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D-Wave Quantum
(NYSE:QBTS)
D-Wave Quantum (QBTS) vs. SPDR S&P 500 ETF (SPY)
D-Wave Quantum Business Overview & Revenue Model
D-Wave Quantum Earnings Call Summary
D-Wave Quantum Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 24.14M | 8.83M | 8.76M | 7.17M | 6.28M | 5.16M |
| Gross Profit | 20.00M | 5.56M | 4.62M | 4.25M | 4.53M | 4.25M |
| EBITDA | -395.76M | -138.05M | -80.83M | -49.03M | -34.36M | -14.06M |
| Net Income | -398.81M | -143.88M | -82.72M | -53.70M | -40.97M | -21.97M |
Balance Sheet | ||||||
| Total Assets | 865.82M | 199.85M | 59.36M | 26.95M | 29.47M | 47.46M |
| Cash, Cash Equivalents and Short-Term Investments | 836.23M | 177.98M | 41.31M | 7.07M | 9.48M | 21.34M |
| Total Debt | 39.79M | 38.38M | 72.65M | 42.28M | 39.42M | 4.66M |
| Total Liabilities | 195.27M | 137.21M | 83.84M | 56.41M | 47.82M | 14.73M |
| Stockholders Equity | 670.55M | 62.65M | -24.48M | -29.46M | -18.36M | 32.73M |
Cash Flow | ||||||
| Free Cash Flow | -54.76M | -44.75M | -61.28M | -45.72M | -36.80M | -30.08M |
| Operating Cash Flow | -51.59M | -42.64M | -60.65M | -45.23M | -34.80M | -29.29M |
| Investing Cash Flow | -2.53M | -3.14M | -630.00K | -498.00K | -2.00M | -789.00K |
| Financing Cash Flow | 859.61M | 182.45M | 95.64M | 43.27M | 24.91M | 43.14M |
D-Wave Quantum Technical Analysis
D-Wave Quantum Risk Analysis
D-Wave Quantum Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $10.57B | ― | -122.03% | ― | 156.20% | -218.56% | |
51 Neutral | $17.87B | -9.42 | -108.23% | ― | 113.07% | -555.52% | |
47 Neutral | $2.68B | -19.74 | -14.49% | ― | 41.51% | -111.74% | |
45 Neutral | $8.33B | -19.42 | -141.90% | ― | -36.98% | -238.63% |
D-Wave Quantum Corporate Events
On January 7, 2026, D-Wave Quantum Inc. held a press conference to discuss its previously announced agreement to acquire Quantum Circuits, Inc., highlighting the deal as a transformational step that consolidates what it describes as world-leading capabilities in both annealing and gate-model quantum computing. Management emphasized that the combination of D-Wave’s experience in operating production-grade superconducting systems and Quantum Circuits’ high-fidelity dual-rail qubit technology with built-in error detection is intended to secure D-Wave’s dual-platform strategy, expand its addressable market, and accelerate development of large-scale, error-corrected superconducting gate-model processors, with an initial dual-rail system already in alpha use and a staged three-year roadmap to increasingly larger systems through 2028.
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.
On January 6, 2026, D-Wave Quantum Inc. signed a merger agreement to acquire Quantum Circuits Inc. in a $550 million transaction, to be paid in $300 million of D-Wave common stock and $250 million in cash, with the stock component priced using a volume-weighted average subject to collar limits and the securities to be issued under registration exemptions. The deal, which is expected to close in late January 2026 pending customary regulatory approvals, antitrust clearance and NYSE listing authorization, will see D-Wave assume Quantum Circuits’ unvested options, establish a New Haven R&D center led by Quantum Circuits’ co-founder and Yale professor Rob Schoelkopf, and subject key employees to multi-year lock-ups on a portion of their stock. By combining D-Wave’s commercial annealing systems and cloud infrastructure with Quantum Circuits’ error-corrected dual-rail gate-model technology, the acquisition is intended to consolidate D-Wave’s position in superconducting quantum computing and significantly broaden its addressable market by advancing a dual-platform strategy spanning both annealing and gate-model architectures.
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.
On January 6, 2026, D-Wave Quantum Inc. announced it had achieved an industry-first breakthrough in gate-model quantum computing by successfully demonstrating scalable on-chip cryogenic control of qubits, a key step toward commercially viable, large-scale gate-model quantum processors. By adapting the multiplexed cryogenic control technology originally developed for its annealing quantum processing units to gate-model architectures, and integrating high-coherence fluxonium qubits with multilayer control chips using superconducting bump bonding and advanced cryogenic packaging, the company sharply reduces wiring complexity without sacrificing qubit fidelity, potentially enabling larger, more practical gate-model systems and reinforcing its positioning as a frontrunner in superconducting quantum computing.
The most recent analyst rating on (QBTS) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On December 8, 2025, D-Wave Quantum Inc. announced its Qubits 2026 quantum computing user conference scheduled for January 27-28, 2026, in Boca Raton, Florida. The event will feature talks from executives, customers, and industry leaders, highlighting the impact of D-Wave’s energy-efficient annealing quantum computers and hybrid-quantum solvers. The conference will also unveil D-Wave’s latest technology roadmap, emphasizing its leadership in commercial-grade superconducting quantum technology and its strategic vision for the future. The event aims to showcase real-world customer success stories and discuss advancements in quantum computing, including its applications in various industries and its potential as an energy-efficient accelerator for AI workflows.
