.
Image source: Getty Images.
The business is building momentum, but it's still early D-Wave Quantum is developing annealing and gate-model quantum computer systems, software, and services for commercial applications. The company hasn't generated much revenue to date, as quantum computers aren't yet reliable enough for everyday commercial applications. The business is just getting started, with trailing-12-month revenue of just $12.4 million.
That said, D-Wave Quantum's order backlog took a big leap in the first quarter of 2026. The company sold a computer system to Florida Atlantic University for $20 million. It inked a $10 million agreement with a Fortune 100 customer for cloud-based access to quantum computing, which investors could think of as quantum computing-as-a-service.
Every contract D-Wave Quantum wins moves the needle at this stage, when the numbers are this small. As it stands now, analysts estimate that D-Wave Quantum will generate approximately $42.5 million in revenue this fiscal year, followed by $86.1 million the next.
Meanwhile, investors must still grapple with a steep valuation Perspective is especially important when talking about a stock with a market cap of $8.4 billion. D-Wave Quantum is trading at roughly 200 times Wall Street's revenue estimates for this year, and 100 times next year's estimate. That makes D-Wave Quantum one of Wall Street's most expensive names, and that's assuming the company hits those revenue numbers over the next 18 months.
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Typically, investors want to pay up for dominant companies with explosive growth. Sure, D-Wave Quantum could grow quickly from here, but that growth is coming on tiny numbers. The reality is that landing a couple of deals isn't nearly enough to give investors confidence that D-Wave Quantum can sustain its success.
It's also unclear just how D-Wave Quantum will slot into the industry's competitive landscape. There are other pure-play quantum computing companies, as well as deep-pocketed tech giants, developing their own technologies and systems. Investors who buy now are essentially banking on a best-case scenario, such as D-Wave Quantum becoming an industry leader. Investors won't know much until the broader quantum computing industry is much further along.
Right now, there's far more room for the stock to decline from there than to rise. Therefore, D-Wave Quantum is not a buy at the moment.
Key Takeaways New NSF grant adds to growing U.S. government support for D-Wave.QBTS will provide dual-rail gate-model resources through its Quantum Circuits subsidiary.QBTS previously announced a proposed $100M CHIPS Act funding commitment. D-Wave Quantum (QBTS - Free Report) , or D-Wave, has secured a $1.5 million grant under the U.S. National Science Foundation’s National Quantum Virtual Laboratory (“NQVL”) program. The funding will support the company’s participation in ERASE (Erasure Qubits and Dynamic Circuits for Quantum Advantage), a Yale University-led initiative focused on developing the technologies needed for scalable, fault-tolerant quantum computing. The project brings together researchers from leading academic institutions and industry organizations to advance dual-rail gate-model quantum computing hardware, software, error correction and applications.
The University pioneered the dual-rail technology behind D-Wave’s gate-model program and later became part of the company through its January 2026 acquisition of Quantum Circuits, Inc., a Yale startup. As part of the collaboration, D-Wave will provide researchers with access to its superconducting dual-rail gate-model quantum computing resources through the subsidiary. The award also moves ERASE into the second phase of the NQVL program.
Researchers participating in ERASE will be able to explore new software, compilers and error-correction approaches on D-Wave's platform via selected development interfaces and APIs. At the same time, the project will also broaden workforce development efforts with academic and industry partners, helping expand the talent pipeline for quantum technologies.
The latest NSF-funded project builds on growing U.S. government support for D-Wave's quantum computing technologies. In May, the company announced it had signed a Letter of Intent for $100 million of proposed funding under the U.S. CHIPS and Science Act to accelerate the development and scaling of its annealing and gate-model quantum computing systems.
Recent Developments Among QBTS PeersIBM (IBM - Free Report) introduced the world’s first sub-1 nanometer (nm) chip technology, featuring a breakthrough transistor architecture at the 0.7 nm, or 7 angstrom node. The development marks a major milestone for an industry facing the physical limits of traditional chip scaling. IBM’s new sub-1 nm chip packs nearly 100 billion transistors onto a chip the size of a fingernail, nearly twice the density of IBM’s 2 nm chip, unveiled in 2021.
IonQ (IONQ - Free Report) recently unveiled Clavis XG Multiplex, a new addition to its Clavis XG Quantum Key Distribution portfolio, designed to make quantum security even more practical and deployable across metropolitan fiber networks. The Clavis XG product line stands out for its enterprise???grade network integration, offering benefits in form factor and maintenance to configuration and management. IonQ also recently opened a new laboratory suite in Boulder, CO, to support quantum computing R&D and semiconductor chip testing facilities.
The Zacks Rundown for QBTS StockYear to date, QBTS shares have dropped 8.3% compared with the industry’s 14.3% decline.
Image Source: Zacks Investment Research
D-Wave is trading at a forward, three-year Price/Sales (P/S) of 134.69X, significantly higher than its 75.49X median and the industry average of 3.62X.
Image Source: Zacks Investment Research
Take a look at how estimates for D-Wave’s 2026 and 2027 earnings are shaping up.
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D-Wave currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
D-Wave is down nearly 20% from its late-May peak. The U.S. government plans to invest up to $100 million in D-Wave as part of a wider quantum computing initiative.
PALO ALTO, Calif.--(BUSINESS WIRE)--D-Wave Quantum Inc. (NYSE: QBTS), (“D-Wave” or the “Company”), the only dual-platform quantum computing company providing both annealing and gate-model systems, software and services, today announced it has been selected to receive a $1,566,250 grant from the U.S. National Science Foundation (NSF) through the agency's National Quantum Virtual Laboratory (NQVL) program. The funding will support D-Wave's role as a key industry partner in ERASE (Erasure Qubits an.
Key Takeaways D-Wave unveiled an error-aware gate-model quantum simulator to advance fault-tolerant computing.D-Wave targets 100 logical qubits and 1M successful operations by 2032 using dual-rail architecture.D-Wave's simulator supports up to 21 qubits with error detection and real-time control tools. D-Wave Quantum (QBTS - Free Report) , or D-Wave, recently announced its forthcoming gate-model quantum computing simulator, a move that expands its gate-model roadmap designed to accelerate the development of commercial, fault-tolerant quantum computing. Detailed at the inaugural Investor Day earlier this month, the roadmap targets 100 logical qubits capable of successfully performing over 1 million operations by 2032 through scalable superconducting dual-rail architecture and quantum error correction.
The stimulator is expected to be the first of its kind designed for error-aware programming, with access scheduled to begin in September 2026. Built around D-Wave’s dual-rail technology, it is designed to give developers greater visibility into errors, helping them design applications and workflows that respond to real processor behavior.
By combining error detection and real-time control, the simulator will give developers new tools and data to better understand quantum behavior, prototype quantum applications and error-correction routines and explore more advanced workflows.
