D-Wave Quantum Just Got a 240x Boost From AT&T. How to Play QBTS From Here.

D-Wave Quantum (QBTS) headed into earnings this week with something it badly needed: Evidence that its quantum-computing technology can solve real business problems. In late July, AT&T (T) expanded its use of D-Wave’s quantum systems, highlighting a network-optimization project that went from roughly one hour to just 15 seconds.

That 240x speed-up is more than another quantum-computing headline. It gives D-Wave a tangible example of its technology delivering a practical result for a major telecommunications company. The bigger question for investors now is whether the AT&T relationship can translate into broader deployments and meaningful revenue as D-Wave reports its second-quarter results.

D-Wave Quantum Stock Has Cooled Down in 2026

Quantum computing stocks had a strong run last year, but the momentum has faded in 2026 as investors have become more cautious. QBTS stock is down about 25% year-to-date (YTD) as investors pull back from speculative tech names that are still burning cash.

Quantum computing stocks have been particularly volatile in 2026, as investors have struggled to assess how quickly the sector can convert technological breakthroughs into sustainable revenue. Although the AT&T news briefly sent QBTS stock higher, shares quickly gave back some of the gains. That reaction shows just how dependent the shares remain on individual headlines.

Yet investors are also paying a hefty premium for D-Wave’s future growth. QBTS stock trades at roughly 6.5 times book value, slightly above other computer-hardware peers. The bigger valuation gap appears when looking at sales; D-Wave’s price-to-sales (P/S) ratio is around 328.4 times.

AT&T Deal Gives D-Wave a Real-World Proof Point

AT&T is expanding its use of D-Wave’s quantum annealing technology for network planning and optimization. The companies said a pilot project dramatically reduced the time needed to solve a network-optimization problem.

That matters because quantum computing remains an early-stage industry where investors are often forced to value companies based on future potential rather than current financial results.

AT&T plans to explore additional applications — including outage detection, fiber, and 5G planning — as network complexity increases alongside demand for AI and connectivity. The telecom giant is also testing D-Wave’s gate-model systems for secure communications. That gives the partnership a broader scope than a single optimization project.

For QBTS stock investors, the immediate financial contribution may be limited. But the AT&T expansion could become an important customer-validation point if the technology moves from pilot projects into larger commercial deployments.

D-Wave Reports Q2 Earnings

D-Wave reported Q2 results today, Aug. 6, before the market opened. With the report, investors are likely focusing heavily on revenue, bookings, cash burn, and progress converting its backlog into sales.

In Q1 2026, D-Wave booked a record $33.4 million of orders, including a $20 million system sale to Florida Atlantic University. Yet revenue was only $2.9 million in Q1 because much of that business is recognized over time. In Q2 2026, bookings came to only $2.1 million, bringing total bookings for the first half of the year to $35.5 million. Meanwhile, Q2 revenue came in at $3.1 million, up 7% sequentially and essentially flat versus Q2 2025.

The company ended Q2 with $40.7 million of remaining performance obligations, up 668% year-over-year (YOY). The backlog gives D-Wave a foundation for future revenue, but investors need to see more of it convert into reported sales.

D-Wave posted a per-share loss of $0.13 in Q2, slightly wider than the loss of $0.12 analysts expected. Revenue has remained near $3 million per quarter recently, underscoring why the AT&T expansion is important.

D-Wave is also building out its technology portfolio. The company completed its acquisition of Quantum Circuits in January 2026, strengthening its gate-model quantum capabilities. The firm has also pursued a potential $100 million CHIPS Act investment and announced plans to move its headquarters from Palo Alto, California to Boca Raton, Florida by the end of 2026.

What Does Wall Street Think of D-Wave Stock?

Analysts remain constructive on QBTS stock despite the near-term financial challenges. Evercore ISI has an “Outperform” rating and a price target of $37 for the stock. Mizuho also has an “Outperform” rating with a $35 target, while Canaccord has a “Buy” rating with a $41 target. Finally, Rosenblatt remains at a “Buy” with a $43 target, while Benchmark has a “Buy” rating and a $30 target.

Based on consensus data, the average price target for QBTS stock is $36.47, suggesting roughly 80% potential upside from current levels. D-Wave stock has a consensus “Strong Buy" rating based on 16 analysts with coverage.

The optimism ultimately comes down to commercialization. If AT&T’s 240× improvement leads to broader deployments, D-Wave will gain another powerful argument that quantum computing is moving from an emerging technology into practical business infrastructure.