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The U.S. government is taking minority equity stakes in D-Wave Quantum, Rigetti Computing, and Quantinuum with a combined $300 million CHIPS Act deal that funds the three companies to scale quantum-computing research.

Rising losses, weak revenue conversion and lofty valuation offset D-Wave Quantum's strong bookings and production adoption, putting the company under pressure.

The U.S. government is taking minority stakes in three quantum computing companies in exchange for CHIPS and Science Act funding. Investors are cheering the move.

NEW YORK, Sept. 08, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of D-Wave Quantum Inc. (“D-Wave” or the “Company”) (NASDAQ: QBTS).  Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether D-Wave and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On August 6, 2026, D-Wave reported its financial results for the second quarter of 2026.  Among other items, D-Wave issues revenue of only $3.08 million, compared to $3.1 million for the same period in the prior year, and missing analyst expectations in the range of $4.03 million to $4.08 million. 

On this news, D-Wave’s stock price fell $1.99 per share, or 9.28%, to close at $19.41 per share on August 6, 2026. 

Then, on August 25, 2026, D-Wave issued a press release “announc[ing] that John Markovich is retiring and thus resigning from his position as Chief Financial Officer effective September 2, 2026.” 

On this news, D-Wave’s stock price fell $1.84 per share, or 9.51%, to close at $17.51 per share on August 26, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.  

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

PALO ALTO, Calif.--(BUSINESS WIRE)--D-Wave quantum finalizes a definitive agreement with the U.S. department of commerce for up to $100 million to accelerate U.S. quantum leadership.

, /PRNewswire/ -- Kessler Topaz Meltzer & Check, LLP (www.ktmc.com), a nationally recognized securities litigation law firm, is investigating potential violations of the federal securities laws by D-Wave Quantum Inc. ("D-Wave") (NASDAQ: QBTS) on behalf of investors who purchased or acquired D-Wave securities and experienced significant financial losses.

D-Wave Reports Disappointing Financial Results
On August 6, 2026, D-Wave reported disappointing financial results for the second quarter of 2026 including, among other items, revenue of only $3.08 million, missing analyst expectations in the range of $4.03 million to $4.08 million. Then, on August 25, 2026, D-Wave issued a press release announcing the resignation of its CFO, effective September 2, 2026.

D-Wave's Stock Drops Over 9%
Following the August 6, 2026, news of D-Wave's poor financial results, the company's stock price fell over 9%, and fell again, over 9%, on August 26, 2026.

Investors who purchased D-Wave Quantum Inc. (NASDAQ: QBTS) securities and experienced losses may have legal rights under the federal securities laws.

CONTACT KTMC TO DISCUSS YOUR LEGAL RIGHTS:
If you purchased or acquired D-Wave Quantum Inc. securities and have lost money on your investment, please provide your information here:
https://www.ktmc.com/qbts-dwave-quantum-inc-investigation?utm_campaign=hc?utm_source=PR_Newswire&utm_medium=pressrelease&utm_campaign=qbts&mktm=PR 

There is no cost or obligation to speak with an attorney.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP (KTMC):
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including being recognized in Chambers & Partners USA 2026 as a Band 1 Top Firm in Securities and Class Actions, Legal 500's Tier 1 Rankings for Securities and M&A Litigation, The National Law Journal's Plaintiff's Hot List and Trailblazers in Plaintiffs' Law, BTI Consulting Group's Honor Roll of Most Feared Law Firms, The Legal Intelligencer's Class Action Firm of the Year, Lawdragon's Leading Plaintiff Financial Lawyers, and Law360's Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent.

May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.

CONTACT:
Jonathan Naji, Esq.
280 King of Prussia Road
Radnor, PA 19087
(484) 270-1453
[email protected]

SOURCE Kessler Topaz Meltzer & Check, LLP

NASDAQ: QBTS Investigation Alert: Kessler Topaz Meltzer & Check, LLP Encourages D-Wave Quantum Inc. (QBTS) Investors to Contact the Firm Kessler Topaz Meltzer & Check, LLP (www.ktmc.com), a nationally recognized securities litigation law firm, is investigating potential violations of the federal securities laws by D-Wave Quantum Inc. (“D-Wave”) (NASDAQ: QBTS) on behalf of investors who purchased or acquired D-Wave securities and experienced significant financial losses.

D-Wave Reports Disappointing Financial Results
On August 6, 2026, D-Wave reported disappointing financial results for the second quarter of 2026 including, among other items, revenue of only $3.08 million, missing analyst expectations in the range of $4.03 million to $4.08 million. Then, on August 25, 2026, D-Wave issued a press release announcing the resignation of its CFO, effective September 2, 2026.

D-Wave’s Stock Drops Over 9%
Following the August 6, 2026, news of D-Wave’s poor financial results, the company’s stock price fell over 9%, and fell again, over 9%, on August 26, 2026.

Investors who purchased D-Wave Quantum Inc. (NASDAQ: QBTS) securities and experienced losses may have legal rights under the federal securities laws.

