D-Wave Quantum Inc. (QBTS)

D-Wave Quantum Inc. (QBTS) stock has been volatile. The share price increased by 96.41% over the year leading up to April 10, 2026, but declined by 23.2% in March 2026. The Q4 2025 earnings report showed revenue of $2.75 million and an EPS of -$0.09, contributing to commercialization concerns. Mizuho cut its price target for QBTS from $40 to $31 in early April 2026, while maintaining an "Outperform" rating. Insider sales in March 2026 also impacted investor sentiment. The stock saw a nearly 6% surge in early April 2026 due to a broader tech sector rally. Analysts have a consensus "Moderate Buy" rating for QBTS, with an average 12-month price target of $36.50 as of April 11, 2026.

There is no specific information available regarding the demand seasonality for D-Wave Quantum Inc.'s products and services. The market for quantum computing is still emerging, driven by rising investments and increasing commercial use cases.

D-Wave Quantum Inc. is a quantum computing company offering quantum computing systems, software, and services. Its products include the Advantage and Advantage 2 quantum computers, Ocean open-source tools, and Leap quantum cloud service. The company also provides the Leap hybrid solver service and D-Wave Launch. D-Wave is the first commercial supplier of quantum computers and offers both annealing and gate-model quantum computing technologies.

D-Wave Quantum Inc. is headquartered in Palo Alto, California, with locations in Burnaby, British Columbia, Canada. It serves a global customer base across North America, Europe, and Asia. D-Wave announced the sale of an Advantage system to Forschungszentrum Jülich in Germany, expected in 2025. In February 2026, D-Wave announced it is relocating its headquarters to Boca Raton, Florida.

D-Wave Quantum Inc. has maintained a reputation as a leader in quantum computing. In February 2026, D-Wave reported a 179% year-over-year revenue growth for 2025 and strong bookings. Key events include a $20 million agreement with Florida Atlantic University and a $10 million agreement with a Fortune 100 company. The acquisition of Quantum Circuits, Inc. for $550 million in January 2026 was also significant. These developments underscore the company's transition to large-scale commercial deals and its dual-platform strategy.

D-Wave Quantum Inc. has a diverse ownership structure including institutional, retail, and individual investors. As of April 10, 2026, there are 524 institutional owners holding 169,645,268 shares. Major institutional shareholders include Vanguard Group Inc., BlackRock, Inc., and UBS Group AG. Insiders also own shares, but there have been recent insider selling activities in March 2026.