WASHINGTON, April 15, 2026, 08:52 EDT
D-Wave Quantum shares were on track for more gains Wednesday, up roughly 8% ahead of the bell after surging 15.8% in the previous session. Nvidia’s new open-source quantum AI models helped fuel the rally. Meanwhile, CEO Alan Baratz continued lobbying in Washington, aiming to position D-Wave as a serious commercial quantum contender rather than a research long shot.
The question of timing is front and center, with investors unsure just how quickly quantum computing will evolve into a reliable revenue driver. D-Wave is leaning in, pressing its case this week at Semafor World Economy and the QED-C Quantum Summit. On Wednesday, though, a new bearish analyst note argued the stock’s valuation still looks disconnected from what its business can deliver.
Nvidia says its Ising models are designed so developers can fine-tune quantum processors and fix errors—essentially, making these delicate systems sturdier and more scalable. CEO Jensen Huang called AI the “control plane” for quantum hardware. Early users include IonQ, Infleqtion, and IQM. D-Wave didn’t make the list. NVIDIA Newsroom
On Tuesday, Baratz amped up D-Wave’s message. Speaking to Yahoo Finance, he declared Nvidia should be “shaking in their boots.” He pointed out D-Wave’s quantum system runs on about 10 kilowatts—comparable to the power demand of five to 10 GPUs. Baratz argued this kind of quantum hardware could help alleviate the soaring energy appetite of AI. Yahoo Finance
D-Wave, in a Monday release, said Baratz plans to spotlight the shift from quantum experimentation to real-world use during events at Semafor and the QED-C summit this Wednesday. He’s expected to highlight how quantum could help tackle AI’s surging energy needs. According to the company, Baratz is set for a QED-C panel slot from 11:50 a.m. to 12:20 p.m. ET.
IonQ jumped close to 16%, while Rigetti tacked on roughly 10% Tuesday—both moving sharply higher in the wake of Nvidia’s announcement. Traders appeared to be betting on a lift for the sector at large, not just a D-Wave contract boost.
D-Wave has thrown out some numbers for investors to chew on. Back in February, the company reported that 2025 revenue jumped 179% to $24.6 million. Bookings for the first quarter of 2026 — business signed but not yet counted as revenue — cleared $32.8 million, helped by a $20 million order from the Florida Atlantic University system and a two-year, $10 million contract with a Fortune 100 firm.
D-Wave has been expanding its tech portfolio. Back in February, the company wrapped up its purchase of Quantum Circuits, bringing in gate-model quantum hardware—a broader type of quantum tech—on top of its established annealing systems for optimization work like routing and scheduling.
Still, the warning signs are right there. D-Wave posted just $2.8 million in revenue for the fourth quarter, and bookings slipped 27% compared to the same period last year. Stone Fox Capital’s Mark Holder, writing Wednesday, called the shares “richly valued” and said they’ll need to land significant, recurring commercial deals to warrant this price tag. SEC
D-Wave finds itself in a spot it knows well—plenty of buzz, not much cash coming in. Nvidia’s focused on quantum tools for later, but Baratz wants to prove D-Wave’s machines are already worth buying. This week, investors seemed to agree.