CONTACT KTMC TO DISCUSS YOUR LEGAL RIGHTS:
If you purchased or acquired D-Wave Quantum Inc. securities and have lost money on your investment, please provide your information here: https://www.ktmc.com/qbts-dwave-quantum-inc-investigation?utm_campaign=hc?utm_source=Businesswire&utm_medium=pressrelease&utm_campaign=qbts&mktm=PR

There is no cost or obligation to speak with an attorney.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP (KTMC):
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including being recognized in Chambers & Partners USA 2026 as a Band 1 Top Firm in Securities and Class Actions, Legal 500’s Tier 1 Rankings for Securities and M&A Litigation, The National Law Journal’s Plaintiff’s Hot List and Trailblazers in Plaintiffs' Law, BTI Consulting Group’s Honor Roll of Most Feared Law Firms, The Legal Intelligencer’s Class Action Firm of the Year, Lawdragon’s Leading Plaintiff Financial Lawyers, and Law360’s Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent.

May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260903472850/en/

Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

Click for the complete disclosure

RADNOR, Pa.--(BUSINESS WIRE)--Kessler Topaz Meltzer & Check, LLP (www.ktmc.com), a nationally recognized securities litigation law firm, is investigating potential violations of the federal securities laws by D-Wave Quantum Inc. (“D-Wave”) (NASDAQ: QBTS) on behalf of investors who purchased or acquired D-Wave securities and experienced significant financial losses.D-Wave Reports Disappointing Financial ResultsOn August 6, 2026, D-Wave reported disappointing financial results for the second q.

D-Wave Quantum (QBTS -5.08%) is moving from demonstrations into live enterprise workloads, where recurring cloud subscriptions could make its commercial model measurable. Production revenue is growing, contracted revenue is building, and customer use cases are expanding. The tension is valuation: investors are already paying for a much larger business than D-Wave has today.

Stock prices used were the market prices of Aug. 18, 2026. The video was published on Aug. 29, 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.

PALO ALTO, Calif.--(BUSINESS WIRE)--D-Wave Quantum Inc. (NASDAQ: 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 that John Markovich is retiring and thus resigning from his position as Chief Financial Officer effective September 2, 2026. “John has made significant contributions to D-Wave's success over the last five years, playing a pivotal role in taking the company publi.

A retiring CFO sent D-Wave Quantum shares tumbling while peers like IonQ and Rigetti got caught in the crossfire, raising a bigger question about whether a routine leadership change reveals something deeper about the risks of owning pre-profit quantum names.

D-Wave Quantum (NYSE:QBTS) stock is down 8% to $17.79 in midday trading Wednesday after the company disclosed its chief financial officer will retire next week. Also, IonQ (NYSE:IONQ | IONQ Price Prediction) shares are down 3% to $40.68, tracking the D-Wave headline as sentiment seems to sour on certain quantum-computing names.

The Defiance Quantum ETF (NASDAQ:QTUM) is down 0.4% to $148.27, barely reacting to the D-Wave move. Meanwhile, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is unchanged at $765.57. That gap between the cluster fund and its noisiest member frames today’s decline as a name-specific event.

D-Wave Quantum stock was down 26% year to date through Tuesday’s close, so today’s reaction lands on a name already under pressure this year. IonQ shares are also lower year-to-date, providing context for today’s sympathy move. D-Wave Quantum’s market capitalization sits at $6.57 billion, while IonQ’s market cap sits at $16.48 billion.

Catalyst: Markovich Retires Effective September 2 D-Wave Quantum announced on August 25 that CFO John Markovich is retiring and stepping down effective September 2. Greg Golkov, senior vice president of finance since May 2023, becomes acting chief financial officer and principal financial and accounting officer.

Golkov brings more than 25 years of finance and accounting experience, previously serving as vice president and controller at Butterfly Network and senior vice president of finance at Kaseya. His current remit at D-Wave Quantum already covers accounting, SEC reporting, financial planning and analysis, treasury and tax, so the internal handoff is coming from a familiar seat. Prior operating roles at technology and IT services businesses give Golkov experience relevant to D-Wave Quantum’s cloud-first commercial model.

D-Wave Quantum’s release stated explicitly that the resignation was not the result of any disagreement with the company on any matter relating to its business, operations, accounting policies, practices, financial statements, disclosure controls and procedures, or internal control over financial reporting. CEO Alan Baratz credited Markovich with a pivotal role in taking the company public in 2022, raising over $900 million in capital, and developing a path to profitability.

Why an Orderly CFO Change Is Sinking QBTS The company is a pre-profit business with a $6.57 billion market capitalization built on future capital raises and future revenue conversion. The company is the only company offering both annealing and gate-model quantum computing systems, sells through the Leap quantum cloud service, professional services, and on-premises systems, and serves more than 100 organizations while holding over 290 U.S. granted patents.

At companies at this stage, the finance seat carries more weight than at a mature operator, because credibility around the path to profitability and the ability to execute additional financings run through it. D-Wave Quantum has stated there was no accounting or controls issue behind the change, so today’s response reads as sentiment around an unexpected leadership shift at a speculative name.

D-Wave Quantum’s Q2 2026 results underline why finance leadership matters at this stage. The company reported Q2 revenue of $3.08 million (missing the $4.03 million estimate), while remaining performance obligations reached $40.7 million, up 668% year over year.

IonQ’s own most recent quarter provides useful contrast on why the market reacts differently to different quantum names. IonQ reported Q2 2026 revenue of $80.05 million (beating the $66.42 million estimate) and raised its full-year 2026 outlook to $280 million to $290 million. That stronger fundamental profile helps explain why the sympathy move in IonQ stock is smaller than the primary reaction in D-Wave Quantum stock today.

Peer Reaction and Position Sizing Other quantum names frequently trade alongside D-Wave and IonQ shares on quantum headlines, and remain part of the same speculative basket. The 3% slide in IonQ stock today, alongside a barely-moved Defiance Quantum ETF, is a reminder of how correlated the group remains, even when the trigger belongs to one company.

