Qbts stock traded at $13 toward the end of March 2026, a sharp drop from the all-time high of $46.75 it reached in October 2025. The stock has fallen 16.73% over the last six months even as investors wait for D-Wave Quantum to report first-quarter results on May 12.
The company’s latest stretch of momentum came in January 2026, when D-Wave generated more bookings than it did in the entirety of fiscal 2025. That haul included a $20 million system sale to Florida Atlantic University and a separate $10 million quantum computing as a service agreement, while the company also acquired Quantum Circuits in the same month.
For D-Wave, the numbers underline a business that is still small but moving faster than its income statement suggests. The company reported fiscal 2025 revenue of $24.6 million, up 179% from a year earlier, but it also posted an operating loss of $100.3 million. That gap is part of why the stock has been volatile: the market has been trading on promise, contracts and scale potential, not on current profits.
That context matters because D-Wave is pitching itself as the only dual-platform quantum computing company, saying it offers both annealing and gate-model systems and services. It currently offers Advantage and Advantage 2 quantum computers, and the January bookings and acquisition give it more to point to when it goes before investors on May 12. Mizuho cut its price target on the stock to $31 last month but kept an Outperform rating, a reminder that even after the selloff some analysts still see room for the story to recover.
The tension is that the stock’s deep correction came after the October 2025 high, yet the company is asking the market to focus on what may be ahead rather than what is already on the books. Quantum computing still has to prove it can turn scientific progress into durable revenue, but the commercial interest is no longer theoretical: McKinsey estimates the total economic impact could reach $1.3 trillion to $2.7 trillion by 2035, and more than 300 global companies are adopting quantum technology. For D-Wave, May 12 will test whether recent bookings can keep the market’s attention after a six-month slide that has already cut the share price down from its peak.