Once available through D-Wave's Leap cloud platform, the simulator will offer a quantum programming toolkit with error-aware capabilities, including tools for modeling quantum processor behavior, error detection and real-time control. It will support up to 21 qubits, include ideal and hardware emulation modes, Monte Carlo simulation of real-time quantum system dynamics and integration with familiar development tools, including the company’s Ocean SDK.
D-Wave also plans to introduce quantum development bundles that will provide access to its forthcoming gate-model quantum simulator and systems. These will include Starter and Premium packages, with monthly access allocations and guidance from D-Wave’s expert team. The company says the bundles are designed to support a range of customer needs, from initial exploration to more advanced research and development.
Updates From QBTS PeersQuantum Computing Inc. (QUBT - Free Report) or QCi announced the completion of acquiring NHanced Semiconductors, Inc. for a combination of cash and QCi stock valued at $73.1 million, subject to customary adjustments, and up to an additional $72.0 million if certain performance targets are achieved. The acquisition marks an important step in QCi’s transition from research-driven innovation and prototyping to scalable commercial production. By adding semiconductor and nanophotonics fabrication capabilities, advanced packaging expertise and specialized engineering talent, QCi is strengthening its operational capabilities and manufacturing readiness.
C3 AI (AI - Free Report) announced that Shell Information Technology International B.V. is extending its long-standing collaboration with the company across its global operations. C3 AI has worked with Shell since 2018 to deploy and operate an enterprise-scale predictive maintenance program. Under a new multi-year agreement, Shell will extend its deployment of C3 AI Reliability to enhance its operations, extending predictive maintenance capabilities beyond equipment anomaly detection.
QBTS’ Price Performance, Valuation & EarningsIn the past three months, QBTS shares have risen 58.6%, far above the industry’s 4.8% growth.
Image Source: Zacks Investment Research
D-Wave is trading at a forward, five-year Price/Sales (P/S) of 130.99X, significantly higher than its median and the industry average.
Image Source: Zacks Investment Research
Estimates for D-Wave’s 2026 and 2027 loss per share have steadily narrowed over the past 90 days.
Image Source: Zacks Investment Research
D-Wave currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Although artificial intelligence (AI) is the hottest trend and largest addressable opportunity since the advent and proliferation of the internet in the mid-1990s, it's not the only innovation stirring investor interest and leading to eye-popping returns on Wall Street.
By one estimate, quantum computing can create up to $1 trillion in global economic value by 2035. This enormous addressable market has been the fuel behind the parabolic gains we've witnessed in pure-play quantum computing stocks IonQ (IONQ 7.62%), Rigetti Computing (RGTI 8.93%), and D-Wave Quantum (QBTS 8.81%).
We've also observed this trio of quantum computing stocks rallying from U.S. government contract wins and/or funding.
Image source: Getty Images.
But things may not be as perfect as their skyrocketing share prices over the last two years would suggest. Arguably, the biggest red flag comes from the insiders who know IonQ, Rigetti, and D-Wave best.
Insiders are telling a worrisome tale with their actions An insider is a high-ranking executive, board member, or beneficial owner of at least 10% of a company's outstanding shares who may possess non-public information.
By law, insiders are required to file any transactions of their company's stock, including the exercising of option contracts, within two business days. These Form 4 filings are also made for the sake of investor transparency.
Since quantum computing stocks really burst onto the scene two years ago, we've witnessed a decisive tilt in insider trading activity. Specifically, Form 4s show an abundance of net selling by insiders since June 18, 2024:
IonQ: $454.1 million in net selling Rigetti Computing: $71.5 million in net selling D-Wave Quantum: $331.1 million in net selling Collectively, the most in-the-know individuals at the three hottest pure-play quantum computing companies have sold nearly $857 million of their stock over the trailing two years.
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There is, however, a caveat to the above data that should be taken into consideration. Most executives and board members receive a significant portion of their compensation in stock and options. Insider selling to cover federal and/or state tax liability isn't something that investors should be overly concerned about.
But while there are several reasons for insiders to sell shares of their company, not all of which are inherently nefarious, there's only one reason for insiders to buy shares of their company's stock: the expectation that it'll rise.
Looking back over the same trailing two-year timeline, insider buying has been virtually nonexistent. Though IonQ has had roughly $2.25 million in cumulative insider purchases, D-Wave Quantum's insider buying tallies just $1,795 over the last two years, while Rigetti doesn't have a single insider purchase.
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One possible reason insiders are keeping their distance is the otherworldly valuations of quantum computing stocks. Though these companies offer breakneck growth potential in the coming years, their price-to-sales ratios are firmly in bubble territory, based on what history tells us.
Furthermore, game-changing technologies have a terrible early stage track record since the mid-1990s. Investors commonly overestimate how quickly innovations will be adopted and/or optimized by consumers and businesses. Quantum computing is still incredibly early in its adoption phase, and we're nowhere close to seeing businesses deploy quantum solutions to boost their sales and profits.
If insiders aren't buying, why should everyday investors?
D-Wave Quantum (QBTS 9.95%) stock jumped 2.3% on Tuesday as momentum investors swarmed to buy the stock in the wake of a Trump Administration order promoting the development of quantum computing. StreetInsider.com reported massive buying of call options in D-Wave stock yesterday -- 5.3 calls purchased for every put -- indicating traders were heavily bullish on the stock.
But it didn't last. As of 2:40 p.m. ET, D-Wave stock has given up all yesterday's gains and is crashing 8.9% today.
Image source: Getty Images.
Some good news for D-Wave? As NBC reports, President Trump on Monday signed an order "to build a powerful quantum computer for scientific research," aiming to have the device operational before he leaves office in 2029.
Further out, the President called for protecting government computer systems from cyberattacks made more powerful by the use of quantum computers, using other quantum computers to build "post-quantum cryptography" by 2030 or 2031.
And I must say, all of this sounds pretty bullish for a leading quantum computing stock like D-Wave, and a good reason for investors to be bidding up D-Wave stock yesterday.
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No bad news for D-Wave stock The other good news is that there's no specific bad news driving the sell-off today. It's just that all the buying yesterday may have gone a bit overboard, and the lack of any more good news like Monday's meant day-traders couldn't sustain the momentum.
Nor may it for a while.
2028? 2030? 2031? These are some long-range targets, even stretching into a new Presidential administration, which may or may not sustain government support for quantum computing efforts. Meanwhile, analysts polled by S&P Global Market Intelligence expect D-Wave to remain unprofitable the whole time -- through at least 2030.
Even with the prospect of government subsidies, D-Wave stock remains a risky bet.
Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
D-Wave Quantum targets 100 logical qubits by 2032, leveraging its Quantum Circuits acquisition and dual-rail qubit architecture. QBTS's valuation is driven by market confidence in its roadmap, not traditional multiples, with EV/Sales FWD exceeding 200x and significant reliance on equity financing. Execution risk is tied to share price: higher prices reduce dilution and support funding for ambitious milestones, while a price collapse signals increased risk of failure.
In the last month, shares of D-Wave Quantum Inc. NYSE: QBTS have fallen by about 13% amid a broader selloff in the AI space that has impacted many firms across the tech space.
D-Wave Quantum Today
$22.68 -2.36 (-9.41%)
As of 01:10 PM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$12.75▼
$46.75Price Target$36.80
One bright spot during this time, though, was the days immediately following the quantum computing firm's announcement of an upcoming gate-model quantum computing simulator. In the immediate aftermath of the announcement, QBTS shares spiked by about 8%.
In a landscape governed by companies racing to bring technological advances to the public, it might be easy for investors to overlook the latest update from D-Wave. However, doing so in this case may mean missing out on a real advantage that D-Wave seems to be building over some of its rivals in the quantum space.
Get D-Wave Quantum alerts:
This latest development could help to accelerate the company's ability to bring its quantum tech to a broader customer base.
What Makes the Simulator a Key Development for D-WaveIt's unlikely that the simulator will be an immediate, significant revenue generator for D-Wave. Rather, its primary value for the company in the near-term is as evidence of its seriousness in the dual-platform space. D-Wave was, for much of its history, a firm focused on annealing tech, a different approach to quantum computing with advantages but also significant drawbacks. The simulator immediately bolsters D-Wave's move toward a dual focus on annealing and the more common gate-model approach. The company moved in this direction with its early-2026 acquisition of Quantum Circuits, but has not made major progress towards gate-model since.
Beyond this important element, the simulator may be a major draw for potential customers outside of D-Wave's typical base of government agencies, academic institutions, and other large-scale organizations. The simulator enables developers to test applications before large-scale hardware is available, without having to invest heavily in advance. Add to this the "error-aware" element of the simulator—providing users with error visibility so they can redesign workflows as needed—and D-Wave's new product may have wide appeal, distinguishing it from peers' offerings.
How This Changes (Or Doesn't Change) D-Wave's Status Among RivalsAfter a disappointing Q1 earnings report, D-Wave has been in need of a win. While the company reported a strong $33.4 million in Q1 bookings and impressive cash reserves totaling more than $588 million, it also posted a sharp year-over-year (YOY) decrease in revenue to $2.9 million, sending skittish investors running.
Analysts are still broadly bullish on QBTS, with 14 out of 17 asserting that the stock is a Buy, including several new optimistic ratings this month. However, the success of the simulator could go a long way to helping D-Wave distinguish itself amid intensifying competition.
IonQ Inc. NYSE: IONQ, for instance, seems to have a much stronger recent revenue trajectory, including close to 750% YOY improvement in Q1 2026. Rigetti Computing NASDAQ: RGTI has smaller sales in absolute terms but still saw a notable improvement on a YOY basis.
D-Wave's hope may lie in its ability to set itself apart as a dual-focus quantum player at a time when the entire industry is facing increasing threats from major tech companies as well. In recent weeks, Intel Corp. NASDAQ: INTC and IBM Corp. NYSE: IBM have each made clear moves into the quantum space that could significantly challenge the dominance of the emerging field held by much smaller pure-play quantum names.
While D-Wave still cannot hope to rival the scale of a larger competitor like IBM or Intel, it does stand out for its new product. Still, the significant catch for investors is that there is not yet an obvious pathway from engagement with the simulator to noteworthy revenue ramp-up.
Current Price$23.29High Forecast$45.00Average Forecast$36.80Low Forecast$22.00D-Wave Quantum Stock Forecast Details
It may still be some time yet until the company is able to offer an easy-access product that appeals broadly to the same consumers who may be inclined to utilize the simulator. While investors wait for that time to approach, D-Wave runs the risk of revenue continuing to stagnate—all while rivals are seeing increased momentum.
Including the rocky June performance, shares of D-Wave are down about 2% year-to-date (YTD). Analysts expect that the company will turn this around, predicting some 46% in potential upside to reach a consensus price target of $36.80. Importantly, that price target is massively optimistic compared to most of D-Wave's prior trading history—the stock has only exceeded that level for a brief period in October 2025 when it traded at an all-time high.
Should You Invest $1,000 in D-Wave Quantum Right Now?Before you consider D-Wave Quantum, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and D-Wave Quantum wasn't on the list.
While D-Wave Quantum currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Click the link to see MarketBeat's guide to investing in 5G and which 5G stocks show the most promise.
New offering to help developers prototype applications, model quantum processor behavior and explore advanced workflows as they prepare for access to forthcoming D-Wave™ gate-model systems
PALO ALTO, Calif.--(BUSINESS WIRE)--D-Wave Quantum Inc. (NYSE: QBTS), (“D-Wave” or the “Company”), the only dual-platform quantum computing company providing both annealing and gate-model systems, software and services, today announced its forthcoming gate-model quantum computing simulator, which is expected to be the first of its kind designed for error-aware programming.
The announcement marks the next step in D-Wave’s gate-model roadmap and comes just weeks after the Company outlined its differentiated approach to fault-tolerant quantum computing. Built around D-Wave’s dual-rail technology, the simulator is expected to enable error-aware programming, giving developers visibility into errors so they can design applications and workflows that respond to real processor behavior. By combining error detection and real-time control, the simulator will give developers new tools and data to better understand quantum behavior, prototype quantum applications and error-correction routines and explore advanced workflows.
D-Wave will offer new quantum development bundles that provide access to its forthcoming gate-model quantum simulator and systems. Designed to support customer success, the bundles will include Starter and Premium packages, with monthly access allocations and guidance from D-Wave’s team of experts to streamline onboarding, perform flexible R&D and maximize customer value. Pricing is available upon request.
“D-Wave’s gate-model quantum simulator is an important step in bringing our gate-model roadmap to customers,” said Dr. Trevor Lanting, chief development officer at D-Wave. “What makes our approach different is that error awareness is built into the architecture through dual-rail technology, giving developers access to error-detection data and real-time control capabilities that can help them design more resilient quantum applications. This simulator is intended to help customers start building that expertise now, in advance of our forthcoming gate-model quantum systems.”
Once available in D-Wave's Leap™ cloud platform, the simulator will provide a rich quantum programming toolkit with error-aware capabilities, including tools for modeling quantum processor behavior, error detection and real-time control. This includes support for up to 21 qubits, ideal and hardware emulation modes, Monte Carlo simulation of real-time quantum system dynamics and integration with familiar development tools, including D-Wave’s Ocean™ SDK. Access to the simulator is scheduled to begin in September 2026.
