D-Wave Quantum Inc. (NYSE: QBTS) has become one of 2025’s wildest technology stories: a tiny quantum computing pure play whose share price has rocketed, crashed, and then bounced again in the space of a few months. As of December 9, 2025, the stock is back on the move, analysts are lifting price targets, and big institutional names are showing up on the shareholder list. [1]
Below is a rundown of the latest news, forecasts, and key metrics on D-Wave Quantum stock as of today, structured for readers watching the name on Google News and Discover.
Where D-Wave Quantum Stock Stands Today
D-Wave Quantum stock is trading around $27–28 per share on December 9, 2025, after a year of extreme gains and equally extreme pullbacks. The stock is up well over 200% year to date, making it one of the top-performing quantum computing names in 2025, albeit with huge swings along the way. [2]
Recent trading action has been particularly dramatic:
- In November, D-Wave’s share price fell by nearly 40% during a broader tech and high-growth sell-off, highlighting just how sensitive the stock is to sentiment around speculative technology. [3]
- In early December, the stock staged a sharp rebound, at one point jumping more than 20% in a single week, as buyers returned following bullish analyst coverage and sector-wide interest in quantum computing. [4]
Market data providers characterize the name as highly volatile but heavily traded, supported by growing retail interest and an uptick in institutional participation. [5]
Why QBTS Is Moving: From November Crash to December Rally
1. Quantum hype vs. bubble fears
D-Wave sits inside a cluster of pure-play quantum companies that include IonQ and Rigetti Computing. These stocks have seen explosive price moves in 2025 as investors try to pick winners in what could be a multi-decade platform shift. Some commentators now warn that a bubble may be forming in the most speculative names, arguing that large, diversified tech giants might be safer long-term quantum bets than small, unprofitable players like D-Wave. [6]
At the same time, other analysts highlight that despite volatility, D-Wave is one of the few quantum specialists with meaningful commercial revenue, real customers, and a full-stack product offering, making it stand out from some early-stage peers. [7]
2. New “Outperform” rating and aggressive price target
A key catalyst for the recent rebound came when Evercore ISI initiated coverage of D-Wave with an “Outperform” rating — reportedly the first time the firm has given that rating to a pure-play quantum computing company. The analyst set a $44 price target, describing D-Wave as: [8]
- A leader in quantum annealing (a specialized method well suited to optimization problems),
- One of the few players with commercial customers and revenue, and
- A company with strong liquidity, with hundreds of millions of dollars in cash to fund its roadmap. [9]
This bullish initiation came on top of a series of earlier Buy ratings and has helped underpin the December rally.
3. Hedge fund interest: Citadel steps in
Another narrative driving attention to D-Wave is the appearance of high-profile institutional investors. Public filings and secondary coverage show that Ken Griffin’s Citadel Advisors added positions in both D-Wave Quantum and Rigetti Computing during the third quarter of 2025. [10]
Citadel’s involvement doesn’t guarantee anything about future returns, but it serves as a signal that sophisticated investors are willing to take a risk on the space, even at elevated valuations and with significant uncertainty around long-term adoption timelines.
4. Insider selling amid the surge
Balancing the bullish institutional story, recent filings also show insider selling. Director John D. DiLullo sold 8,000 shares on December 5, 2025, at an average price just over $27, for a total of roughly $219,000. Despite the sale, the stock was still up more than 30% over the prior week, reflecting very strong short-term momentum. [11]
Insider sales don’t automatically mean insiders are pessimistic — they can be driven by diversification or personal financial planning — but they’re closely watched in a stock that has moved this far, this fast.
Fundamentals: What D-Wave’s Latest Earnings Tell Us
Beneath the drama in the chart, D-Wave’s business did show tangible progress in its latest quarterly results.
Q3 2025: Revenue doubles, losses continue
For the third quarter of 2025, D-Wave reported: [12]
- Revenue of about $3.7 million, roughly 100% growth year over year, and above Wall Street expectations.
- An adjusted loss per share of $0.05, better than the projected $0.07 loss.
- A significant expansion of its cash balance, which surged into the hundreds of millions of dollars year over year, largely driven by capital-raising initiatives, including an at-the-market stock issuance program of up to $400 million announced earlier in 2025. [13]
Despite the revenue beat and positive surprises on earnings, the stock initially slumped after the report as traders focused on ongoing losses, dilution risk, and the broader sell-off in speculative tech. [14]
Product roadmap: Advantage2 and hybrid quantum
On the technology side, D-Wave has been pushing to show that quantum annealing is not just a science project but useful in commercial workflows today:
- In May 2025, the company announced general availability of Advantage2, its sixth-generation quantum annealer with over 4,400 qubits, framed as “production-ready” for optimization, simulation, and AI-adjacent workloads. [15]
- D-Wave continues to pursue a dual-track roadmap, developing both annealing systems and gate-model quantum hardware, alongside hybrid quantum-classical solvers that aim to integrate quantum accelerators into mainstream cloud infrastructure. [16]
Looking ahead: Qubits 2026 conference
On December 8, 2025, D-Wave announced its Qubits 2026 user conference, which will showcase customer case studies, product updates, and the latest roadmap details across its various quantum technologies and AI integrations. [17]
Events like Qubits can act as sentiment catalysts if the company unveils new performance benchmarks, major partnerships, or early indicators of recurring revenue growth.
Customer and Partnership Momentum
To justify its valuation, D-Wave needs more than scientific accolades; it needs real customers paying for real solutions. The company has been steadily building that narrative through a series of partnerships.
