D-Wave Quantum Inc. (NYSE: QBTS) is ending Monday, December 22, 2025, with investors still digesting a sharp, news-driven rally that put the quantum-computing pure play back in the spotlight heading into the final full trading week before year-end.
After the closing bell, QBTS was little changed in after-hours trading, suggesting the market largely priced in the day’s catalyst during regular hours. As of 6:23 p.m. ET, MarketWatch showed QBTS at $32.23, up $0.04 (+0.13%) after hours, with about 1.27 million shares traded in the session.
After the bell: QBTS holds near $32 after a big Monday breakout
During the regular session, D-Wave shares finished at $32.19, up 20.02% on the day, after trading between $27.62 and $32.39 on heavy volume (about 62.5 million shares).
Market commentary late in the day also highlighted the unusually high turnover. Nasdaq’s recap pegged volume around 62.6 million shares, roughly 28% above the stock’s three‑month average, underscoring that Monday’s move wasn’t just a quiet drift higher—it was an attention-grabbing repricing.
That price action matters going into Tuesday: stocks that surge on elevated volume can remain volatile in the next session as short-term traders, longer-term holders, and momentum buyers all fight over a new “fair price.”
What sparked the rally: D-Wave’s CES 2026 showcase announcement
The main headline investors traded on Monday was D-Wave’s announcement that it will participate in CES 2026 as a sponsor of CES Foundry, a two‑day event at Fontainebleau Las Vegas on January 7–8, 2026.
According to the company, D-Wave plans to showcase its annealing quantum computing technology, hybrid quantum-classical solvers, and real-world customer use cases aimed at demonstrating “measurable performance benefits.” D-Wave Quantum
D-Wave also said its VP of quantum technology evangelism, Murray Thom, will deliver a masterclass and demo on January 7 (1:00–1:30 p.m. PT) focused on how organizations can realize value from quantum computing today, including use cases spanning manufacturing, supply chain, materials science, and telecommunications.
Why CES matters to the stock narrative
CES is not an earnings report and it’s not a contract announcement. But it is a high-visibility stage—particularly for a company whose core investor debate often boils down to one question:
Is quantum computing still mostly “future tech,” or can it produce practical business results now?
D-Wave is leaning hard into the second framing. The company’s CES messaging emphasizes “commercial quantum” and “real-world customer success stories,” which fits neatly with the bullish thesis that quantum annealing can generate nearer-term, optimization-focused value while the broader industry works toward more general, fault-tolerant quantum computing.
The quantum sector tailwind: D-Wave didn’t rally alone
QBTS wasn’t the only quantum name moving. Nasdaq’s market recap noted that other quantum pure plays rose in tandem Monday—IonQ gained about 11% and Rigetti about 13%—as investor optimism lifted the group.
That matters for Tuesday’s open because QBTS has increasingly traded as part of a theme basket. If quantum peers fade pre-market or the sector risk-on mood cools, QBTS can feel the pressure even without company-specific news.
Analyst outlook and forecasts: Wall Street coverage is building into 2026
Beyond the CES headline, today’s broader “why now” story is that Wall Street research coverage of quantum pure plays is expanding, and D-Wave is frequently singled out as one of the better-liked names.
An Investors.com report published Monday said multiple major firms have initiated coverage across the quantum space in 2025 and that IonQ and D-Wave hold the most buy ratings and the highest average price targets among the pure plays heading into 2026.
Fresh ratings and price targets investors are watching
In recent coverage notes highlighted across financial news wires:
- Wedbush initiated D-Wave with an Outperform rating and a $35 price target, arguing that commercial adoption could be a key catalyst and that D-Wave’s annealing systems are “ready” for commercial use. TipRanks
- Mizuho has framed quantum as a potential “next big compute” theme, projecting a long runway for the industry (while cautioning near-term revenue can be uneven). MarketWatch
Meanwhile, a Zacks analysis published Monday pointed to an average short-term analyst price target of about $38.71 for QBTS (based on 14 analysts in its compilation), implying meaningful upside from prior closing levels, while also emphasizing the early-stage nature of the industry.
