D-Wave Quantum

QBTS · NYSE

$11.78−$0.05 (−0.42%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $11.83

QBTS analyst rating

BuyConsensus of 12 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy12
Hold0
Underperform0
Sell0

12-month price target · 19 analysts

Average $34.70 (+194.6% upside)

Low: $18.54
Now: $11.78
High: $45.15

Upgrades and downgrades

The latest rating actions, newest first

QBTS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Rosenblatt	Aug 7, 2026	Maintains	Buy	$43.00	32%
Wedbush	Aug 3, 2026	Initiates	Outperform	$40.00	72%
Rosenblatt	Jul 28, 2026	Maintains	Buy	$43.00	32%
Benchmark	Jul 27, 2026	Initiates	Buy	$30.00	51%
Benchmark	Jul 27, 2026	Initiates	Buy	$30.00	51%
Mizuho	Jun 15, 2026	Maintains	Outperform	$29.00 → $35.00	59%
Rosenblatt	Jun 11, 2026	Maintains	Buy	$43.00	32%
B. Riley Securities	Jun 2, 2026	Maintains	Buy	$36.00 → $40.00	60%
Roth Capital	Jun 2, 2026	Maintains	Buy	$30.00 → $40.00	47%
Rosenblatt	Jun 2, 2026	Maintains	Buy	$43.00	32%

The case for and against

Updated Oct 14, 2026

Bull case

D-Wave Quantum is attractive because it already monetizes quantum annealing through QCaaS and system sales, with 2Q QCaaS revenue up 53% year over year to $1.9M, while a $10M two-year contract and new enterprise use cases suggest a broader commercialization path. Its strategic appeal is reinforced by real production validation, including AT&T’s workload optimized from about one hour to less than 15 seconds, plus deployment across logistics, manufacturing, telecommunications, financial services, and government. Fundamentally, the balance sheet is strong with $546M to roughly $600M of cash and marketable securities, giving it runway to fund accelerated product development and go-to-market spending while pursuing sustained profitability and gate-based advances.

Bear case

D-Wave Quantum is exposed to a prolonged commercialization risk because quantum computing remains in the early stages of development, making widespread adoption and meaningful revenue expansion highly uncertain. Its revenue base appears concentrated in a small number of enterprise and government pilot projects, so any failure to convert proof-of-concept work into recurring production-grade QCaaS contracts could slow growth and delay profitability. At the same time, the company faces formidable competition from IBM, Google, Amazon, and Microsoft, while setbacks in gate-model development could limit diversification beyond annealing-based optimization.

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