Dear D-Wave Quantum Stock Fans, Mark Your Calendars for May 12

It’s been a roller coaster ride for D-Wave Quantum (QBTS) stock investors in the last 52-weeks. During this period, QBTS stock skyrocketed from lows of $10.36 to all-time highs of $46.75 in October 2025. 

The euphoric rally was followed by a deep correction and QBTS stock traded at $13 towards the end of March 2026. However, positive business developments, there has been a gradual recovery with QBTS stock over the past three months. With D-Wave due to report Q1 results on May 12, there is a potential catalyst for continued positive price action. 

One reason to be optimistic is due to a hearty bookings momentum and its potential impact upon 2026 earnings. For January 2026, D-Wave “generated more bookings than in the entirety of fiscal 2025.” This included a $20 million system sale to Florida Atlantic University and a separate $10 million quantum computing as a service (QCaaS) agreement. 

Additionally, D-Wave acquired Quantum Circuits in January 2026. This addition positions D-Wave as the only dual platform quantum computing company. The upcoming results will provide further clarity on the impact of these developments for business momentum. 

About QBTS Stock

Headquartered in Palo Alto, D-Wave Quantum claims to be the world’s first company to deliver commercial-grade annealing quantum computing systems and solutions. Further, D-Wave is the only dual-platform quantum computing company that provides both annealing and gate-model systems and services. 

Therefore, with more than two decades of innovation, D-Wave is offering full stack of services to solve highly complex problems. Currently, the company is offering Advantage and Advantage 2 quantum computers. 

For FY25, D-Wave reported revenue of $24.6 million, which was higher by 179% year-over-year (YOY). For the same period, the company’s operating loss was $100.3 million. This does not come as a surprise for an early-stage company with significant investment in research and development. 

While QBTS Stock has declined by 16.73% in the last six months, strong bookings are an indication of growth acceleration. Therefore, a reversal seems likely with Q1 results as a likely trigger.

Large Addressable Market

From a long-term perspective, quantum technology shows immense growth potential. According to McKinsey, more than 300 global companies are adopting quantum technology, which it implies a sizable potential market. 

In terms of investments, the quantum technology has witnessed a 6.3x growth in the last few years. Further, McKinsey believes that by 2035, the total economic impact of quantum computing will be in the range of $1.3 trillion to $2.7 trillion. 

So as an early-mover, D-Wave has ample headroom for growth. Further, D-Wave continues to develop systems with higher qubit count, greater qubit coherence, and increased energy scale. Continued focus on superior quantum computing is likely to ensure that the company maintains a competitive advantage. 

What Do Analysts Say About QBTS Stock?

Last month, Mizuho reduced its price target for quantum computing stocks. For D-Wave, the firm cut the price target to $31, but maintained “Outperform” rating. The revised price target still implies an upside potential of 29.7%. 

Based on 15 analysts with coverage, QBTS stock has a consensus “Strong Buy” rating. While 12 analysts have a “Strong Buy” rating for QBTS stock, one has a “Moderate Buy,” and two have a “Hold” rating. 

The mean price target of $37.08 represents potential upside of 55% from current levels. Further, the most bullish price target of $45 suggests that QBTS could climb 88% from here.

Concluding Views

D-Wave is an innovator with more than 290 patents in the U.S. With a team of more than 100 PHDs, the company is likely to stay ahead of the curve in the quantum computing universe.

The revenue model seems attractive with quantum computing as a service along with system sales. As the number of customers swell, the company will be positioned for robust growth. 

Importantly, D-Wave ended Q4 FY25 with a cash buffer of $884.5 million, which could provide ample flexibility for investment in R&D and potential inorganic growth.