The quantum development bundles are designed to support a range of customer needs, from initial exploration to more advanced research and development. D-Wave’s simulator and systems bundles are expected to give customers the budget predictability and dedicated access needed to run more workloads, iterate more freely and accelerate quantum application progress, while helping them spend less time managing usage and more time advancing algorithm and application development.
Customers can sign up here to request future access to D-Wave’s forthcoming gate-model quantum simulator and systems.
About D-Wave Quantum Inc.
D-Wave is a leader in the development and delivery of quantum computing systems, software and services. It is the world’s first commercial supplier of quantum computers and the first and only to offer dual-platform quantum computing products and services, spanning both annealing and gate-model quantum computing technologies. D-Wave’s mission is to help customers realize the value of quantum today through enterprise-grade systems available on-premises and via its Leap™ quantum cloud service, which offers 99.9% availability and uptime. More than 100 organizations across commercial, government and research sectors trust D-Wave to address complex computational challenges using quantum computing. Learn more about realizing the value of quantum computing today and how D-Wave is shaping the quantum-driven industrial and societal advancements of tomorrow: www.dwavequantum.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the following words: “believe,” “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “trend,” “estimate,” “predict,” “project,” “potential,” “seem,” “seek,” “future,” “outlook,” “forecast,” “projection,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks discussed under the caption “Item 1A. Risk Factors” in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.
Key Takeaways QBTS signs $100M LOI under CHIPS Act, signaling U.S. Commerce Department interest in its quantum tech.The funding would back D-Wave's R&D facility in Florida, Connecticut and Canada to scale quantum systems.QBTS aims for 100,000-qubit annealing and 10,000-qubit gate-model systems for AI and chemistry. D-Wave Quantum (QBTS - Free Report) , or D-Wave, received a major boost last month that could advance its superconducting annealing and gate-model technology development. The company signed a Letter of Intent (“LOI”) for $100 million in proposed funding under the U.S. CHIPS and Science Act. The LOI signals federal interest in D-Wave’s annealing and gate-model quantum computing technologies and their potential economic impact. If the award is finalized, the company would issue $100 million in shares of its common stock to the U.S. Department of Commerce.
The funding is set to support D-Wave’s work at its forthcoming research and development (R&D) facility in Boca Raton, FL, as well as its R&D centers in New Haven, Connecticut and Burnaby, BC, Canada. Specifically, it aims to help speed up the delivery of advanced superconducting quantum computers, including a 100,000-qubit annealing system and a 10,000-qubit gate-model system.
While D-Wave’s annealing quantum computers are already commercial, its gate-model system is expected to reach commercial viability with 10,000 physical qubits, enabling 100 logical qubits.
With the larger-scale and higher coherence annealing quantum computing systems, the company expects stronger performance gains for solving computational problems in optimization, materials simulation, blockchain and artificial intelligence applications. The larger-scale dual-rail gate-model quantum computer will allow dozens of logical qubits, providing a robust application development platform for a broad range of quantum chemistry and quantum artificial intelligence use cases.
Taken together, these efforts are aimed at building a more resilient, end-to-end quantum computing ecosystem, in line with the CHIPS and Science Act objectives to build domestic capacity in critical technologies and establish a robust and reliable pipeline for the components required to bring state-of-the-art quantum computing systems into the market.
Latest Development From QBTS’ PeersIBM (IBM - Free Report) has announced an expanded collaboration with ServiceNow to address two of the biggest barriers blocking enterprise AI at scale: the AI-ready data problem and the legacy application layer. The partnership aims to combine IBM’s AI, data and automation capabilities with the ServiceNow AI Platform to help enterprises break through outdated systems and put their data to work for AI.
IonQ (IONQ - Free Report) announced Clavis XG Multiplex, a new addition to its Clavis XG Quantum Key Distribution (QKD) portfolio to make quantum security more practical and deployable across metropolitan fiber networks. The system enables high-performance, physics-based key distribution on a customer’s existing network infrastructure without requiring operators to redesign, isolate or dedicate optical networks for quantum security. IONQ also opened a new laboratory suite in Boulder, CO, which will house Quantum Computing R&D and semiconductor chip testing facilities.
QBTS’ Price Performance, Valuation & EstimatesYear to date, QBTS shares have plunged 11.5%, underperforming the industry’s 11.6% fall.
Image Source: Zacks Investment Research
D-Wave is trading at a forward, two-year, price/sales (P/S) of 132.67X, higher than its median and industry average.
Image Source: Zacks Investment Research
Here’s how estimates for D-Wave’s 2026 and 2027 loss per share are shaping up.
Image Source: Zacks Investment Research
D-Wave currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Space Exploration Technologies (SPCX +1.61%) may be the most exciting stock on the market right now, but I think there are plenty of better investment opportunities outside of SpaceX. One of those areas is quantum computing, a field that's starting to gain serious momentum and could reach viability status by 2030. If that's the case, investors need to position themselves to take advantage of a massive, growing trend that could pay off big time.
I've got three quantum stocks that look like excellent buys now, and investors should consider buying them instead of SpaceX, as the upside is greater.
Image source: Getty Images.
IonQ IonQ (IONQ 5.96%) is one of the top quantum computing pure plays available, and has reached that level due to its unique approach. Instead of using a superconducting quantum computing technique, it uses trapped ions, which yield superior accuracy. In fact, IonQ holds the world record for two-qubit gate fidelity -- the most commonly used measurement for accuracy in the quantum computing industry.
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This has led to strong demand for its products, and several researchers and early adopters are starting to purchase some early-stage systems so they are ready when more commercially viable systems are available. IonQ's revenue is booming as a result, with it rising 755% in Q1 to $65 million.
With industry-leading accuracy and a large, 256-qubit system available, IonQ looks poised to be a frontrunner in the quantum computing arms race.
D-Wave Quantum D-Wave Quantum (QBTS 6.83%) is also taking a different approach than most quantum companies. Its initial quantum offering is an annealing quantum computer, which helps solve optimization problems. This product is already being utilized in some industries to create schedules and optimize supply chains. However, applications are far more limited compared to a general-purpose quantum computer, and D-Wave is also developing one of those.
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This two-faced approach makes D-Wave a bit less risky of a bet compared to some competitors in the industry, but it still has a long way to go before becoming a viable business. However, it did show signs of strength thanks to two orders for its quantum computers. Combined, those deals are worth about $20 million, which represents significant growth for D-Wave.
D-Wave may be a bit more of a long shot than IonQ, but if it works out, the upside is immense.
Nvidia Last is Nvidia (NVDA 0.01%), which may seem like an odd inclusion on a quantum computing stock list, since it has explicitly stated that it has no plans to build a quantum processing unit. However, that doesn't mean it's ignoring the field. Nvidia sees a future where quantum computing and traditional computing methods are used side by side. Nvidia already has a grip on the traditional computing market, so it modified its NVLink (its networking hardware) to the NVQLink, with the "Q" indicating that quantum computing can easily connect to existing networks.
