D-Wave Quantum (QBTS) is gaining prominence as one of the most significant and commercially proven quantum computing plays of 2025. With record-setting Q1 year-over-year revenue growth of 509% and a series of influential technical breakthroughs, investor attention has exploded. The stock has skyrocketed from below $1 to nearly $17 over less than one year, with volatility serving to emphasize both its disruptor potential and speculative nature.

Quantum computing has garnered increased focus this year as governments and large businesses double down on next-generation computing capacity. D-Wave's emphasis on annealing quantum technology, separate from gate-based competitors, has produced functional commercial applications that are in use today. This helps give D-Wave a leg up against its competitors. 

About D-Wave Quantum Stock

D-Wave Quantum (QBTS) is based in Palo Alto, California, and specializes in quantum annealing systems and hybrid quantum-classical computing. The company is active in the field of quantum computing and has a market valuation of about $5.24 billion. The firm has the support of a solid intellectual property base and expanding lists of enterprise users across the manufacturing, logistics, pharmaceuticals, and defense industries.

Shares of QBTS have posted dramatic during the year 2025 and ranged from $0.75 to $19.76 during the last 52 weeks. Shares have doubled in the year to date. 

The valuation is aggressive, though. The stock sports an eye-watering price-sales ratio of 616x. The stock also has a price-book ratio of 23.94x and has not produced net cash flow yet. Such statistics will daunt traditional value investors, but market optimism is based on the recent systems sale, healthy gross margins (93.6% non-GAAP), and a believable path to profitability fueled by a $304 million cash cushion.

D-Wave Beats on Earnings

D-Wave reported a historic first quarter with $15 million in revenue, up 509% from last year. Q1 gross profit reached $13.9 million (GAAP), 736% higher than last year’s figures. The non-GAAP gross margin reached 93.6%, based on the sale of its Advantage quantum system to the Jülich Supercomputing Centre in Germany.

While bookings fell to $1.6 million from $4.5 million, management stressed that system sales would propel lumpy top-line growth but dramatically expand gross profits. CEO Dr. Alan Baratz particularly emphasized the peer-reviewed paper in Science in which D-Wave demonstrated quantum supremacy on a practical problem — solving for magnetic materials more quickly than the Frontier exascale supercomputer.

Management reaffirmed its conviction that the $304 million cash balance is adequate to carry the operation until the company achieves profitability. 

What Do Analysts Expect for D-Wave Stock?

QBTS has a “Strong Buy” consensus rating, although there is limited analyst coverage. Its median target of $12.33 is roughly 28% below its current trading price. The Street-high price target of $14 is also 18% below the current trading price. Investors should note that it has the highest analyst rating of the quantum computing stocks tracked by Barchart. 

That being said, analysts may be due for price target changes based on its quantum supremacy achievement and Q1 performance.