Rigetti Computing (NASDAQ:RGTI) stock is trading at $16.12, down 5%. Quantum Computing Inc. (NASDAQ:QUBT) stock is down only 1% to $8.35. Both names are lower on the session, but as you can see, the damage isn’t evenly spread.

For position sizing, investors holding D-Wave Quantum stock into this transition may want to keep their exposure modest until Golkov’s tenure produces a full quarterly close and an earnings call. D-Wave Quantum stock carries a beta of 2.16 and a 52-week range of $12.75 to $46.75, which argues for smaller position sizes than a mature technology name would warrant (we wrote a free playbook on sizing speculative bets to no more than 5% of a portfolio, here).

Investors can watch for signs that the acting CFO tag becomes permanent, which would remove one layer of uncertainty from this story. D-Wave Quantum’s next scheduled information point is the Q3 2026 earnings report, where management can address capital planning, the pace of bookings-to-revenue conversion, and the path to profitability under new finance leadership.

Contact [email protected] for any questions or corrections.

D-Wave Quantum (QBTS -5.08%) stock got off to a rough start following its debut on the market in August 2022, when it went public via a reverse merger with a special purpose acquisition company (SPAC). By the end of 2023, it had lost over 90% of its value.

However, investors who waited until the end of 2023 to open a position are likely very happy with their purchase of the quantum computing stock, and here's why.

Image source: The Motley Fool.

The recovery of D-Wave Quantum stock Investors who invested $1,000 in D-Wave Quantum stock at the end of 2023 and held on now have an investment worth about $21,650.

QBTS data by YCharts.

Investors who may have been skeptical about quantum computing's practicality warmed to D-Wave Quantum as other companies found they could apply its quantum annealing computers to rapidly solve vexing problems in supply chain logistics or portfolio optimization. This gives it more obvious potential to build on the tech industry's AI-driven advances.

Despite those gains, the lion's share of which occurred in 2025, D-Wave Quantum stock faces considerable uncertainty. Peers like IonQ and Rigetti Computing are developing competing quantum computing systems, as are a host of established tech giants including Google parent Alphabet and IBM.

Moreover, the company has thus far booked only modest revenues accompanied by massive losses, and its price-to-sales ratio of around 550 leaves it without a meaningful valuation measure. Those factors could leave investors wondering whether they should consider D-Wave Quantum a buy.

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D-Wave has reported a free cash flow of negative $119 million over the trailing 12 months. Due to the $546 million in liquidity it has on its books, it can probably survive burning cash at that rate for a few more years without needing to issue new shares or add to its debt.

However, that negative free cash flow also means it will have to increase revenue growth and improve its financials. Its prospects on those fronts remain uncertain, but if it can make financial improvements while remaining a leader in the quantum computing industry, its stock gains since the end of 2023 could be just the beginning.

Will Healy has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, International Business Machines, and IonQ. The Motley Fool has a disclosure policy.

D-Wave Quantum (QBTS -5.08%) is a genuine rarity. It's a pure-play quantum computing company with actual paying customers, and its systems are already running production workloads.

Real customers, real results AT&T cut a complex network optimization task from roughly an hour to under 15 seconds using D-Wave's annealing technology. That's not a demo. That's a useful business tool.

Management discussed the AT&T project among several other deals on the recent Q2 2026 earnings call. Remaining performance obligations (RPO) hit $40.7 million at the end of June, up 668% year over year. More than half of this backlog should convert into revenue over the next year.

The business is also broadening. D-Wave's January acquisition of Quantum Circuits added a gate-model program to its established annealing platform. A peer-reviewed Nature paper published this summer validated key architectural claims about the resulting dual-rail approach. Management is targeting 100 logical qubits and over 1 million reliable gate operations by 2032 -- thresholds often seen as the minimum for large-scale commercial operations.

Image source: The Motley Fool.

Growing pains But this year brought some turbulence alongside the progress. CFO John Markovich announced his retirement this week, effective Sept. 2. His interim replacement is a capable finance veteran, but leadership continuity matters. D-Wave's stock fell 9.5% on the day of that announcement.

The company is burning cash fast and spending heavily to build out a brand-new gate-model business. Is that the right time to install new financial leadership?

Early production deployments are not the same thing as a profitable business. Free cash flow was -$119 million over the last four quarters, up from -$76 million in fiscal year 2025 and -$45 million in 2024. The lights are staying on (and D-Wave was able to spend $250 million of cash plus $300 million in stock on the Quantum Circuits buyout) because the company isn't shy about asking shareholders for more money. The share count has doubled in two years, diluting the value of existing shares.

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The safer quantum trade Investors who want quantum exposure without massive financial and execution risks should look at tech giants like IBM (IBM -1.34%) or Alphabet (GOOG +1.53%) (GOOGL +1.74%) instead. These titans can afford to outspend specialists like D-Wave for years. Neither is engaged in annealing technology yet, but that could change in a heartbeat.

If pure-play quantum is nonnegotiable for a portfolio, D-Wave is probably the most defensible choice in that category -- it has real customers and a dual-platform strategy its peers lack. Just size it accordingly, because the valuation assumes everything goes right, and the CFO transition is a reminder that things don't always go right. Personally, I'm not comfortable with the 500x price-to-sales ratio.