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It also launched an AI model that's used for quantized error correction and adopted its CUDA software to include quantum functions, renaming it CUDA-Q. All of this shows that Nvidia isn't ignoring quantum computing; it's just creating an environment where quantum companies must work with Nvidia once their products have reached commercial scale.
With massive demand for traditional computing power already at record levels, Nvidia will be able to continue its dominance as the world's largest company for the foreseeable future. Additionally, if it finds a quantum company with huge potential, it may buy them out at a premium to gain access to the technology. We'll see what the future holds for Nvidia, but even if quantum computing takes over, Nvidia will still be a major part of the computing landscape.
In the last month, shares of D-Wave Quantum Inc. NYSE: QBTS have fallen by about 13% amid a broader selloff in the AI space that has impacted many firms across the tech space.
D-Wave Quantum Today
$23.03 -2.00 (-8.00%)
As of 10:43 AM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$12.75▼
$46.75Price Target$36.80
One bright spot during this time, though, was the days immediately following the quantum computing firm's announcement of an upcoming gate-model quantum computing simulator. In the immediate aftermath of the announcement, QBTS shares spiked by about 8%.
In a landscape governed by companies racing to bring technological advances to the public, it might be easy for investors to overlook the latest update from D-Wave. However, doing so in this case may mean missing out on a real advantage that D-Wave seems to be building over some of its rivals in the quantum space.
Get D-Wave Quantum alerts:
This latest development could help to accelerate the company's ability to bring its quantum tech to a broader customer base.
What Makes the Simulator a Key Development for D-WaveIt's unlikely that the simulator will be an immediate, significant revenue generator for D-Wave. Rather, its primary value for the company in the near-term is as evidence of its seriousness in the dual-platform space. D-Wave was, for much of its history, a firm focused on annealing tech, a different approach to quantum computing with advantages but also significant drawbacks. The simulator immediately bolsters D-Wave's move toward a dual focus on annealing and the more common gate-model approach. The company moved in this direction with its early-2026 acquisition of Quantum Circuits, but has not made major progress towards gate-model since.
Beyond this important element, the simulator may be a major draw for potential customers outside of D-Wave's typical base of government agencies, academic institutions, and other large-scale organizations. The simulator enables developers to test applications before large-scale hardware is available, without having to invest heavily in advance. Add to this the "error-aware" element of the simulator—providing users with error visibility so they can redesign workflows as needed—and D-Wave's new product may have wide appeal, distinguishing it from peers' offerings.
How This Changes (Or Doesn't Change) D-Wave's Status Among RivalsAfter a disappointing Q1 earnings report, D-Wave has been in need of a win. While the company reported a strong $33.4 million in Q1 bookings and impressive cash reserves totaling more than $588 million, it also posted a sharp year-over-year (YOY) decrease in revenue to $2.9 million, sending skittish investors running.
Analysts are still broadly bullish on QBTS, with 14 out of 17 asserting that the stock is a Buy, including several new optimistic ratings this month. However, the success of the simulator could go a long way to helping D-Wave distinguish itself amid intensifying competition.
IonQ Inc. NYSE: IONQ, for instance, seems to have a much stronger recent revenue trajectory, including close to 750% YOY improvement in Q1 2026. Rigetti Computing NASDAQ: RGTI has smaller sales in absolute terms but still saw a notable improvement on a YOY basis.
D-Wave's hope may lie in its ability to set itself apart as a dual-focus quantum player at a time when the entire industry is facing increasing threats from major tech companies as well. In recent weeks, Intel Corp. NASDAQ: INTC and IBM Corp. NYSE: IBM have each made clear moves into the quantum space that could significantly challenge the dominance of the emerging field held by much smaller pure-play quantum names.
While D-Wave still cannot hope to rival the scale of a larger competitor like IBM or Intel, it does stand out for its new product. Still, the significant catch for investors is that there is not yet an obvious pathway from engagement with the simulator to noteworthy revenue ramp-up.
Current Price$25.02High Forecast$45.00Average Forecast$36.80Low Forecast$22.00D-Wave Quantum Stock Forecast Details
It may still be some time yet until the company is able to offer an easy-access product that appeals broadly to the same consumers who may be inclined to utilize the simulator. While investors wait for that time to approach, D-Wave runs the risk of revenue continuing to stagnate—all while rivals are seeing increased momentum.
Including the rocky June performance, shares of D-Wave are down about 2% year-to-date (YTD). Analysts expect that the company will turn this around, predicting some 46% in potential upside to reach a consensus price target of $36.80. Importantly, that price target is massively optimistic compared to most of D-Wave's prior trading history—the stock has only exceeded that level for a brief period in October 2025 when it traded at an all-time high.
Should You Invest $1,000 in D-Wave Quantum Right Now?Before you consider D-Wave Quantum, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and D-Wave Quantum wasn't on the list.
While D-Wave Quantum currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
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SummaryD-Wave Quantum Inc. is rated "Buy," but only for small, speculative positions due to high risk and overvaluation.Recent U.S. executive orders have elevated quantum computing to a national security and procurement priority, catalyzing QBTS’s potential government contract opportunities.QBTS’s dual-platform strategy—commercial annealing today, gate-model quantum roadmap for tomorrow—underpins the investment thesis despite negative EPS and FCF.Bookings surged to $33.4M in Q1 2026, but QBTS stock valuation remains steep; my $37 price target implies ~50% upside from current levels. akinbostanci/E+ via Getty Images
Executive Summary D-Wave Quantum Inc. (QBTS), as a general rule, is a stock I would typically take on with a great deal of skepticism: negative (EPS), negative (FCF), extremely overvalued, highly volatile, and a business model that is not big enough to
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in QBTS over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
This is a fair market value price provided by Massive. Learn more.
52-Week Range$12.75▼
$46.75Price Target$36.80
As Q2 2026 wraps up, the quantum computing race is as fierce as ever, and established pure-play companies like D-Wave Quantum Inc. NYSE: QBTS are facing new pressures. On one hand, D-Wave has to contend with increased activity in the quantum space by larger tech companies like Intel Corp. NASDAQ: INTC and IBM Corp. NYSE: IBM, both of which have made big pushes with new investments or major partnerships that leverage their size and operational advantages. This is made more complicated by an infusion of about $2 billion in funding across the industry from the Commerce Department, only a small portion of which is slated to go to D-Wave.
On the other hand, D-Wave also faces often-overlooked threats from smaller, up-and-coming quantum companies. One in particular—Arqit Quantum Inc. NASDAQ: ARQQ—may stand out in the field as a new rival. Below, we look at Arqit and a larger company traditionally outside of the quantum space, Qualcomm Inc. NASDAQ: QCOM, that may also threaten D-Wave's status as a leader in the field.