Enterprise: Comcast’s quantum lab
In September 2025, Comcast launched a quantum lab aimed at using quantum computing to improve broadband network management, including traffic optimization and predictive maintenance. D-Wave Quantum and Classiq were named as key partners in the initiative. [18]
If these trials lead to production deployments, they could become reference cases for similar telecom and networking use cases worldwide.
Public sector: Government and defense channels
D-Wave has also been pushing into government and defense markets:
- The company signed an agreement with Carahsoft, which will act as D-Wave’s Master Government Aggregator, helping resell its technologies across U.S. public sector procurement channels. [19]
- D-Wave installed one of its quantum annealers with Davidson Technologies for use by federal customers, making the hardware physically accessible for national security and defense-related projects. [20]
These moves position D-Wave in areas where funding cycles can be long but contract values and strategic importance can be significant.
Industry collaborations: BASF and more
Earlier in 2025, D-Wave announced completion of a proof-of-concept project with BASF, demonstrating improvements in manufacturing efficiency using its quantum technology. [21]
Such industrial collaborations are key to demonstrating that quantum annealing can deliver measurable operational benefits, not just interesting research outputs.
What Wall Street Thinks: D-Wave Quantum Stock Forecasts
Analyst coverage of D-Wave has expanded in 2025, and while methodologies differ, most published views remain constructive — with a lot of caveats.
Consensus ratings and price targets
Recent surveys of analysts covering D-Wave show:
- A “Strong Buy” or “Buy” tilt overall, with very few neutral ratings and at least one Sell outlier. [22]
- A wide range of 12-month price targets, reflecting just how uncertain the quantum timeline is. Depending on the dataset:
- Average targets cluster roughly in the high-20s to high-30s per share.
- High targets reach $44, matching Evercore’s recent call.
- Low targets drop as far as the low-teens, and older coverage even goes lower, highlighting downside risk if the story stumbles. [23]
One data provider summarizing recent price targets noted a median target around $35, while another quotes an average close to $28–29, which is close to where the stock trades today after its latest rebound. [24]
MarketBeat data specifically characterizes the stock as a “Moderate Buy”, with a consensus price target just under $30, implying modest upside from current levels but with a very wide confidence interval. [25]
Key themes in analyst commentary
Across research houses and stock-commentary outlets, several themes repeat:
- Commercial traction vs. cash burn: Analysts generally credit D-Wave for having real revenue and paying customers but note that absolute dollars are still small and losses remain large relative to sales. [26]
- First-mover advantage in annealing: D-Wave is seen as the clear incumbent in annealing-based quantum computing, but there’s ongoing debate about how large that niche will be relative to gate-model machines being developed by both Big Tech and other startups. [27]
- Extreme valuation sensitivity: Articles covering the November sell-off emphasize that small changes in sentiment about quantum timelines or funding conditions can cause large swings in QBTS, regardless of near-term revenue results. [28]
Risk Factors for QBTS Investors
Any discussion of D-Wave Quantum stock in late 2025 has to acknowledge the downside scenarios as clearly as the upside narratives. Commonly cited risks include:
- Technology risk: It is not yet clear how much of the long-term quantum value pool will accrue to annealing vs. gate-model architectures, or to specialized startups vs. diversified giants. If annealing proves niche or is leapfrogged, D-Wave’s edge could narrow. [29]
- Execution and commercialization risk: Revenue is growing fast in percentage terms but still small in absolute dollars. Turning proofs of concept with partners like Comcast, BASF, or government agencies into large, recurring contracts is the real test. [30]
- Financing and dilution: D-Wave’s cash balance has been bolstered by equity raises, including its large at-the-market program. That provides runway, but future capital needs could mean additional dilution if the company doesn’t reach cash-flow breakeven. [31]
- Valuation and sentiment: The stock has already risen several hundred percent this year, and commentators warn that if the broader “quantum trade” unwinds, small-cap names like QBTS could see sharp, rapid drawdowns. [32]
What to Watch Heading Into 2026
For readers tracking D-Wave Quantum on Google News and Discover, several upcoming markers could shape the next leg of the story:
- Qubits 2026 user conference – Expected to showcase customer wins, new use cases, and roadmap updates. Strong case studies, especially in telecom, manufacturing, or defense, could help support the “commercial traction” thesis. [33]
- Next earnings report – Market calendars currently list D-Wave’s next earnings release around April 2026. Investors will be watching whether revenue continues to grow near triple digits and whether losses narrow relative to 2025 levels. [34]
- New analyst coverage or rating changes – After Evercore’s Outperform and other recent targets, any upgrades, downgrades, or revisions to price targets can move the stock quickly in either direction. [35]
- Further institutional moves or insider activity – Additional hedge fund buying, or further insider transactions, will likely remain closely watched as signals of confidence or caution. [36]
Bottom Line: A High-Beta Bet on Commercial Quantum Computing
As of December 9, 2025, D-Wave Quantum stock sits at the intersection of three forces:
- Real technological and commercial progress, including doubling revenue, a deepening partnership ecosystem, and an expanding product roadmap. [37]
- Intensifying attention from Wall Street and institutional investors, reflected in new Buy ratings, aggressive price targets, and hedge fund positions. [38]
- Extreme valuation and sentiment risk, visible in the stock’s November crash, December rebound, and the sheer spread between bullish and bearish forecasts. [39]
For observers of the quantum computing boom, QBTS remains one of the purest — and most volatile — ways to track how quickly experimental physics can turn into real-world business.
References
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