Quantum computing company D-Wave Quantum (QBTS) is gaining attention again after 5-star analyst, Sujeeva De Silva of Roth MKM, reaffirmed his Buy rating on the stock, citing new signs of progress in the company’s hardware business. He maintained his price target forecast of $18 per share, which suggests about 15% upside from current levels. With customers showing growing interest in the company’s Advantage 2 system, De Silva believes D-Wave is now well-positioned to expand beyond core cloud quantum computing offerings, and start turning hardware demand into real sales.
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Analyst’s Take on QBTS Stock
The analyst emphasized that this shift toward hardware is a meaningful step for D-Wave. He believes growing traction for the Advantage 2 system shows that customers are beginning to see real-world value in the company’s quantum technology. That, in turn, could help D-Wave move beyond its early-stage positioning and unlock new, higher-value revenue streams.
South Korea Deal Shows Growing Hardware Interest
One of the most encouraging signs is D-Wave’s new deals in South Korea. The company is working with Yonsei University and the city of Incheon to explore how quantum computing can be used in fields like biotech and materials science.
According to De Silva, Yonsei may be planning to purchase an Advantage 2 system. If that happens, it would be D-Wave’s second major hardware deal—following an earlier sale to Julich in Germany, which brought in tens of millions in revenue.
De Silva believes that a deal with Yonsei would show growing trust in D-Wave’s new hardware and could help push other deals forward.
Hardware Sales Could Bring in $20M+ Per Unit
De Silva believes each Advantage 2 system could sell for $20 million or more. What stands out to him is the short gap of just six months between D-Wave’s first hardware sale and this potential second one.
Given this steady progress, he believes that other hardware deals in the pipeline could also move ahead soon.
Price Still Looks High, But Growth Could Catch Up
De Silva’s $18 price target values the stock at about 100 times expected 2026 sales, which is much higher than the industry average of 12 times. Still, he thinks the high valuation could make sense if D-Wave keeps closing more hardware deals each year.
Overall, he believes the company is making steady progress in both its cloud services and growing hardware business.
Is D-Wave a Good Stock to Buy?
D-Wave is currently covered by six Wall Street analysts, all of whom hold a bullish outlook. The stock carries a Strong Buy consensus rating with all six analysts assigning a Buy rating over the past three months. QBTS average price target of $16.80 suggests approximately 7.35% upside potential over the next twelve months.