Anders Bylund has positions in Alphabet and International Business Machines. The Motley Fool has positions in and recommends Alphabet and International Business Machines. The Motley Fool has a disclosure policy.

Deutsche Bank AG purchased a new stake in D-Wave Quantum Inc. (NASDAQ:QBTS – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 495,858 shares of the company’s stock, valued at approximately $11,896,000. Deutsche Bank AG owned about 0.13% of D-Wave Quantum as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. UBS Group AG grew its holdings in D-Wave Quantum by 541.6% in the 3rd quarter. UBS Group AG now owns 12,089,703 shares of the company’s stock valued at $298,737,000 after buying an additional 10,205,427 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of D-Wave Quantum by 11.5% in the 4th quarter. Geode Capital Management LLC now owns 8,394,726 shares of the company’s stock worth $220,085,000 after acquiring an additional 866,405 shares during the last quarter. State Street Corp raised its holdings in shares of D-Wave Quantum by 5.3% during the 4th quarter. State Street Corp now owns 7,707,085 shares of the company’s stock worth $201,540,000 after acquiring an additional 385,809 shares during the period. Marex Group plc raised its holdings in shares of D-Wave Quantum by 74.9% during the 4th quarter. Marex Group plc now owns 4,592,656 shares of the company’s stock worth $120,098,000 after acquiring an additional 1,966,500 shares during the period. Finally, Clear Street Group Inc. raised its holdings in shares of D-Wave Quantum by 40.4% during the 4th quarter. Clear Street Group Inc. now owns 4,281,254 shares of the company’s stock worth $111,955,000 after acquiring an additional 1,232,106 shares during the period. Hedge funds and other institutional investors own 42.47% of the company’s stock.

Insider Transactions at D-Wave Quantum In related news, CFO John M. Markovich sold 200,000 shares of D-Wave Quantum stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $25.71, for a total value of $5,142,000.00. Following the completion of the sale, the chief financial officer owned 1,142,820 shares in the company, valued at approximately $29,381,902.20. This trade represents a 14.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Rohit Ghai sold 13,518 shares of D-Wave Quantum stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $26.41, for a total transaction of $357,010.38. Following the completion of the sale, the director owned 23,617 shares of the company’s stock, valued at $623,724.97. This trade represents a 36.40% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 1,012,065 shares of company stock worth $26,245,703. 1.30% of the stock is owned by company insiders.

Trending Headlines about D-Wave Quantum Here are the key news stories impacting D-Wave Quantum this week: Positive Sentiment: BMO initiated coverage with an Outperform rating and a $35 price target, implying roughly 85%–86% upside from recent levels. The firm highlighted D-Wave’s commercial revenue potential, providing a significant catalyst for the stock. D-Wave Quantum Stock Climbs as BMO Turns Bullish Positive Sentiment: NTT DOCOMO deployed a second production application powered by D-Wave to improve mobile-network planning and efficiency. The deployment expands the relationship beyond pilot projects and offers evidence that D-Wave’s technology is being used in commercial telecom operations. D-Wave Lands Second Production Telecom Application Positive Sentiment: D-Wave’s order and contracted-revenue indicators remain strong. First-half bookings reportedly surged 1,120% year over year to $35.5 million, while remaining performance obligations rose 668% to $40.7 million. Nearly $23 million of contracted revenue could be recognized within 12 months, and commercial customers generated 67.7% of first-half revenue. D-Wave: Demand Is Outrunning Revenue Neutral Sentiment: Analysts and market commentary are increasingly focused on whether D-Wave can convert customer interest, bookings and production applications into sustained revenue and eventual profitability. Some quantum stocks continue to attract attention for their growth prospects despite a tougher market. Quantum Stocks Face Reality Check Negative Sentiment: Valuation remains a concern. After approximately a 15-fold three-year gain, D-Wave screens as expensive on valuation measures, raising the risk that substantial future progress is already reflected in the share price. D-Wave Quantum Stock Looks Expensive Negative Sentiment: Quantum-computing stocks have recently faced broad sector selling, while Zacks Research downgraded D-Wave from “Strong Buy” to “Hold.” These factors could limit gains even as company-specific news improves sentiment. Quantum Stock Selloff Analyst Ratings Changes QBTS has been the subject of a number of analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $43.00 price objective on shares of D-Wave Quantum in a report on Friday, August 7th. Wedbush assumed coverage on shares of D-Wave Quantum in a research note on Monday, August 3rd. They set an “outperform” rating and a $40.00 target price on the stock. B. Riley Financial boosted their target price on shares of D-Wave Quantum from $36.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Zacks Research downgraded shares of D-Wave Quantum from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Finally, Benchmark initiated coverage on D-Wave Quantum in a report on Monday, July 27th. They issued a “buy” rating and a $30.00 price objective on the stock. Thirteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, D-Wave Quantum has a consensus rating of “Moderate Buy” and a consensus price target of $36.27.

Read Our Latest Report on D-Wave Quantum

D-Wave Quantum Stock Up 8.5% Shares of QBTS opened at $20.39 on Friday. The company’s 50-day moving average price is $20.62 and its 200 day moving average price is $20.24. D-Wave Quantum Inc. has a 12-month low of $12.75 and a 12-month high of $46.75. The company has a current ratio of 20.55, a quick ratio of 20.42 and a debt-to-equity ratio of 0.03. The firm has a market cap of $7.54 billion, a P/E ratio of -28.72 and a beta of 2.15.

