D Wave Share Price: QBTS Live Quote, Forecast & Analysis

QBTS stock has been a wild ride — it went from under $3 in late 2024 to above $45 by mid-2025, then gave back roughly half its gains through early 2026. The move sparked plenty of excitement, but the selloff has left investors asking a simpler question: is this quantum computing pioneer actually worth owning at these levels, or is the stock still priced for a future that hasn’t arrived?

Current Price: $19.67 · 52-Week Range: 6.17 – 46.75 · Market Cap: $7.14B · P/E Ratio: -17.53 · Beta: 1.41

Key metrics for QBTS show the gap between its 52-week extremes and current valuation pressures.

Is D-Wave a buy, sell, or hold?

Analysts are leaning bullish on QBTS, though the spread of targets tells a more complicated story. Sixteen Wall Street analysts place the median price target at $38.00, with a range running from $19.58 on the low end to $45.00 at the top, according to TickerNerd. That gives the stock meaningful upside if those targets come good — but there’s a meaningful gap between the most optimistic and cautious calls.

Analyst consensus

Fourteen analysts have settled on a Strong Buy consensus, per Public.com. The highest target on the Street comes from Jefferies analyst Kevin Garrigan, implying roughly 111.9% upside from current levels, while Benchmark analyst David Williams issued a $35 target with a positive rating, per Capital.com. On the other end, TradingView data shows some targets as low as $22, suggesting not everyone is convinced the quantum hype is fully justified.

Recent performance factors

The stock entered 2025 at $9.61 and ran hard through the year, cresting above $45 by mid-October before the wheels came off. QBTS is down nearly 33% year-to-date in 2026, according to Investing.com. The culprit: earnings and revenue misses tied to Q4 2025 results. MarketBeat noted the stock lost roughly 50% of its value in 2026 heading into that miss, framing the dip as a sharper-than-expected reset after the mid-2025 peak.

Risks and opportunities

The bull case leans on bookings momentum — January 2026 bookings alone exceeded the company’s full fiscal 2025 total, per TIKR. The bear case points to a P/E that doesn’t exist yet (negative -17.53), operating expenses that jumped 46% to $121M in 2025 despite revenue of only $25M, and a stock that still trades at a price-to-sales ratio that makes most traditional metrics useless. Technical indicators show the stock sitting below key moving averages with RSI around 40, per Capital.com — not oversold, but not cheap either given the fundamentals.

What is the future of D-Wave?

D-Wave Quantum occupies a tricky spot — it’s one of the few publicly traded pure-play quantum computing companies, which means it gets credit for being a category leader, but also gets punished whenever the gap between promise and delivery widens. The company uses quantum annealing for optimization problems in logistics, manufacturing, and similar fields, according to TradingKey. That specialization is a strength when customers are buying, and a vulnerability when investors start asking hard questions about profitability.

Quantum breakthrough potential

D-Wave reported 179% year-over-year revenue growth in its last reported period, per YouTube coverage, though that growth came off a small base. The company is betting that its move into error-corrected gate model systems will expand its addressable market beyond annealing-specific applications. TIKR’s analysis noted that “the market is focusing on lumpy quarterly results while ignoring the compounding value of the company’s shift into error-corrected gate model systems” — a view that sees the selloff as overdone. Whether that thesis holds depends entirely on whether enterprise adoption accelerates.

2026 outlook

For 2026, analysts project 61.1% revenue growth for QBTS, according to Zacks. That sounds impressive until you notice IonQ is expected to grow 83.3% over the same period. The comparison doesn’t necessarily make D-Wave a sell — it just means the company needs to keep executing while staying ahead of a fast-moving competitor. Revenue expectations for the next quarter sit around $3.04M, per TradingView.

Long-term challenges

D-Wave lost roughly $400M last year, according to TradingKey, a figure that puts the $25M revenue in stark relief. The company is burning cash at a rate that demands either a rapid revenue inflection or access to capital markets — both of which carry execution risk. Rivals like IonQ may outperform D-Wave in some metrics, per Investing.com, which means the quantum computing race is far from decided.

Why is D-Wave stock crashing?

The headline numbers are stark: QBTS gave back roughly 55% from its October 2025 peak above $45 to the $20 range by February 2026. But the why is murkier than the price chart suggests. No single catalyst emerged for the October selloff, according to Investing.com — instead, the stock appears to have caught a broader rotation out of high-multiple speculative names as rate expectations shifted. The Q4 2025 earnings miss then compounded the damage heading into 2026.

Recent drop breakdown

QBTS dipped 7.3% to $18.68 after Q4 earnings despite what the company called record momentum in bookings, per TIKR. The disconnect between bookings and recognized revenue is exactly the kind of ambiguity that rattles short-term focused investors. The stock has recovered partially since those lows, but remains well below its 52-week high of $46.75.