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A Highly Speculative Quantum Cybersecurity Play Ahead of Its TimeArqit takes a unique approach within the quantum ecosystem in that it is a cybersecurity firm focused on quantum-safe encryption solutions. As quantum computing technology continues to develop, it may introduce new security threats that classical computing systems are not equipped to handle—the risks may even extend to cryptocurrencies. Arqit is now preparing for future security threats that harness quantum tech thanks to its key distribution architecture.
Arqit Quantum Today
$19.74 -0.20 (-1.01%)
As of 09:31 AM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$11.52▼
$62.00Price Target$60.00
For the first half of its fiscal 2026 (ending Sept. 30, 2026), revenue soared by some 830% year over year (YOY) on the strength of 11 unique contracts, up from seven a year prior. The company is breaking key ground with telecom network operators, government agencies, defense contractors, and other enterprise organizations, all of which could be vital client constituencies as the firm continues to grow.
By May 20, 2026, Arqit had amassed nearly $36 million in cash—while this remains modest, it is up about $7 million in the span of under two months. Supporting Arqit's growth is a collaboration with Intel that sees the former's encryption software pre-installed on select Intel hardware, as well as other partnerships that are emerging.
Investors may be concerned, however, that Arqit has missed some of its sales projections and that the company has diluted shares multiple times in recent years. These are reasons why it gets a Hold rating overall, with one Wall Street analyst suggesting ARQQ is a Buy and another calling it a Sell. Still, the price target of $60 is nearly 230% above current price levels. ARQQ is certainly a speculative and high-risk play, but it represents an early entrant to an industry that could end up being transformative—and which may eventually draw investor attention away from firms like D-Wave.
A Non-Quantum Company With an Important Role in Quantum DevelopmentWhile Arqit has a market capitalization of only around $280 million, Qualcomm is nearly 850 times larger at roughly $238 billion. And though Qualcomm is not a pure-play quantum company—it is a wireless communications and semiconductor firm—it is nonetheless an emerging player in quantum technology through its Qualcomm Ventures arm.
Qualcomm Today
$220.06 +5.99 (+2.80%)
As of 09:32 AM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$121.99▼
$259.92Dividend Yield1.67%
P/E Ratio23.70
Price Target$184.29
Qualcomm Ventures is a venture capital branch of Qualcomm that invests in quantum computing firms, among others. Notably, Qualcomm Ventures has made a significant investment in control system creator Quantum Machines, the maker of a platform used to control quantum processors.
For Qualcomm, the interest in quantum computing is at least two-fold. For one, the company has significant capital and leverage to deploy to participate in the quantum race, despite its traditional focus elsewhere. Beyond that, though, Qualcomm will benefit from the development of quantum-safe communications hardware. The threat of future quantum-based hacking will no doubt have an impact on the rollout of future 6G networks and beyond, and Qualcomm's products will be safer for customers if the company can play a role in the development of key algorithms and cryptography.
In its latest earnings report, Qualcomm posted a modest 3.5% YOY decline in revenue, even as sales reached $10.6 billion and beat analyst predictions. EPS of $2.65 also beat expectations and came in at the high end of guidance. Some of Qualcomm's non-quantum businesses helped to drive performance—including, most notably, its automotive revenue and its data center business. For investors interested in Qualcomm's potential within the quantum space, the buffer provided by this operational diversification may be a strong draw.
Should You Invest $1,000 in D-Wave Quantum Right Now?Before you consider D-Wave Quantum, you'll want to hear this.
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Shares of IonQ (IONQ 2.10%), D-Wave Quantum (QBTS 4.26%), and Rigetti Computing (RGTI 1.91%) all surged in April and May as their quarterly results came in ahead of analysts' estimates and Wall Street started taking the sector seriously again. Then came the reversal. IonQ fell by 21% in a single week in early June despite posting record quarterly revenue. D-Wave is down roughly 23% year to date and has struggled to hold gains even after a bookings quarter that most software companies would celebrate. Rigetti, which has less commercial revenue than the other two, sits down 19% year to date. The Quantinuum (QNT +13.21%) IPO filing -- with its $12.7 billion valuation and Honeywell (HON 0.38%) backing -- reminded public market investors that a better-funded competitor was in the room.
This is what a sector reset looks like. Not a collapse of the underlying technology, but a valuation recalibration after a run-up that had gotten well ahead of the fundamentals. For investors with patience, the gaps between prices and progress are where opportunities live. But not every stock in a beaten-down sector deserves a second look.
Image source: Getty Images.
Rigetti is still too early Rigetti Computing posted Q1 2026 revenue of $4.4 million. The company has over $569 million in cash on its books, a deal to sell a 108-qubit system to the Indian government's Centre for Development of Advanced Computing, and a 128-qubit platform actively shipping. The technology is advancing -- no question. But its revenue base is thin enough that valuing the stock with any precision is an exercise in guesswork. Rigetti's market cap today implies commercial traction that the company hasn't yet demonstrated. Its cash cushion is long, which means this isn't an existential story. It's just an early one. I'm watching, not buying.
Today's Change
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IonQ has the best business, and the richest price IonQ is the most compelling quantum computing company from a pure business standpoint. In Q1, its revenue reached $64.7 million -- up 755% year over year -- full-year guidance was raised to a range of $260 to $270 million, and its backlog hit $470 million. The company has government contracts, enterprise cloud deals, and a roadmap to fault-tolerant computing that has earned genuine respect from analysts.
The stock is trading near $57 after last week's 21% drop, but even at that level, it carries a valuation that prices in years of execution going right. IonQ has the best fundamentals in the pure-play quantum space. The question is whether the market is paying you to own those fundamentals or charging you to own them. Right now, I think it's the latter. The business is exceptional. The entry point is not.
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D-Wave Quantum is the one I'm buying Thanks to its recent acquisition of peer Quantum Circuits, D-Wave is the only dual-platform quantum company -- building both quantum annealing and gate-model systems -- and its quantum annealing hardware is being deployed to solve real enterprise optimization problems today. That tech doesn't need to wait for error-reduction and correction breakthroughs that remain years away. That's the part that gets dismissed because it doesn't fit the "quantum future" narrative. But it's also the part that generates revenue now.
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In Q1, D-Wave's revenue was a modest $2.9 million -- but its closed bookings hit $33.4 million, up 1,994% year over year. The company signed a $20 million system sale to Florida Atlantic University and a $10 million quantum-computing-as-a-service deal with a Fortune 100 company in the same quarter. Remaining performance obligations surged by 563%. Management guided for the bulk of 2026 revenue to hit in the second half of the year as those contracts convert.