D-Wave Quantum (NASDAQ:QBTS – Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.02). D-Wave Quantum had a negative return on equity of 26.67% and a negative net margin of 2,001.59%.The company had revenue of $3.08 million for the quarter, compared to analysts’ expectations of $4.03 million. During the same period last year, the business earned ($0.08) EPS. The company’s quarterly revenue was down 0.6 compared to the same quarter last year. On average, sell-side analysts forecast that D-Wave Quantum Inc. will post -0.46 earnings per share for the current year.

D-Wave Quantum Profile (Free Report)

D-Wave Quantum Inc (NYSE: QBTS) develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.

Read More Five stocks we like better than D-Wave Quantum 2 Biotech Stocks Shaping Up for Major Breakouts 3 Stocks Came Roaring Back—Now They’re Flashing Warning Signs 3 Beaten-Down Stocks That Haven’t Gotten the Message About the S&P 500’s Record Run Darden Restaurants Just Hit a 52-Week High–Is the Olive Garden Comeback Story Legit? Want to see what other hedge funds are holding QBTS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for D-Wave Quantum Inc. (NASDAQ:QBTS – Free Report).

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On August 21, 2026, D-Wave Quantum Inc (QBTS) shares rose 8.5% to a current price of $20.39. This movement comes amid a 52-week range of $12.75 to $46.75, refle

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Key Takeaways D-Wave trails peers after Q2 as revenues fell short and bookings dropped sharply from the prior quarter.D-Wave has $40.7M in RPO, planned 2026 system deliveries and growing production applications.QBTS carries a lofty valuation, while analysts see 71% upside if bookings convert into revenue growth. D-Wave Quantum (QBTS - Free Report)  has gained just 0.6% since its Aug. 6 second-quarter earnings report, trailing IonQ (IONQ - Free Report) , Rigetti (RGTI - Free Report) and the S&P 500, as investors appear to be prioritizing near-term financial execution over D-Wave’s long-term technology milestones. The disconnect is evident in the company’s second-quarter revenues, essentially flat year over year and 19.5% below the Zacks Consensus Estimate, while adjusted EBITDA loss widened to $37.1 million.

More importantly, second-quarter bookings were only $2.1 million after a $33.4 million first-quarter haul, indicating the lumpiness of demand despite first-half bookings surging 1,120% to $35.5 million.

Stock Comparison Since QBTS’ Q2 Earnings Announcement
Image Source: Zacks Investment Research

Still, the outlook is improving with $40.7 million of RPO, 57% expected to convert within 12 months, two system deliveries planned for 2026, and production applications already generating 37.3% of first-half QCaaS revenues, providing potential catalysts.

Meanwhile, stronger U.S. policy support for quantum commercialization and domestic supply chains adds a favorable backdrop. The key near-term test is whether bookings convert into revenue and commercial deployments fast enough to justify elevated spending.

Q3 & 2026 Revenue, EPS EstimatesThe Zacks Consensus Estimate for the third quarter of 2026 is pegged at $3.95 million, a 5.7% improvement over the year-ago reported number, with a loss per share expectation of 7 cents (narrower than the year-ago 41 cents of loss), suggesting that the impact of D-Wave’s strong bookings is unlikely to be fully reflected in the near-term results.

For full-year 2026, the Zacks Consensus Estimate for revenue is pegged at $38.63 million, a 57.1% improvement over the 2025 reported number. The projected EPS loss narrows to 28 cents from $1.11 in 2025. The estimates therefore place considerable weight on second-half execution, particularly the conversion of bookings, RPO and planned system deliveries into recognized revenue.

Image Source: Zacks Investment Research

Technical AnalysisGoing by the technical picture, QBTS trades below both its 50-day and 200-day simple moving averages (SMAs). Moreover, the 50-day average remains below the 200-day average, offering no strong technical confirmation of a potential trend reversal. The chart indicates that the market remains cautious despite D-Wave’s improving bookings, RPO and commercial pipeline.

50-200-Day SMAs
Image Source: Zacks Investment Research

Lofty ValuationDespite its commercial momentum, QBTS continues to trade at a lofty valuation relative to its current revenue base. The stock is currently trading at a 12-month Price/Sales ratio of 110.17X, compared with approximately 5X for the S&P 500. Its three-year median P/S ratio stands at 87.89X, also well below the current multiple. This implies that the stock already carries substantial growth expectations, leaving limited room for execution disappointments.

Image Source: Zacks Investment Research

But Price Target is HighWith the short-term average price target of $35.79 implying 71.49% upside from the last close of $20.87, the consensus suggests that, despite the stock’s recent weakness and elevated valuation, analysts see substantial room for appreciation as D-Wave converts its strong bookings and commercial pipeline into revenue growth.

Image Source: Zacks Investment Research

Why Hold QBTS NowInvestors may prefer to hold QBTS rather than book profits or initiate fresh positions, as the stock’s strong commercial pipeline and 71% analyst-implied upside offer meaningful potential, while its lofty valuation and weak technical setup warrant caution. The company’s ability to convert bookings into revenue remains the key catalyst. Accordingly, Zacks Rank #3 (Hold) supports a wait-and-watch approach until execution improves. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Quantum computing pure-plays remain the market’s most polarizing bet: pre-profit, richly valued, and levered to policy tailwinds that keep tightening. After the White House quantum executive orders issued June 22, 2026 designated computing, sensing, networking, and cybersecurity as national priorities, the sector caught a fresh bid. All three of the names below rallied hard in the past month, yet Wall Street’s price targets still imply meaningful room to run. Ranked by analyst-implied upside from current levels, here is how the trio stacks up heading into the back half of August.

