The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 9 | — | 20.8x | Bottom tier | |
Growth | 32 | -41.7% | 6.1% | Bottom tier | |
Quality | 23 | -159.4% | 6.6% | Bottom tier | |
Safety | 63 | 6.1x | 0.7x | Around median | |
Capital Return | 44 | — | 2.02% | Around median | |
Momentum | 28 | 47.6% | 4.1% | Bottom tier | |
Sentiment | 42 | 9 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
D-Wave Quantum Inc. (QBTS) is a global leader in the quantum computing sector and the only company in the world to offer a commercial dual platform combining quantum annealing and the gate model following its strategic acquisition of Quantum Circuits in January 2026. The company generates the majority of its revenue by providing Quantum Computing as a Service (QCaaS) through its Leap cloud platform, in addition to offering professional consulting services and physical quantum system sales to commercial customers and major academic and research institutions.
During the first quarter of fiscal year 2026, D-Wave Quantum Inc. recorded total revenue of $2.9 million, representing an 81% decrease compared to the first quarter of 2025 revenue of $15 million. This decline is mainly due to the absence of large physical system sales in this quarter compared to last year, which featured a system sale worth $12.6 million. In terms of the operating mix, the company generated $1.8 million from QCaaS subscriptions, a 15% year-over-year increase, and approximately $1.0 million from professional services, a 26% year-over-year increase, while commercial customers accounted for more than 73% of total quarterly revenue.
The company recorded a net loss of $18.4 million (or $0.05 per share) in the first quarter of 2026, compared to a net loss of $5.4 million (or $0.02 per share) in the first quarter of 2025, due to total operating expenses rising to $56.5 million driven by non-recurring acquisition costs of $9.1 million and increased spending on research and development and marketing. However, the balance sheet showed clear strength, with the balance of cash and marketable securities increasing by 93% to reach $588.4 million compared to $304.3 million in the previous year, despite the company investing $250 million in cash to complete the acquisition of Quantum Circuits.
Shares of D-Wave Quantum Inc. (QBTS) are currently trading in the financial market with a market capitalization of $9.6 billion and within a wide 52-week price range between $12.75 and $46.75. The current analyst consensus points to a strong "Buy" recommendation, with an average target price set at $35.5 (ranging from a low of $22 to a high of $45). Based on these estimates, the stock is currently trading below the analysts' average target price, reflecting a positive valuation gap in favor of investors aspiring to capitalize on the company's technological leadership.
Figures in the text are as of 2026-06-15; the live price is shown at the top of the page.
D-Wave acquired Quantum Circuits in January 2026 in a deal where it invested $250 million in cash to integrate self-error-detecting dual-rail qubit technology. This technology allows for the identification of approximately 90% of errors as they occur, while recording an extremely low erasure rate of just 0.5% and a fidelity level exceeding 99.9%. Thanks to this acquisition, D-Wave has become the only company globally to offer a dual quantum computing platform that combines annealing technology with the gate model.
D-Wave achieved record bookings of $33.4 million in the first quarter of 2026, representing a massive jump of 1,994% compared to bookings of just $1.6 million in the same quarter of 2025. This growth coincided with remaining performance obligations (RPO) rising by 563% year-over-year to reach $42.4 million at the end of March 2026. Company management expects to recognize approximately 54% of these obligations as future revenue over the next 12 months, and about 71% over the next two years.
The company has set an ambitious roadmap aiming to operate 17 physical qubits by the end of 2026, compared to the 8 physical qubits currently operating in its experimental systems. D-Wave plans to expand these capabilities to reach approximately 175 physical qubits by the end of 2028 to demonstrate the effectiveness of error-correction technology and logical operations. Subsequently, the company seeks to reach 10 logical qubits by 2030, culminating these efforts by operating 100 logical qubits by 2032 to capture a major share of this promising market.
Automated analysis for informational purposes only — not investment advice.
The company recently collaborated with Postquant Labs to launch a joint quantum-classical blockchain testnet based on the advanced Advantage2 system to address energy consumption and security issues. In the field of artificial intelligence, D-Wave continues to work with the Japanese pharmaceutical company Shionogi to accelerate drug discovery using quantum annealing as part of large language model training. The second phase of this project resulted in a 10-fold increase in generating desired chemical molecules compared to traditional classical algorithms.
D-Wave gained strong momentum in May and June 2026 following the US Department of Commerce's announcement of allocating $200 million to support quantum computing companies under the CHIPS Act, followed by direct federal support for the company worth $100 million that included a government equity stake. This funding aims to enhance quantum computing infrastructure and accelerate sensitive defense and commercial research within the United States. Management is confident that this support will speed up the adoption of its commercial systems and contribute to achieving its goal of reaching sustainable profitability with the minimum possible external funding.