Last Updated: October 29, 2026
Quick Answer: D-Wave Quantum (QBTS) closed at $11.77 on October 28, 2026, according to StockAnalysis data, giving the company a market value of about $4.4 billion. The stock is about 69% below its 52-week high of $37.62 and about 35% below its late April level. D-Wave reported second quarter 2026 revenue of $3.1 million, flat from a year earlier, but first-half bookings of $35.5 million and $546.2 million in cash and marketable securities. It will report third quarter results on November 10, 2026. Analysts tracked by StockAnalysis rate QBTS a Strong Buy with an average 12-month target of $34.65.
D-Wave is best known for quantum annealing computers, which are built to solve optimization problems, and since January 2026 it also develops gate-model quantum computers through its acquisition of Quantum Circuits Inc. This guide covers D-Wave’s latest results, its roadmap and customer deals, the stock’s price and volatility, analyst consensus, its CHIPS Act agreement and the main risks.
Key Takeaways
- QBTS closed at $11.77 on October 28, 2026, down about 29% since September 30 and close to its 52-week low of $11.26
- Q2 2026 revenue was $3.1 million, roughly flat year over year; first-half revenue fell 67% to $5.9 million because the first half of 2025 included a $13.7 million system sale
- First-half bookings rose to $35.5 million, including a $20 million system sale, and remaining performance obligations reached $40.7 million at June 30
- D-Wave held $546.2 million in cash and marketable securities at June 30, after paying $252.8 million in net cash for Quantum Circuits in January
- In September, D-Wave signed an agreement with the U.S. Department of Commerce for up to $100 million under the CHIPS Act and issued the Department about 7.1 million shares as a minority, non-controlling stake
- D-Wave reports Q3 2026 results on November 10, 2026
QBTS Stock Key Data (October 2026)
| Metric | Value |
|---|---|
| Close (October 28, 2026) | $11.77 |
| Market Cap | About $4.4 billion |
| Shares Outstanding | About 372.4 million |
| 52-Week Range | $11.26 to $37.62 |
| Beta | About 2.2 |
| Revenue (trailing 12 months) | About $12.4 million |
| Q2 2026 Revenue | $3.1 million (roughly flat year over year) |
| Q2 2026 Net Loss | $48.0 million ($0.13 per share) |
| Cash and Marketable Securities (June 30, 2026) | $546.2 million |
| Analyst Consensus | Strong Buy (17 analysts), average target $34.65 |
| Next Earnings | November 10, 2026 (Q3 2026) |
| Exchange | Nasdaq |
Sources: price, beta, trailing revenue and analyst data from StockAnalysis (S&P Global Market Intelligence data), October 27 to 29, 2026; quarterly results from D-Wave’s Q2 2026 release filed with the SEC. Market cap is our calculation from the share count and the October 28 close.
What Is D-Wave Quantum?
D-Wave was founded in 1999 and became a public company in August 2022 through a merger with a special purpose acquisition company. Its main products are the Advantage2 annealing quantum computer, with about 4,500 qubits, and the Leap cloud service, through which customers run problems such as scheduling, logistics and portfolio optimization. It also sells full systems for installation at customer sites.
In January 2026, D-Wave closed its acquisition of Quantum Circuits Inc. (QCI), a developer of gate-model superconducting qubits. That gives D-Wave both annealing and gate-model technology, the two main approaches in the industry. More information is available on the official D-Wave website.
Latest Quarterly Results (Q2 2026)
D-Wave reported second quarter results on August 6, 2026. According to the release filed with the SEC:
| Metric | Q2 2026 | Q2 2025 |
|---|---|---|
| Revenue | $3.1 million | $3.1 million |
| GAAP gross margin | 55.4% | 63.8% |
| GAAP operating expenses | $55.0 million | $28.5 million |
| Net loss | $48.0 million ($0.13 per share) | $167.3 million ($0.55 per share) |
| Adjusted EBITDA loss | $37.1 million | $20.0 million |
| Bookings | $2.1 million | $1.3 million |
First-half revenue was $5.9 million, down 67% from $18.1 million, because the year-earlier period included $13.7 million from D-Wave’s first annealing system sale. That implies first quarter revenue of about $2.9 million. Commercial customers made up about 62% of second quarter revenue, and more than 100 customers paid D-Wave in the first half.