The stock is down around 20% year to date and trades at roughly $23 per share. To me, D-Wave is the quantum stock for which the market is most clearly pricing in yesterday's skepticism while ignoring today's booking momentum. It is not the most technically impressive name in the sector. It is the one doing the most business right now. Also, at this price, that distinction matters.
D-Wave Quantum (QBTS +12.67%), which develops and delivers quantum computing systems, software, and services, closed at $26.30, up 12.54%. The stock rose after Mizuho raised its price target to $35 and highlighted progress on the company’s long-term logical-qubit roadmap. Investors are watching for continued execution and valuation risks. Trading volume reached 44.7 million shares, about 34% above its three-month average of 33.4 million shares. D-Wave Quantum IPO'd in 2020 and has grown 159% since going public.
How the markets moved todayThe S&P 500 advanced 1.67% to 7,555, while the Nasdaq Composite climbed 3.07% to 26,684. Among quantum computing industry peers, Rigetti Computing closed at $22.7 (+8.20%), and IonQ finished at $61.18 (+5.76%) as the group extended its rally.
What this means for investorsD-Wave Quantum’s shares soared 13% today after a Mizuho analyst raised their price target on the stock from $29 to $35, stating that they see the company “maintaining its leadership in annealing quantum computing.” The analyst also noted that D-Wave’s roadmap to (hopefully) reach 10 logical quibits by 2030 and potentially 100 by 2032 makes the company the leader of its burgeoning niche.
D-Wave also estimated that its target addressable market would be between $450 billion and $850 billion by 2040. This promising update comes less than one month after the U.S. government took a $100 million equity stake in the company, reinforcing the importance of D-Wave’s potentially transformative technology. That said, the company likely won’t generate meaning profits until some point in the 2030’s (if ever), so interested investors need to be ready to play the long game with this high-risk, high-reward growth stock.
Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends IonQ. The Motley Fool has a disclosure policy.
QBTS weekly chart shows first pullback to successfully test prior trend resistance as support Confirmation Zone Still in Focus A bullish continuation will further confirm the completion of the first pullback and the establishment of a higher swing low. The first upside target is near the lower swing high of $32.39 from December, which is also near where resistance was seen after the initial pattern breakout.
Measured Move Targets Remain Active Simple measured moves derived from the inverse head and shoulder’s structure point to potential targets near $35.33 and $45.61. The first potential target zone matches the change in price, while the second zone measures the percentage change in price. Of course, the higher target is close to the October peak of $46.75, which reinforces its significance as a longer-term resistance reference.
Trend Continuation Framework Now that the first pullback should be complete for QBTS, signs of strength should continue and intensify. A sustained recovery of the 200-day moving average is key for the bullish outlook of QBTS. The recent bearish correction established a higher swing low of $12.75 at the completion of a 78.6% Fibonacci retracement of the prior upswing. Support was also validated by prior structure highs and lows during 2025. Taken together, the breakout, successful retest of support, and reclaim of key moving averages suggest that QBTS remains in the early stages of a broader bullish continuation phase, with the initial breakout structure still actively guiding price behavior.
Rigetti Computing (RGTI +9.89%) stock jumped 8.2% through 11 a.m. ET Monday, its third straight day of gains. Believe it or not, you can thank a Rigetti rival, D-Wave Quantum (QBTS +14.68%) for that.
More precisely, you can thank the banker who just praised D-Wave.
Image source: Getty Images.
Mizuho loves D-Wave Quantum stock Mizuho analyst Vijay Rakesh raised his price target on D-Wave to $35 per share. Rakesh praised D-Wave's plan to build a gate-based quantum computer with 10 logical qubits (LQ) by 2030, then scale to 100 LQ by 2032, while improving error rates. He also liked D-Wave's prediction that quantum could grow into a $450 billion to $850 billion market by 2040, and declared D-Wave a leader in this market.
Rakesh, however, said nothing about Rigetti Computing.
Worse, roughly one month ago, Rakesh lowered his price target on Rigetti stock to $27 per share, with StreetInsider.com reporting that, while the analyst was impressed with Rigetti's faster-than-expected sales growth, he was less confident about the stock's valuation.
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Is Rigetti stock better or worse than D-Wave stock? When investing in quantum computing stocks, it's important not to get too caught up in the excitement of analyst upgrades and downgrades, price target hikes, and cuts. Wall Street is tracking a moving target in this industry, and at this early stage, it's incredibly hard to know who the winners will be.
Big picture, the thing to always keep in mind is this: No one on Wall Street expects either Rigetti or D-Wave stock to turn a profit as far out as any analysts are willing to make predictions. Whether they ultimately succeed or fail, both these companies will lose money for at least the next five years.
Check your risk tolerance before investing, and be prepared to be very, very patient.
Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Starting the shortened trading week on a bullish note, D-Wave Quantum (QBTS +14.68%) stock raced out of the gate this morning. With an analyst providing an auspicious outlook, investors are now running to pick up shares of the quantum computing stock.
As of 12:20 p.m. ET, shares of D-Wave Quantum are up 13.6%.
Image source: Getty Images.
An industry leader with a stock that has room to run Maintaining an outperform rating, Vijay Rakesh, a Mizuho analyst, upwardly revised the price target on D-Wave Quantum stock to $35 from $29. The action echoes those of analysts who similarly raised their price targets on D-Wave Quantum stock two weeks ago. Roth Capital boosted its price target to $40 from $30, and B. Riley lifted its price target to $40 from $36.
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Based on D-Wave Quantum's stock closing price of $23.37 on Friday, Rakesh's price target implies upside of more than 20%.
According to Thefly.com, Rakesh grounded his outlook in the recognition that the company has extended its gate-model roadmap, aiming to reach 10 logical qubits by 2030, steadily scaling to a 100-logical-qubit system that can successfully perform more than 1 million operations by 2032.
Is now the time to take a quantum leap in your tech exposure with D-Wave Quantum stock? While the consensus among analysts is that D-Wave Quantum stock has room to run, those seeking quantum computing stock exposure should weigh the company's achievements more heavily than analysts' opinions. Instead of simply clicking the buy button because analysts are bullish, potential investors should look for green flags from the company that make its 2030 and 2032 targets seem achievable.
Should the company succeed in attaining its goal of delivering a 17-physical-qubit system that supports logical error rates 2 times lower than physical error rates, investors will have more material cause to buy D-Wave Quantum stock.
Scott Levine has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Shares of Quantum Computing Inc. (NASDAQ:QUBT) stock and D-Wave Quantum (NYSE:QBTS) stock are both up 12% in Monday morning trading, leading a broad rally across the handful of publicly traded quantum-computing pure plays. QUBT stock is changing hands near $11.10, while QBTS stock has climbed to around $26.14.
Rigetti Computing (NASDAQ:RGTI) stock is up 9% to around $22.92, and IonQ (NYSE:IONQ | IONQ Price Prediction) stock has gained 6% to around $61.51. The four names are once again trading in lockstep as a thematic basket.