One caveat up front: these are aggressive speculative positions. Beta readings for all three sit north of 2, and each carries negative forward EPS. Treat the upside math as a probability-weighted range, not a promise.

1. Rigetti Computing Rigetti Computing (NASDAQ:RGTI) leads the pack on implied upside. Shares closed at $18.67 on August 17, 2026, and the analyst target of $28.81, with 69% bullish sentiment and nine buy or strong-buy ratings, points to base-case upside of roughly 81.4%. That gap has widened as the stock lagged peers, sliding 15.71% year-to-date even after a 32.32% one-month rebound.

The bull case is government-backed. Rigetti signed a letter of intent with the U.S. Department of Commerce for up to $100 million in potential CHIPS Act funding over three years, a validation of its superconducting chiplet architecture. Q2 revenue rose to $5.14 million, up 185.3% year over year, and the company holds $541.29 million in cash with zero debt. CEO Subodh Kulkarni frames the trajectory clearly: "Our objective remains to reach approximately 1,000 qubits, two qubit gate fidelities of 99.9% and gate speeds below 40 nanoseconds in roughly three years."

Risk to watch: the DOC agreement is a letter of intent, not a definitive contract, and any final structure will include issuance of securities to the department, meaning dilution. GAAP net loss reached $52.61 million in Q2, and adjusted EPS missed consensus by 7.99%.

2. IonQ IonQ (NYSE:IONQ | IONQ Price Prediction) is the sector’s fundamental leader and still carries substantial implied upside. Shares finished at $46.84 on August 17, 2026. The consensus analyst target of $67.68 implies 68.19% upside, with 85% bullish sentiment and 11 buy or strong-buy ratings versus zero sells. The stock has surged 34.68% in the past month.

Q2 was the strongest quarter in company history. Revenue hit $80.05 million, up 286.8% year over year, beating consensus by 20.52%, and management raised full-year 2026 guidance to $280 million to $290 million, excluding SkyWater. Remaining performance obligations grew 297% year over year. CEO Niccolo de Masi captured the strategic setup on the call: "We enter the second half of this year as a clear technology leader, critical merchant supplier, and vital ecosystem enabler for the entire quantum industry." The SkyWater acquisition closed July 31, 2026, creating what management calls the only vertically integrated full-stack quantum platform.

Risk to watch: GAAP net loss widened to negative $1.87 billion, distorted by a $1.6 billion non-cash warrant mark-to-market, and stock-based compensation ran $141.8 million in Q2. Beta of 3.301 means outsized drawdowns on any sentiment reversal.

3. D-Wave Quantum D-Wave Quantum (NYSE:QBTS) carries the smallest implied upside of the three but the strongest analyst breadth. At $20.87 on August 17, 2026, the shares trade below the $35.25 analyst target that implies 19.7% base-case upside. Sentiment is the most lopsided in the group: 94% bullish, with 15 buy or strong-buy ratings and one hold.

The commercial traction story is what analysts are underwriting. First-half 2026 bookings surged to $35.5 million from $2.9 million a year earlier, and remaining performance obligations climbed to $40.7 million, up 668% year over year. Commercial customers now account for 62.4% of Q2 revenue, versus 45.1% a year ago. AT&T is integrating D-Wave’s annealing platform into agentic AI workflows, reducing processing time from approximately one hour to less than 15 seconds. CEO Alan Baratz argues the moat is deployment, not hype: "D-Wave is translating technical leadership into commercial progress."

Risk to watch: Q2 revenue of $3.08 million missed consensus by 23.63%, adjusted EBITDA loss widened 85% to $37.1 million, and cash fell 33% year over year to $546.2 million. Gate-model commercial relevance is not expected until roughly 2032, so the near-term thesis rests entirely on annealing bookings converting to recognized revenue.

What to Watch Next The IonQ Investor Day at the NYSE on September 8, 2026 is the next major sector catalyst, with combined SkyWater guidance expected. For Rigetti, the milestone is a definitive Department of Commerce agreement. For D-Wave, it is Q4, where management flagged two annealing system shipments that could dominate full-year revenue. Position sizing matters more than conviction in this cohort. When beta runs north of 2, the same tailwinds cutting the upside path can reverse just as quickly.

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If there's one thing that proponents of D-Wave Quantum Inc. NASDAQ: QBTS are likely to keep in mind after the latest round of industry earnings reports, it's that quantum computing stocks seem never to move in straight lines.

D-Wave Quantum Today

$21.19 +0.02 (+0.10%)

As of 12:50 PM Eastern

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$12.75▼

$46.75$36.36

A tremendous rally in QBTS last fall eventually gave way to declines early in 2026 as investors questioned whether the company's financial results were prepared to keep pace with its exciting technological developments.

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However, sentiment may be improving once again, even after a middling Q2 2026 earnings report that prompted another brief sell-off, giving rivals like IonQ Inc. NYSE: IONQ a chance to separate themselves from the pack.

The turnaround in QBTS shares may be due to the recent stream of updates that reinforce its long-term value prospects. Still, larger (and repeatable) revenue wins, a growing customer base, and key steps toward profitability all may matter more than technological advances for the time being.