The net loss was smaller than a year earlier, when results included large non-cash charges tied to warrants; D-Wave redeemed its remaining public warrants in November 2025. GAAP operating expenses nearly doubled to $55.0 million from $28.5 million.
CFO John Markovich retired effective September 2, 2026, and Greg Golkov, senior vice president of finance, became acting CFO, according to an SEC filing that says the departure was not the result of any disagreement with the company.
Bookings and backlog. First-half bookings reached $35.5 million, up from $2.9 million, including a $20 million system sale whose revenue will be recognized in later quarters. Remaining performance obligations were $40.7 million at June 30, and D-Wave expects about 57% of that to turn into revenue within 12 months.
Cash. Cash and marketable securities were $546.2 million at June 30, down from $819.3 million a year earlier; D-Wave said more than 90% of the decline came from the cash paid for Quantum Circuits. It raised no money through at-the-market share sales in the first half, and its share count rose to 372.0 million from 358.7 million.
Roadmap: Annealing and Gate-Model
D-Wave’s Q2 release set out two roadmaps:
| Year | Gate-model target | Annealing target |
|---|---|---|
| 2026 | 17 physical qubits | Advantage2 (about 4,500 qubits) in service |
| 2027 | 49 physical qubits | |
| 2028 | 181 physical qubits | |
| 2029 | Intermediate 20,000-qubit system | |
| 2030 | 10 logical qubits | |
| 2031 | Advantage3 with 100,000 qubits | |
| 2032 | 100 logical qubits |
These are company targets, not guaranteed delivery dates.
Customers, Contracts and Recent News
The Q2 release named new or renewing customers including AT&T, Nasdaq Verafin, Oki Electric Industry, Shionogi and Unisys, along with a $1.57 million National Science Foundation grant. In January 2026, D-Wave announced that Florida Atlantic University had agreed to buy an Advantage2 system for $20 million. The Q2 release does not name the customer behind the $20 million system sale in first-half bookings.
U.S. Department of Commerce: On September 8, 2026, D-Wave said it had signed a definitive agreement for up to $100 million under the CHIPS and Science Act to speed up work on a 100,000-qubit annealing system and a 10,000-qubit gate-model system. According to its SEC filing, D-Wave issued the Department 7,095,721 shares at $14.093 each, a minority, non-controlling stake equal to about 1.9% of the shares outstanding at June 30, by our calculation. Payments depend on project milestones and available funds.
D-Wave’s newsroom lists these October 2026 announcements:
- October 13: SkyWater and D-Wave extended their quantum chip manufacturing collaboration through a multi-year agreement.
- October 15: D-Wave delivered Italy’s first annealing quantum computer.
- October 27: D-Wave said it would report third quarter 2026 results on November 10.
- October 28: LG CNS and D-Wave announced a strategic relationship to promote quantum optimization in South Korea, and D-Wave said customer Shionogi won first place in a NEDO quantum computing challenge in Japan.
QBTS Price and Volatility
QBTS closed at $19.53 on August 18 and has fallen about 40% since then. It slipped below $15 in early October, dropped to $12.03 on October 14 and closed at $11.77 on October 28, near the 52-week low of $11.26.
Over the 50 trading days to October 28, the stock moved an average of about 3.3% a day, and its annualized volatility was about 67%, based on our calculation from daily closes. StockAnalysis lists a beta of about 2.2. QBTS often moves in step with other quantum stocks such as Rigetti and IonQ on sector headlines.
At about $4.4 billion, D-Wave’s market value equals about 350 times its trailing revenue of about $12.4 million, by our calculation.
Analyst Ratings and Price Targets
According to StockAnalysis, 17 analysts cover QBTS with a consensus rating of Strong Buy and an average 12-month price target of $34.65 as of October 27, 2026, about 194% above the October 28 close. Analyst targets often lag share price moves. We do not publish our own price targets, and analyst targets are opinions, not forecasts we endorse.
