D-Wave Quantum Inc. (QBTS) Stock Price & How to Invest

D-Wave Quantum (QBTS) is a quantum-computing company best known for pioneering quantum annealing, an approach specialized for optimization problems such as scheduling, logistics, and resource allocation. It offers access to its quantum systems and hybrid quantum-classical solvers through its Leap cloud service, and it is also developing gate-model quantum computers to broaden its addressable applications beyond annealing. D-Wave sells quantum-computing-as-a-service, professional services, and, in some cases, full systems, targeting enterprises, research centers and government customers experimenting with quantum approaches to hard computational problems. System sales make revenue lumpy: fiscal 2025 revenue was ~$24.6 million, but the four quarters to June 2026 totaled only ~$12.4 million, with the June quarter at ~$3.1 million. In October 2026 D-Wave said it had delivered Italy's first annealing quantum computer, an Advantage2 system arriving for installation at VoltaB1. The company remains loss-making (trailing net loss ~$249 million) but holds ~$546 million of cash against ~$48 million of debt. Like other pure-play quantum names, its valuation (~$4.5 billion as of 2026-10-16) rests far more on the long-term promise of quantum computing than on current financials. D-Wave became publicly traded through a SPAC merger. It is a highly speculative way to gain exposure to the nascent and uncertain quantum-computing theme.

Quantum computing is an early, unproven commercial market, and D-Wave's revenue is small relative to investor attention: ~$12.4 million over the last four quarters against a net loss of ~$249 million, an operating margin deep in negative territory, and negative operating cash flow of ~$111 million. Its ~$546 million cash balance provides a runway, but ongoing losses can require additional capital and dilute shareholders, and October 2026 showed how that risk spreads: IonQ's ~$2 billion equity offering pulled D-Wave and Rigetti down with it. The June 2026 quarter loss of $0.13 per share was wider than the ~$0.09 analysts expected. The technology's path to broad commercial value and clear quantum advantage over classical computing is uncertain and could take many years. D-Wave competes against far larger, better-funded players, and its annealing focus is debated versus gate-model approaches. As a SPAC-originated pure-play trading at more than 300 times trailing sales, the stock is extremely volatile and highly sensitive to sentiment around the quantum theme: it traded between ~$11.35 and ~$39.68 over the past 52 weeks.

16 analysts publish price targets on QBTS, averaging $34.65 against a $11.78 price as of October 2026, or +194.1%. The published targets run from $18.36 to $43.00, a wide spread, and the ratings split 15 buy, 2 hold, 0 sell. Over the last six months there have been 3 raises and 1 cut among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full QBTS forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on D-Wave Quantum Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Quantum annealing for optimization. D-Wave's distinctive approach, quantum annealing, is tailored to optimization problems like scheduling, routing, and resource allocation. The most optimistic published target, $43.00, assumes this works close to its best case.

The case against. Quantum computing is an early, unproven commercial market, and D-Wave's revenue is small relative to investor attention: ~$12.4 million over the last four quarters against a net loss of ~$249 million, an operating margin deep in negative territory, and negative operating cash flow of ~$111 million. The most pessimistic target, $18.36, is roughly what QBTS is worth if this bites instead.

Read the full bull and bear case on QBTS, including what would have to change to break either one. Walnut is not an investment adviser.

No. D-Wave Quantum Inc. (QBTS) has not split its stock in the last 10 years. That is a statement about the window we check rather than about the company’s entire history, so an older split is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see D-Wave Quantum Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$12.4 million (fiscal 2025: ~$24.6 million, lifted by a system sale)
• Latest quarter (June 2026): Revenue ~$3.1 million; EPS -$0.13 vs ~-$0.09 expected
• Net income (TTM): ~-$249 million loss; gross margin ~64%
• P/E: Not meaningful (loss-making); forward EPS estimate ~-$0.38
• Price-to-sales: ~365x trailing revenue
• Market cap: ~$4.5 billion (share price ~$11.95 on 2026-10-16)
• Cash vs debt: ~$546 million cash; ~$48 million debt
• Dividend: None

D-Wave cannot be valued on earnings because it loses money, and at ~365 times trailing sales the market is pricing the long-term promise of quantum computing rather than today's ~$12 million revenue run. That multiple has compressed hard in 2026 as the stock fell ~57% year to date, and analysts' average price target (~$34.65 across 16 analysts) sits far above the ~$11.95 close, a gap that says more about how sentiment-driven the group is than about near-term fundamentals. The next report is expected around November 5, 2026, with consensus at ~$4.3 million of revenue and a loss of ~$0.09 per share.

If you want QBTS exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.

These are the investment theses QBTS naturally fits into. Each links to a full theme guide listing every other stock that belongs and the ETFs commonly used as a passive proxy.

Other names that sit close to QBTS: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get QBTS exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (WQTM), which spreads the position across many companies. Or build it into a focused thematic portfolio, so QBTS sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where QBTS fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

D-Wave Quantum (QBTS) is an early-stage, pure-play quantum-computing company with ~$12 million of trailing revenue, a net loss of ~$249 million over the same period, and a story-driven valuation of ~$4.5 billion. In a portfolio it behaves as a highly speculative, very volatile bet on an unproven technology theme, not as an established earner, and 2026 has shown that volatility in the other direction: the shares are down ~57% year to date as of mid-October. The upside is exposure to quantum computing if it matures commercially, cushioned for now by ~$546 million of cash; the downside is small and lumpy revenue, cash burn, dilution risk across the whole quantum group, and deep uncertainty about timing and competitive position.

Whether QBTS is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is QBTS a buy or a sell?, and where the stock could go from here in the QBTS stock forecast.

For income investors, whether QBTS pays a dividend and how the payout looks is covered in does QBTS pay a dividend? And to weigh QBTS against a peer, read the full side-by-side comparisons: QBTS vs IBM and QBTS vs GOOGL.