There’s no identified company-specific catalyst behind the move in QUBT, QBTS, RGTI, or IONQ stock. The likely backdrop is a broad risk-on tone following the U.S.-Iran peace agreement announced Sunday, with a formal signing referenced for June 19, which has lifted speculative, high-beta names across the tape.
Risk-On Tape, Not a Quantum-Specific Story The CBOE Volatility Index (VIX) dropped Monday morning to 16.24, well below the recent intraday peak of 22.22 on June 10 and far off the March 27 high of 31.05. That volatility contraction has been supportive for the most speculative corners of the market, and quantum-computing names like IonQ and Rigetti sit squarely in that bucket.
The S&P 500 tracking SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 1.67% in Monday’s session, providing a benign macro tape. Against that backdrop, the quantum basket including QUBT and QBTS stock is outperforming on relative beta rather than any fresh sector news.
Speculative Names Snapping Back Quantum Computing Inc. has been the laggard of the group, with QUBT stock down 34% over the past year. The company posted Q1 2026 revenue of $3.69 million, lifted by its February Luminar Semiconductor and NuCrypt acquisitions, with about $1.4 billion in total cash and investments on the balance sheet.
In contrast, D-Wave Quantum stock is up 72% over the past 12 months. The company reported Q1 2026 bookings of $33.4 million, ended the quarter with $588.4 million in cash, and held an Investor Day at the NYSE on June 1 highlighting a gate-model roadmap targeting 100 logical qubits by 2032.
Rigetti Computing stock is up 101% over the past year, with Q1 2026 revenue of $4.4 million, nearly triple the prior-year period, and a narrowed loss per share of $0.04. Its 108-qubit Cepheus-1-108Q system is in general availability on AWS Braket, Azure Quantum, and qBraid, and management has flagged a UK investment of up to $100 million for a 1,000-plus qubit machine.
Meanwhile, IonQ stock has been a steady performer, up 63% over the past year, with Q1 2026 revenue of $64.67 million and raised FY2026 guidance of $260 million to $270 million. At a market cap near $23 billion and a price-to-sales ratio of 115x, IonQ trades on expectations rather than current cash flow.
Sentiment Skew Across the Group Analyst sentiment on the basket is uneven. IonQ carries 1 Strong Buy, 10 Buy, and 2 Hold ratings with an average price target of $67.64, while Rigetti has 1 Strong Buy, 8 Buy, 3 Hold, and 1 Sell with a $29.24 target.
Turning to crowd sentiment, one Polymarket question asks whether the U.S. federal government will take a stake in IonQ by year-end, with the “No” outcome priced at 65% and “Yes” at 36%. It’s a thin market, but it captures how some traders are framing IonQ’s strategic profile versus peers like Rigetti and D-Wave Quantum.
What to Watch Now Investors can watch for whether the bid in Quantum Computing Inc., D-Wave Quantum, Rigetti, and IonQ stock holds into the closing bell, or whether the basket fades as an intraday momentum trade. Volume and breadth in the broader speculative complex can offer early clues on staying power.
IonQ, Rigetti, D-Wave Quantum, and Quantum Computing Inc. remain pre-profit, high-beta names that tend to move together on shifts in risk appetite. With no quantum-specific catalyst behind today’s rally, the action looks more like sentiment than substance, which argues for measured position sizing for anyone trading around the move.
The next checkpoint for the basket may come from the formal U.S.-Iran signing referenced for June 19 and any fresh sector commentary. Until then, IonQ stock, as the largest market cap in the group, could set the tone for QUBT, QBTS, and RGTI shares.
Key Takeaways QBTS is running a quantum-classical blockchain testNet with Postquant Labs and 18,500 participants.QBTS' Advantage2 quantum system is reportedly outperforming classical nodes and winning most blocks.Shionogi project using QBTS quantum AI in drug discovery achieved a 10x increase in desirable molecules. Beyond optimization, D-Wave Quantum (QBTS - Free Report) , or D-Wave, is increasingly exploring two emerging application areas: artificial intelligence (AI) and blockchain. Details emerged during the first-quarter 2026 earnings call in May, where management highlighted the company’s collaboration with Postquant Labs on the development and launch of its quantum classical blockchain testNet.
The testNet, currently live, is designed to help establish a global quantum blockchain standard and evaluate how quantum computing could contribute to a more secure and energy-efficient blockchain in a distributed network.
More than 18,500 people have signed up to participate in the TestNet. D-Wave's Advantage2 annealing quantum computer is currently one of more than 1,600 nodes included in it, with the remaining nodes consisting of CPUs and GPUs. According to management, Advantage I QPU is currently outperforming the classical nodes and winning the majority of the blocks. The company is launching a detailed benchmarking study with Postquant Labs to further quantify the advantage.
D-Wave is also seeing promising work in the area of quantum AI and machine learning. Japan-based pharmaceutical company Shionogi is running a multistage progress project that applies AI to drug discovery, where identifying drug-like molecules with the right activity, chemical properties and synthetic accessibility is extremely challenging, mainly for classical machine learning methods. The work involves D-Wave's annealing quantum computers, which are being used as part of the large language model training process.
The second phase of the project produced a tenfold increase in the number of desirable molecules compared with the results generated using a classical machine learning algorithm.
Shionogi is now advancing to the next phase, with the eventual target of real-world adoption. The early results, along with emerging customer work in quantum AI applications, place D-Wave as an important first mover at the intersection of quantum and AI.
Updates From QBTS Peers — QUBT & RGTIQuantum Computing Inc. (QUBT - Free Report) or QCi’s NeuraWave photonic reservoir computing platform reinforces its broader strategy to advance photonic computing platforms that bring quantum-inspired and optical technologies into real-world applications today. The platform, which became deployment-ready in April, is designed to enable faster, energy-efficient AI inference and advanced signal processing applications at the edge.
Rigetti Computing, Inc. (RGTI - Free Report) recently signed a letter of intent with the U.S. Department of Commerce for an award of up to $100 million in funding over three years to accelerate superconducting quantum computing R&D. The funding, allocated under the CHIPS Research and Development Office Broad Agency Announcement pursuant to the CHIPS Act, is intended to strengthen U.S. leadership in emerging technologies, including quantum computing.
The Zacks Rundown for QBTS StockOver the past year, QBTS shares have risen 57.5% against the industry’s 17.3% plunge.
Image Source: Zacks Investment Research
D-Wave is trading at a forward, 12-month Price/Sales (P/S) of 136.39X, lower than its median but significantly above the industry average.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for D-Wave’s 2026 and 2027 loss per share is projected at 25 cents and 30 cents, respectively.
Image Source: Zacks Investment Research
D-Wave currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