The most recent analyst rating on (QBTS) stock is a Hold with a $27.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On December 2, 2025, D-Wave Quantum Inc. announced the formation of a new business unit focused on promoting its quantum computing products and services to the U.S. government. Led by Jack Sears Jr., a seasoned executive with extensive experience in government contracting, the unit aims to address the growing demand for quantum applications in national security, defense, and infrastructure. Sears will oversee the development of secure systems that meet federal requirements and will support D-Wave’s initiatives with the U.S. government. The company also revealed that its Advantage2TM quantum computer is operational at Davidson Technologies in Alabama, expected to address mission-critical government problems and eventually run sensitive applications.
The most recent analyst rating on (QBTS) stock is a Hold with a $22.50 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On November 21, 2025, D-Wave Quantum Inc. announced the completion of the redemption of all its outstanding public warrants to purchase shares of its common stock, effective as of November 19, 2025. This redemption resulted in the exercise of 4,746,358 warrants for approximately 6.9 million shares, yielding $54.6 million in cash proceeds, while 270,820 unexercised warrants were redeemed for $0.01 each. Following this, the warrants ceased trading on the NYSE and were delisted, although the company’s common stock continues to trade under the symbol ‘QBTS’.
The most recent analyst rating on (QBTS) stock is a Hold with a $26.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On November 13, 2025, D-Wave Quantum Inc. announced the redemption of all outstanding public warrants to purchase shares of its common stock, with a deadline for exercise set for November 19, 2025. The company expects the warrants to cease trading on the New York Stock Exchange by November 17, 2025, and holders are reminded to exercise their warrants before the deadline to avoid them becoming void.
The most recent analyst rating on (QBTS) stock is a Hold with a $26.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On November 5, 2025, D-Wave Quantum Inc. and BASF completed a joint proof-of-concept project using a hybrid-quantum application to optimize workflows at a BASF liquid-filling facility. This project significantly improved manufacturing efficiency, reducing production scheduling time from 10 hours to seconds and outperforming existing solutions by reducing lateness by 14%, setup times by 9%, and tank unloading durations by 18%. This milestone demonstrates the potential of hybrid-quantum technologies to address complex operational challenges in manufacturing and supply chain industries, marking a significant step towards broader deployment of such applications.
The most recent analyst rating on (QBTS) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On November 3, 2025, D-Wave Quantum Inc. and Davidson Technologies announced the operational status of D-Wave’s Advantage2 quantum computer at Davidson’s headquarters in Huntsville, Alabama. This system is set to tackle mission-critical U.S. government issues, particularly in national defense, marking a significant milestone in their collaboration to enhance quantum computing adoption among U.S. government agencies. The deployment of this system, available through D-Wave’s Leap real-time quantum cloud service, is expected to drive innovation in national defense and strengthen Alabama’s leadership in advanced technology.
The most recent analyst rating on (QBTS) stock is a Hold with a $38.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On October 22, 2025, D-Wave Quantum Inc. announced a series of seminars in Italy to promote annealing quantum computing awareness among universities, as part of the Q-Alliance. This initiative supports the Italian government’s strategic framework for digital and quantum technologies, with plans to develop a quantum computing facility in Lombardy. D-Wave has secured a €10M contract for a D-Wave Advantage2TM annealing quantum computer, ensuring accessibility for Italy’s scientific community. The seminars, initially held at Università dell’Insubria and Università della Svizzera Italiana, aim to educate young researchers through scholarships, internships, and training programs, thereby accelerating Italy’s quantum computing ecosystem.
The most recent analyst rating on (QBTS) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On October 20, 2025, D-Wave Quantum Inc. announced the redemption of all its outstanding public warrants to purchase shares of its common stock, effective November 19, 2025. This move is expected to streamline the company’s capital structure, with the last trading day for these warrants on the New York Stock Exchange anticipated to be November 17, 2025. If all warrants are exercised, approximately 7.2 million shares of common stock will be issued, resulting in less than 2.1% dilution to existing shareholders.
The most recent analyst rating on (QBTS) stock is a Buy with a $50.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On October 15, 2025, D-Wave Quantum Inc. announced a €10M agreement with Swiss Quantum Technology SA to deploy a D-Wave Advantage2 annealing quantum computer in Europe. This deployment supports Italy’s Q-Alliance initiative, aiming to bolster the country’s digital transformation with advanced quantum infrastructure. The Advantage2 system, featuring over 4,400 qubits, will be accessible via D-Wave’s Leap quantum cloud service, facilitating quantum applications with improved energy efficiency. This agreement marks a significant milestone for D-Wave in expanding global access to its quantum computing technology, addressing the limitations of traditional computing and supporting the development of quantum applications.
The most recent analyst rating on (QBTS) stock is a Hold with a $34.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On October 14, 2025, D-Wave Quantum Inc. was recognized as a winner in Fast Company’s 2025 Next Big Things in Tech Awards for its Advantage2 quantum computer. This award highlights the potential of D-Wave’s 4400+ qubit Advantage2 system, launched in May 2025, to solve complex problems beyond the capabilities of classical computers. The system’s Zephyr topology and 20-way connectivity support quantum and hybrid-quantum applications, and it has been used to demonstrate quantum supremacy in real-world problems. This recognition underscores D-Wave’s commitment to delivering production-ready quantum computing technology that provides significant value to its customers.
The most recent analyst rating on (QBTS) stock is a Hold with a $34.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On October 14, 2025, D-Wave Quantum Inc. announced its role as a founder of Q-Alliance, a new initiative aimed at establishing the world’s most powerful quantum hub in Lombardy, Italy. This collaboration, supported by the Italian Government’s strategic framework for digital and quantum technologies, seeks to accelerate scientific discovery, industrial transformation, and digital sovereignty. D-Wave’s production-grade annealing quantum computing technology is expected to play a crucial role in this effort, enhancing Italy’s position as a global leader in quantum innovation and fostering the development of a quantum-ready workforce.
The most recent analyst rating on (QBTS) stock is a Hold with a $34.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.