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Trade QBTS with leverageThe latest update is out from D-Wave Quantum ( (QBTS) ).
On February 26, 2026, D-Wave Quantum reported that 2025 revenue rose 179% year over year to $24.6 million and GAAP gross profit jumped 265% to $20.3 million, supported by high-margin system sales and strong gross margins above 80%. The company ended 2025 with record liquidity, more than 135 revenue-generating customers, and accelerating 2026 bookings, including a $20 million system sale to Florida Atlantic University and a $10 million QCaaS deal with a Fortune 100 firm.
D-Wave completed its acquisition of Quantum Circuits, strengthened its gate-model roadmap with high-fidelity, error-detecting qubits and scalable cryogenic control, and advanced its annealing platform via new Stride solver features, multicolor annealing, and fast-reverse anneal. It expanded its U.S. presence with a new government-focused business unit, collaborations on missile defense planning, a record Qubits 2026 conference, and plans to relocate its corporate headquarters and key R&D operations to Boca Raton, Florida by the end of 2026.
The most recent analyst rating on (QBTS) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
Spark’s Take on QBTS Stock
According to Spark, TipRanks’ AI Analyst, QBTS is a Neutral.
The score is held back primarily by weak financial performance (ongoing losses and negative operating/free cash flow) and bearish technical conditions (below key moving averages with negative MACD). Offsetting factors include constructive earnings-call momentum (strong YoY revenue growth and large cash balance) and positive corporate developments (notable enterprise/QCaaS and system deals plus the Quantum Circuits acquisition), while valuation remains hard to assess given the negative P/E and no dividend.
To see Spark’s full report on QBTS stock, click here.
More about D-Wave Quantum
D-Wave Quantum Inc., listed on the NYSE as QBTS, operates in the quantum computing industry and is the only company offering both annealing and gate-model quantum systems, software, and services. The company targets commercial enterprises, research institutions, and government customers globally, with a growing focus on defense, aerospace, and high-performance computing applications.
Average Trading Volume: 32,870,903
Technical Sentiment Signal: Hold
Current Market Cap: $6.96B
Find detailed analytics on QBTS stock on TipRanks’ Stock Analysis page.