Broader market influences

The quantum computing sector broadly has been caught in a sentiment-driven rotation. High-beta names (QBTS carries a beta of 1.41) tend to magnify broader market moves, and the combination of rising rate expectations and a pullback from speculative tech multiples hit quantum stocks hard in Q4 2025 and early 2026. The stock’s 1-year momentum of +197.9% (per TickerNerd) tells you how high it flew — and helps explain why the landing was rough.

Company-specific news

The most recent quarter showed the core tension in D-Wave’s story: revenue nearly tripled year-over-year to roughly $25M, but operating expenses climbed 46% to $121M, per Investing.com. That cost structure is typical for early-stage quantum companies investing in R&D, but it means the path to profitability is measured in years rather than quarters. When the market is generous, those investments look like optionality. When sentiment turns, they look like red ink.

What is the D-Wave prediction for 2026?

Forecasts for QBTS in 2026 cluster around a central scenario where the stock recovers meaningfully if the company converts its pipeline into revenue, but faces downside risk if macro conditions or competitive pressure intensifies. The spread of analyst targets — $19.58 on the low end, $45.00 at the high, with a median around $38.00 — reflects genuine uncertainty about timing.

Stock price forecasts

Sixteen analysts tracking QBTS set a median target of $38.00 with a Strong Buy consensus, per TickerNerd. Public.com’s data shows 14 analysts with a 2026 price prediction averaging $34.57, while TradingView reports a consensus target of $36.93 with a $45 maximum and $22 minimum. StocksGuide’s 12-analyst average comes in lower at $22.44, a reminder that not all forecasters are equally bullish. Early 2026 targets ranged from $30 to $48, per Capital.com, suggesting some analysts have since marked down their expectations following the Q4 miss.

Technology milestones

The critical question for 2026 is whether D-Wave can demonstrate that enterprise customers are moving from pilot programs to production deployments. January 2026 bookings exceeding full fiscal 2025 is a leading indicator — but leading indicators are notoriously unreliable when converted to hard revenue forecasts. The company’s move toward error-corrected gate-based systems is the longer-term story, but it’s a 2027-2028 payoff at the earliest for most enterprise buyers.

Investor sentiment

The TIKR valuation model targets $75.42, implying 274.5% upside from a $20.14 baseline, per TIKR — though that model is explicitly flagged as medium confidence given the speculative inputs. More immediately, the stock sitting below key moving averages with RSI around 40 signals a market that hasn’t yet decided whether the dip is a buying opportunity or a warning sign. Trading at $19.67 as of the most recent data, the stock needs to reclaim the $25-$30 zone to signal that the October 2025 highs were a false peak rather than a structural top.

What is the D-Wave stock forecast for 2030?

Long-range forecasts for quantum computing stocks are inherently speculative, and QBTS is no exception. The company’s path to a $7 billion-plus market cap at current prices assumes it can grow revenue by orders of magnitude — a scenario that requires either a massive expansion of quantum computing adoption or a significant competitive moat that doesn’t exist today.

Long-term price targets

The longest-horizon view comes from bearish analysis suggesting QBTS could drop to $7 by 2026 if the dot-com bubble provides an analog — a projection that uses 75% market cap plunge framing, per TradingKey. That scenario is explicitly flagged as low confidence and draws on historical analogies that have limited predictive power for novel technology categories. No major sell-side analyst has published a formal 2030 target, which is typical for stocks in emerging tech where 5-year revenue projections are essentially guesses.

Growth drivers

The case for long-term upside rests on three pillars: expansion of the quantum computing market broadly, D-Wave’s ability to capture enterprise customers in logistics and manufacturing, and the success of its gate-model transition. If quantum computing becomes a $50B+ market by 2030, a company with 10-15% share could theoretically support much higher revenue — but the path from current $25M to that level involves years of capital-intensive growth that the market may or may not fund at current valuations.

Competitive landscape

IonQ’s projected 83.3% revenue growth in 2026 versus QBTS’s 61.1% highlights the competitive dynamic, per Zacks. Quantum computing is still early enough that market share leadership hasn’t been established, and enterprise buyers are still evaluating which quantum approach — annealing, gate-based, photonic, or something else — will deliver the most practical value for their use cases. D-Wave’s annealing specialization is a strength in optimization but a potential constraint if gate-based systems become the dominant architecture. The implication: D-Wave needs to prove it can out-execute competitors on enterprise adoption before the market assigns premium valuations to long-term potential.

Timeline

Four data points capture QBTS’s recent arc: late 2024 lows, the 2025 run, the October peak, and the 2026 selloff.

Clarity on QBTS

Here’s where the data is solid and where it remains genuinely uncertain.