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, systems, targeting enterprises and government customers experimenting with quantum approaches to hard computational problems. The company is early-stage and generates only modest revenue relative to its market interest; like other pure-play quantum names, its valuation rests far more on the long-term promise of quantum computing than on current financials. D-Wave became publicly traded through a SPAC merger and trades on the New York Stock Exchange. 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, with ongoing operating losses and cash burn that likely require additional capital and can dilute shareholders. 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. Its annealing focus is debated versus gate-model approaches. As a SPAC-originated pure-play, the stock is extremely volatile and highly sensitive to sentiment around the quantum theme, making it speculative.

15 analysts publish price targets on QBTS, averaging $37.05 against a $16.21 price as of August 2026, or +128.6%. The published targets run from $22.00 to $45.00, a moderate spread, and the ratings split 14 buy, 1 hold, 0 sell. Over the last six months there have been 3 raises and 2 cuts 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, $45.00, 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, with ongoing operating losses and cash burn that likely require additional capital and can dilute shareholders. The most pessimistic target, $22.00, 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.

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.

• Stage: Early-stage commercial; small revenue relative to market interest
• Core technology: Quantum annealing, plus development of gate-model systems
• Delivery: Leap quantum cloud service, hybrid solvers, and professional services
• Revenue (TTM): Modest, in the low tens of millions or less (approximate, verify)
• Earnings: Operating losses and cash burn typical of an early-stage company (approximate, verify)
• Listing: NYSE; became public via SPAC merger
• Dividend: None
• Key sensitivity: Quantum-theme sentiment and progress toward commercial quantum advantage

D-Wave cannot be meaningfully valued on current earnings because revenue is small and it operates at a loss; the market prices it on the long-term promise of quantum computing and on theme sentiment, which makes traditional P/E inapplicable. The stock is extremely volatile and highly speculative, capable of large swings on news, funding, or sector enthusiasm. All figures are approximate and should be verified against the latest filings.

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 modest revenue and a story-driven valuation. In a portfolio it behaves as a highly speculative, very volatile bet on an unproven technology theme, not as an established earner. The upside is exposure to quantum computing if it matures commercially; the downside is small revenue, cash burn, dilution risk, 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.