Quantum Gold Rush? D-Wave (QBTS) Surges on Europe Deal and Hype – But Is It Sustainable?
D-Wave’s stock has been extraordinarily volatile. From sub-$1 in late 2024 it exploded higher in 2025, fueled by news flow and speculative trading. As of mid-October, QBTS was up ~3,000% over 12 monthsts2.tech. The rally peaked with an intraday high of ~$46.75 on Oct 15ts2.tech, but the stock quickly gave up much of those gains. By market close on Oct 20 it was ~$34.40stockanalysis.com and slid further into the 27–28 range by Oct 22stockanalysis.com. According to data, the stock was around $32.19 on Oct 21 and hit ~$28 by Oct 22stockanalysis.com. This sharp pullback matches what TS2 dubbed a “quantum-fueled rally” where QBTS can swing 10–20% dailyts2.tech. Even after recent losses, QBTS is still up roughly 300% year-to-datets2.tech, and its peak market cap makes it one of the largest pure-quantum companies.