Canadian Government Adds Another Positive Data PointOne of D-Wave's latest announcements highlights a modest funding award from the Canadian government as part of the Applied Quantum Computing Challenge program. Government grants like this one provide validation that D-Wave's technology and research initiatives are yielding important results, but the dollar amount (CAD 300,000 in this case) is so small as to have essentially no bearing on the company's financials, particularly given that its balance sheet is already quite healthy overall.

It's possible that this announcement may have helped to provide a small boost to QBTS shares, but investors are more likely to seek out important business milestones in order to justify continuing the rally for much longer.

The Holy Grail Is Larger and Repeatable Revenue OpportunitiesA major question across the quantum industry is whether large bookings shown in some Q2 earnings reports are isolated deals or the start of a longer and sustainable trend. In D-Wave's case, many of its biggest contracts have still come from individual system sales or one-time deals. Those contracts have been the backbone of the company's early revenue base, but they lead to lumpy earnings and—as evidenced by a revenue decline of about two-thirds year over year (YOY) from H1 2025 to H1 2026—can even backfire when one period has a major deal and another does not.

Building up a base of recurring revenue via cloud subscriptions, software, enterprise usage, and similar avenues would be a tremendous boon for D-Wave, allowing investors to anticipate more predictable revenue from one quarter to another while also reducing the company's dependence on a small number of sizable contracts.

Customer Expansion and Profitability Over Research GrantsD-Wave Quantum Stock Forecast Today12-Month Stock Price Forecast:
$36.36
74.15% Upside

Moderate Buy
Based on 15 Analyst Ratings

Current Price$20.88High Forecast$44.00Average Forecast$36.36Low Forecast$22.00D-Wave Quantum Stock Forecast Details

Investors are unlikely to assign significant value—and make moves on QBTS shares one way or the other—based on a government award worth hundreds of thousands of dollars when D-Wave already has a balance sheet with hundreds of millions. What could be more likely to keep momentum going, however, is commercial validation of D-Wave's offerings.

Investors might therefore be more inclined to watch for news involving, say, government agency contracts, Fortune 500 company deals, major telecom provider interest, and so on. These partners are all likely to be firmer evidence that D-Wave's products are able to address optimization problems in the real world.

Along with this, signs that the company is more consistently moving toward profitability in the remaining earnings periods this year would undoubtedly go a long way to firming up investor support for D-Wave, even though there is already a strongly bullish ratings landscape for QBTS as it stands.

Technological Advances Do Still MatterThis is not to say that technical milestones are not important for D-Wave's continued success—they are crucial. This is a challenge that all quantum computing companies face: they must maintain a rapid pace of technological growth to stay at the cutting edge of the industry, while advancing their business goals to appeal to investors as well.

D-Wave's differentiation through its two-pronged approach to quantum tech continues to appeal to investors, as do its milestones toward a pre-established long-term technology roadmap and its major acquisitions. In order to keep momentum going in the coming months, the firm may be best off making additional product announcements, announcing key results to drive the narratives above, or showing real-world applications for new technology, not just recognition from grant providers or similar. The better D-Wave can make the case that its systems will solve commercially relevant problems faster and more efficiently than classical computers, the more likely investors will be to justify continued high valuation multiples.

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PALO ALTO, Calif.--(BUSINESS WIRE)--D-Wave Quantum Inc. (NASDAQ: 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 the appointment of veteran technology finance executive Kevan P. Krysler to its Board of Directors and Audit Committee. Krysler currently serves as chief financial officer of Carbon Robotics, a privately held company specializing in physical AI and robotics for.

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Quantum computing remains one of the market’s most speculative corners, and August has delivered exactly the kind of setup aggressive investors watch for: monster revenue growth, fresh White House policy tailwinds, and stocks that still trade well below their late-2025 highs. Valuations are extreme, losses are widening, and every name on this list carries binary technology risk. These are speculative bets on a still-pre-commercial industry, not core portfolio holdings.

That said, the operating momentum inside the sector has become impossible to ignore. Bookings are compounding, government funding is flowing, and analyst consensus across the three US-listed pure-plays is overwhelmingly bullish. Here are three quantum computing stocks aggressive, risk-tolerant investors are debating this month.

IonQ (NYSE: IONQ): The Revenue Leader Among Pure-Plays
IonQ (NYSE:IONQ | IONQ Price Prediction) trades at $46.26 with a market cap near $18.31 billion, sitting 20% below its 52-week high of $84.64. The recent tape shows the volatility this name demands: shares are up 23.33% over the past month yet only 3.1% year to date.

The bull case starts with the fundamentals. Q2 FY26 revenue hit $80.05 million, up 286.8% year over year, beating consensus by 20.52%. Management raised full-year guidance to $280 million to $290 million, and remaining performance obligations expanded 297% year over year. CEO Niccolo de Masi called Q2 "the strongest quarter in our company’s history". The SkyWater Technology acquisition closed July 31, 2026, giving IonQ a vertically integrated full-stack quantum platform. Analyst sentiment is 85% bullish with 10 buy ratings and zero sells, and the average analyst target sits at $67.68.

The risk is the accounting. GAAP net loss widened to -$1.87 billion in Q2, largely from $1.6 billion in warrant liability fair-value adjustments, and stock-based compensation ran $141.8 million in a single quarter. Beta of 3.3 means every macro tremor gets amplified here.

Rigetti Computing (NASDAQ: RGTI): The Government-Funded Roadmap Play
Rigetti Computing (NASDAQ:RGTI) has been the ugliest chart of the three, down 15.03% year to date to $18.82, but it snapped back 23.41% over the past month. Market cap sits near $6.21 billion against Q2 revenue of just $5.14 million. That ratio alone tells you this is a speculative bet on the roadmap, not the P&L.

