D-Wave Quantum Inc. (QBTS)

Several events have impacted D-Wave Quantum Inc.'s stock price in the past six months. Analyst coverage was initiated with "Buy" ratings and price targets ranging from $20.00 to $45.00. The company reported strong third-quarter 2025 results, with revenue doubling year-over-year and bookings significantly improving. QBTS stock surged over 200% in the past year but dropped approximately 30% by January 2026 after reaching an all-time high in October 2025. D-Wave completed the redemption of its public warrants in November 2025. An announcement about showcasing its quantum technology at CES 2026 led to a temporary stock rise. D-Wave announced a major agreement to acquire Quantum Circuits Inc. for $550 million. D-Wave announced an "industry-first milestone" by demonstrating scalable on-chip cryogenic control of gate-model qubits. Insiders sold 2,342,087 shares of company stock worth over $66 million, contributing to a stock drop on January 9, 2026.

There is no explicit mention of demand seasonality for D-Wave Quantum Inc.'s products and services. The demand for quantum computing solutions appears to be driven by factors such as project cycles, research and development budgets, and strategic initiatives by commercial and government entities. The company has reported improving bookings momentum and growing adoption of its quantum computing solutions across various industries. The quantum computing industry as a whole is expected to see increased spending and a shift from research to commercial application, which is anticipated to accelerate revenue growth over time.

D-Wave Quantum Inc. develops and delivers quantum computing systems, software, and services, focusing on practical quantum applications for complex problems in sectors like logistics, AI, materials sciences, drug discovery, scheduling, fault detection, and financial modeling. The company operates within the Technology sector, specifically in the EDP Services and Computer Hardware industries. D-Wave's product portfolio includes quantum annealing systems like the Advantage™ and Advantage2™ quantum computers, the Leap™ quantum cloud platform, software and development tools like the Ocean™ suite, and the Leap Hybrid Solver Service.

D-Wave Quantum Inc. is headquartered in Burnaby, British Columbia, Canada, and Palo Alto, California, United States. The company has a growing global presence, serving over 60 commercial customers, including more than two dozen Forbes Global 2000 companies. Recent expansions highlight its international reach, including a €10 million agreement to deploy an Advantage2 annealing system in Europe, and new agreements with Korea Quantum Computing and Turkey's Yapi Kredi. D-Wave has also established a U.S. Government Business Unit.

D-Wave Quantum Inc.'s brand reputation has been largely positive, marked by significant advancements and market recognition. The company's stock was among the "Best Performing Quantum Computing Stocks in 2025," and it secured major new contracts and expanded partnerships. D-Wave made significant technological strides, including a quantum supremacy breakthrough and the launch of its sixth-generation Advantage2 system. Analysts generally hold a "Strong Buy" consensus for QBTS. The acquisition of Quantum Circuits Inc. is widely seen as a "transformational step." Despite its achievements, D-Wave Quantum Inc. is still considered a "speculative and controversial investment" with valuation concerns and recent significant insider selling.

D-Wave Quantum Inc. has a mixed ownership structure, with significant institutional, retail, and individual investor holdings. Institutional ownership ranges from approximately 20.91% to 52.14% of the company's stock, with major holders including Vanguard Group Inc., BlackRock, Inc., and D. E. Shaw & Co., Inc. Insiders own approximately 7.35% to 10.80% of the stock. Public companies and individual investors hold a substantial portion, with Public Sector Pension Investment Board (PSP Investments) and Goldman Sachs Group Inc. noted as significant shareholders.