Risks
- Revenue scale: quarterly revenue of about $3 million compares with operating expenses of $55 million.
- Revenue timing: large system sales are recognized only after delivery and acceptance, which can shift revenue between quarters and years.
- Integration: turning the Quantum Circuits technology into products adds cost and execution risk.
- Dilution: D-Wave raised more than $500 million by selling shares in 2025, issued about 7.1 million shares to the Department of Commerce in September 2026 and could sell more if losses continue.
- Government funding: CHIPS Act payments depend on milestones and appropriations, so the full $100 million is not guaranteed.
For a closer look at a peer, see our Rigetti Computing (RGTI) stock guide. Quantum computing also matters to crypto because future machines could threaten today’s signature schemes; read how Coinbase outlines Bitcoin’s post-quantum priorities, why some experts dismiss quantum threats to Bitcoin, and Zcash’s work on quantum-resistant signatures. For crypto forecasts, visit our price prediction hub.
Frequently Asked Questions
What is QBTS stock?
QBTS is the Nasdaq ticker of D-Wave Quantum, a company that builds quantum computers and sells access to them through its Leap cloud service. It is best known for annealing systems used for optimization problems, and since buying Quantum Circuits in January 2026 it also develops gate-model machines. The stock closed at $11.77 on October 28, 2026, for a market value of about $4.4 billion.
Why is QBTS stock dropping?
QBTS fell about 29% between September 30 and October 28, 2026, as quantum computing stocks declined together. Company results add pressure: second quarter revenue was flat at $3.1 million while GAAP operating expenses nearly doubled to $55.0 million. The stock closed at $11.77 on October 28, near its 52-week low of $11.26 and about 69% below its 52-week high.
What does D-Wave Quantum do?
D-Wave builds quantum computers and software. Its Advantage2 annealing system, with about 4,500 qubits, targets optimization problems such as scheduling, logistics and portfolio planning, and customers reach it through the Leap cloud or buy systems outright. After acquiring Quantum Circuits, D-Wave also develops gate-model machines and targets 100 logical qubits by 2032. Customers include AT&T, Unisys and Shionogi.
When is D-Wave’s next earnings report?
D-Wave will report its third quarter 2026 results on November 10, 2026, the company announced on October 27. Investors will look at whether revenue from the $20 million system sale and other bookings has started to appear, how fast operating costs are growing and how much cash remains after the Quantum Circuits deal. Its second quarter report came out on August 6.
What is the analyst price target for QBTS?
According to StockAnalysis, the 17 analysts covering D-Wave rate it a Strong Buy on average, with a 12-month price target of $34.65 as of October 27, 2026. That is about 194% above the October 28 close of $11.77. Analyst targets are opinions that often trail share price moves, and they are not guarantees of future performance.
Does QBTS pay dividends?
No. D-Wave Quantum does not pay a dividend and is not profitable, reporting a net loss of $48.0 million in the second quarter of 2026. Like most early-stage technology companies, it spends its cash on research, hiring and growth. Any return for shareholders depends on changes in the share price, which has been highly volatile, moving about 3% a day on average.
Is QBTS a good stock to buy?
That depends on your risk tolerance. Supporters point to more than 100 paying customers, $35.5 million of first-half bookings and both annealing and gate-model technology. Critics point to flat quarterly revenue, a valuation of about 350 times trailing revenue, rising costs and possible dilution. The stock is about 69% below its 52-week high. This is not investment advice.
Data sources: D-Wave Quantum Q2 2026 results (SEC Form 8-K, August 6, 2026); D-Wave SEC filings of August 25 (CFO retirement) and September 8, 2026 (CHIPS Act agreement); D-Wave newsroom, October 2026; StockAnalysis (S&P Global Market Intelligence data) for prices, market data and analyst consensus, October 27 to 29, 2026. Volatility, valuation and percentage changes are our calculations.
Nothing in this article is financial advice. Stocks of early-stage technology companies carry substantial risk.