What tilts the odds for aggressive buyers is government funding. Rigetti signed a letter of intent with the U.S. Department of Commerce for up to $100 million in potential CHIPS Act funding over three years and holds $541.29 million in cash and investments with zero debt. The Cepheus-1-108Q system achieved 99.9% median single-qubit gate fidelity and 99.1% median two-qubit gate fidelity. Q2 revenue grew 185.3% year over year. Analyst consensus is 69% bullish with a target of $28.81.

The caveat: Q2 adjusted EPS of -$0.05 missed estimates, R&D spend of $20.73 million outpaced revenue several times over, and CHIPS Act funding could bring equity dilution. This remains pre-commercial technology.

D-Wave Quantum (NYSE: QBTS): The Bookings Story
D-Wave Quantum (NYSE:QBTS) closed at $20.725, off 19.04% year to date despite a 15.87% bounce over the past month. Market cap sits at $7.88 billion.

The reported quarter looked ugly on the surface. Q2 revenue of $3.076 million missed consensus by 23.63% and GAAP EPS of -$0.13 missed as well. Look under the hood, though, and the bookings picture is different: H1 2026 bookings surged to $35.50 million from $2.90 million a year earlier, and remaining performance obligations reached $40.70 million, up 668% year over year. Commercial customer revenue mix climbed to 62.4% from 45.1%. D-Wave is the only company pursuing both annealing and gate-model quantum computing, and its AT&T deployment reduced network optimization processing from one hour to under 15 seconds. Analyst consensus is 94% bullish with a target of $35.25.

The risk is timing. Revenue is essentially flat year over year while operating expenses nearly doubled to $54.98 million, adjusted EBITDA loss widened 85%, and cash dropped to $296.6 million from $819.3 million a year prior. RPO conversion has to hit for the thesis to hold.

What to Watch Next
The sector’s next catalyst window centers on execution against the technology roadmaps: IonQ’s 256-qubit demonstration and quantum error correction results, Rigetti’s path toward 1,000-qubit systems with 99.9% two-qubit fidelity over a three-year horizon, and D-Wave’s 17-physical-qubit gate-model system in 2026. Layered on top: White House quantum executive orders reinforcing the sector as a national priority. If the sector keeps its policy tailwind and any single milestone lands cleanly, these names have the beta to move fast in both directions.

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PALO ALTO, Calif.--(BUSINESS WIRE)--D-Wave Quantum Inc. (NASDAQ: 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 awarded up to CAD $300,000 in funding from the National Research Council of Canada's (NRC) Applied Quantum Computing Challenge program to advance annealing quantum computing software for commercial applications. In collaboration with the NRC, D-Wave'.

Investors hope that quantum computing could be the next big investing trend after artificial intelligence, and one of the most talked-about names among quantum computing stocks right now is D-Wave Quantum (QBTS -0.25%).

The company recently reported its second quarter results, and D-Wave stock immediately nosedived, even after a 1,120% increase in bookings.

So, is it time to pick up some of the company's shares after the recent decline? The data suggests you should avoid D-Wave stock for now.

Image source: The Motley Fool.

D-Wave shares are beyond expensive, and revenue is negligible D-Wave's Q2 sales were just $3 million, slightly below sales from the year-ago quarter and missing Wall Street's consensus estimate of over $4 million. The company's loss per share of $0.13 improved from a loss of $0.42 in the year-ago quarter but fell short of the consensus estimate of a loss of $0.09.

While narrowing losses are a positive sign, D-Wave's inconsistent revenue growth is part of the reason why it's difficult to invest in the company right now. Its sales are choppy, often coming in cycles as D-Wave gains a new customer. This makes it hard to gauge the company's growth.

Most importantly, D-Wave's shares are very expensive at a time when the commercial viability of quantum computing is still in question. The stock has a price-to-sales (P/S) ratio of 496, which is beyond expensive and far higher than the average P/S ratio of about 8 for the technology sector. Typically, tech stocks trading at a high premium balance that out with fast-growing revenue. As I just mentioned, D-Wave doesn't have that.

All of the above means that D-Wave is an expensive stock, with uneven revenue, and significant losses. That's not exactly a recipe for success.

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Why it's worth keeping an eye on D-Wave All that said, it's probably worth keeping an eye on where D-Wave is headed. One highlight from the quarter was D-Wave's $35.5 million in bookings, up 1,120% from the year-ago quarter. D-Wave's bookings indicate future revenue potential, though they aren't guaranteed sales.

Still, the large increase shows that D-Wave can attract customers for its quantum computing technology. Those bookings came on the heels of AT&T agreeing to expand its use of D-Wave's tech and potentially deploy it for "complex optimization challenges across its network operations."

It's still the early innings for quantum computing. This means that investors shouldn't be paying a high premium to own D-Wave's stock -- but they should be keeping a close watch on whether the company can turn its bookings into steady and growing revenue in the coming years.

PALO ALTO, Calif.--(BUSINESS WIRE)--D-Wave Quantum Inc. (NASDAQ: 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 that management will be participating in the following investor conferences: Needham 7th Annual Virtual Semiconductor & SemiCap Conference on August 20, 2026, attending virtually Deutsche Bank 2026 Technology Conference on August 27, 2026, in Dana Point, C.