NEW YORK, July 28, 2026, 04:12 EDT — U.S. premarket; regular session ended.
- D-Wave stock ended Monday at $19.51, up 20.4% with strong trading volume.
- AT&T reduced one of its network workloads from nearly an hour to less than 15 seconds.
- Preliminary estimate: Monday’s surge boosted market value by approximately $1.21 billion, or about 49 times D-Wave’s projected total revenue for full-year 2025.
D-Wave Quantum Inc. NASDAQ:QBTS surged 20.4% on Monday, finishing the session at $19.51. AT&T Inc. NYSE:T increased its commercial quantum-computing partnership.
The surge in the market far exceeded D-Wave’s operational scale. An early estimate values the increased equity at roughly $1.21 billion. This amounts to nearly 49 times the company’s projected revenue for 2025.
The disclosure did not include the value of the contract. Investors reacted to evidence of operations. According to AT&T, a network task was reduced from about one hour to less than 15 seconds.
This results in a reduction in elapsed time by a factor of at least 240 to one. AT&T intends to run tests related to outages, technician dispatch, network planning, and managing traffic.
“The speed we’re seeing with D-Wave challenges what’s currently possible,” Lucus Haugen, a data-science director at AT&T, said. AT&T’s current agentic tools cut customer downtime by 12 million hours during 2025. SEC
According to CEO Alan Baratz, “leading enterprises are beginning to turn to quantum computing for solving real business problems.” AT&T is among those assessing D-Wave’s upcoming gate-model systems. SEC
D-Wave switched its listing from the New York Stock Exchange on Monday. Trading on Nasdaq started with the company keeping its existing symbol, as executives rang the opening bell.
The stock declined 3.1% over the previous week, closing Friday at $16.21. On Monday, trading volume hit 48.1 million shares, roughly 3.4 times higher than the daily average from the week before.
| Quantum stock | Latest price | Monday move | Market value |
|---|---|---|---|
| D-Wave Quantum NASDAQ:QBTS | $19.51 | up 20.4% | $7.17 billion |
| Rigetti Computing NASDAQ:RGTI | $15.64 | up 10.4% | $5.25 billion |
| IonQ NYSE:IONQ | $35.92 | up 9.4% | $13.33 billion |
Monday’s trading determines the most recent quoted prices, market values and session changes.
The movement among peers is significant. It indicates that investors viewed AT&T as a broader sign of commercial quantum demand, instead of an occurrence limited to D-Wave.
Benchmark analyst Gary Mobley initiated Buy ratings for each of the three firms. His price target for D-Wave is $30, representing an upside of roughly 54% from Monday’s finish.
The financial base is still modest and inconsistent. Revenue for the first quarter dropped 81% to $2.9 million, as the same period last year benefited from a significant system sale.
Demand metrics improved. The company reported bookings of $33.4 million, and remaining performance obligations stood at $42.4 million. D-Wave projected that 54% of these obligations would convert to revenue over the next 12 months.
Liquidity provides a buffer. As of March 31, cash, equivalents and short-term investments amounted to $588.4 million. The quarter saw $45 million used in operating activities.
The upcoming test is set for August 6, before markets open. Investors are expected to focus on revenue conversion, new bookings, and any details provided on AT&T economics.
The warning is evident. The contract’s value has not been revealed, revenue continues to fluctuate, and operating expenses increased significantly following the Quantum Circuits acquisition. Initial technical progress might not lead to substantial sales.
At present, Monday’s surge highlighted momentum instead of revenue. D-Wave’s August figures will need to demonstrate if registered demand can help close that divide.