Zacks also cited industry estimates that put quantum computing revenues around $1.08 billion in 2026 (up from roughly $0.8 billion in 2025) and $16.3 billion by 2030, underscoring why investors keep paying up for “pure play” exposure—despite today’s limited profitability across the sector. Nasdaq
A reality check: commercialization hopes vs. financial risk
The bull case is easy to summarize: quantum moves from labs to business workflows, D-Wave is positioned with an approach it says delivers value today, and the addressable market expands.
The bear case is equally straightforward: valuation and execution risk. Many quantum companies remain loss-making, and the path from technical advantage to durable, scalable revenue can be long and uneven—especially if customers treat quantum projects as pilots rather than deployments.
That tension is why Tuesday’s session will be about more than just the CES headline. Investors will be asking: Was Monday’s surge a one-day repricing, or the start of a new leg higher?
What to know before the market opens Tuesday, Dec. 23, 2025
Here are the practical, market-focused items to track before the opening bell:
1) After-hours action suggests consolidation—not another headline-driven spike
With shares hovering close to the $32.19 close in late trading, the market appears to be pausing after the day’s big move rather than reacting to fresh after-hours news.
What that means for the open: watch whether pre-market trading confirms that “hold-the-gains” behavior—or whether liquidity-driven selling appears as traders lock in a one-day surge.
2) Key price levels from Monday may become Tuesday’s reference points
Even long-term investors watch the prior session’s extremes after a breakout day:
- Monday high: ~$32.39
- Monday low: ~$27.62
- Close: ~$32.19
These levels often function as psychological markers as traders decide whether the stock is “breaking out” or “fading the news.”
Also worth remembering: QBTS has been volatile in 2025, with a 52-week range that has stretched from the low single digits to the mid‑$40s in widely cited market summaries—meaning sharp moves can cut both ways.
3) Watch for follow-on announcements or filings—especially around government and enterprise efforts
D-Wave has been building a public narrative around expanding commercial and public-sector adoption. Earlier this month, the company filed an 8‑K describing the formation of a U.S. government-focused business unit aimed at driving adoption with federal customers, led by executive Jack Sears Jr.
That is not “today’s” catalyst—but it matters because government and defense-adjacent wins can reshape investor expectations about the pace and durability of bookings. Any new contract disclosures, partnerships, or updated guidance can move a stock like QBTS quickly.
4) The next big “proof points” are now on the calendar
Today’s press release effectively puts two dates on investors’ near-term radar:
- CES Foundry (Fontainebleau Las Vegas): January 7–8, 2026
- Qubits 2026 user conference (Boca Raton, Florida): January 27–28, 2026
In a momentum-driven tape, markets often reprice ahead of events if traders expect additional announcements, demos, customer testimonials, or partnerships.
5) Earnings timing is still “estimate-driven”—don’t treat calendar dates as confirmed
Many market calendars list an expected next earnings window, but these can differ across providers until the company confirms a date.
For example, Zacks’ earnings calendar currently lists March 12, 2026 as the next quarterly earnings date for QBTS.
That may change, so investors typically verify via company IR updates as the reporting window approaches.
6) Sector sentiment can matter as much as company news
Nasdaq’s recap made clear Monday’s move came amid broader strength in quantum peers.
If IonQ, Rigetti, and other quantum-adjacent names reverse Tuesday morning, QBTS can be pulled around by ETF flows and theme trading—even without any D-Wave-specific update.
Bottom line for Tuesday’s open
D-Wave Quantum stock is heading into Tuesday, Dec. 23, with a powerful catalyst narrative—commercial quantum computing showcased on a mainstream tech stage—and an increasingly supportive analyst backdrop.
But the near-term setup is also high-volatility by definition: a +20% day on heavy volume often leads to fast follow-through or sharp mean reversion as the market tests how much conviction exists beyond the headline.
As always with early-stage, high-beta technology stocks: the story can be compelling, but price action can remain unforgiving—especially around news cycles and sentiment shifts.
This article is for informational purposes only and does not constitute investment advice.
