New York (Dec. 26, 2025) — As of 2:18 p.m. ET on Friday, December 26, 2025, U.S. markets are open and trading in a typically thin, post-Christmas session.
Against that backdrop, D-Wave Quantum Inc. (NYSE: QBTS) is having an unusually volatile day even by quantum-computing standards. Shares were recently around $24.82, down about $2.70 (roughly 9.8%) from the prior close, after swinging between $27.79 and $24.78 intraday on heavy volume.
The broader market tone remains constructive: Reuters reported the S&P 500 briefly hit an intraday record high before easing back in quiet holiday trade, with the “Santa Claus rally” window now underway. [1]
QBTS stock today: the quick snapshot
Here’s what stands out for investors tracking D-Wave Quantum stock (QBTS) into the final stretch of 2025:
- Price (early afternoon ET): about $24.82
- Day move: down about $2.70 (~9.8%)
- Intraday range: roughly $24.78 to $27.79
- Context: post-holiday trading is often low-liquidity, which can amplify moves—especially in higher-beta, headline-driven names like quantum computing stocks [2]
Why D-Wave Quantum stock is moving: a volatile sector meets a low-volume tape
1) The market is near highs, but holiday liquidity can exaggerate single-stock moves
Reuters described Friday’s tape as thin post-Christmas trading with major indexes hovering near records. [3] In this kind of session, price swings in thematic momentum names can become sharper than usual because fewer institutional participants are active and order books are less deep.
2) QBTS is coming off a catalyst-driven surge earlier this week
D-Wave shares jumped earlier in the holiday week after the company announced it will appear at CES 2026 as a sponsor of the CES Foundry event in Las Vegas on January 7–8, 2026, highlighting “real-world customer success stories” and demonstrations around quantum use cases. [4]
Market coverage linked that announcement to a strong one-day move: Nasdaq.com reported QBTS closed up about 19.7% on Dec. 22 following the CES-related news flow, with elevated trading volume. [5]
A sharp pullback after a fast run—especially during the year-end period—often reflects a mix of profit-taking, position rebalancing, and momentum unwind rather than a single fundamental datapoint.
3) Quantum computing stocks have been whipsawing in 2025
In recent weeks, multiple outlets have highlighted how choppy quantum pure plays can be. Investors.com noted that Wall Street “discovered” quantum stocks in 2025, with more firms initiating coverage—but also warned the group remains volatile because commercialization timelines and adoption rates are still debated. [6]
That volatility is part of the story for D-Wave as well: Investors.com reported D-Wave has been among the best-performing quantum names in 2025, but also prone to sharp reversals. [7]
The bigger market backdrop: Santa Claus rally watch and a “prove-it” year for AI-driven markets
For investors trying to place QBTS within the day’s macro picture, it matters that D-Wave trades as part of a broader “next-gen compute” narrative that often moves with sentiment around AI, rates, and risk appetite.
- Reuters said U.S. indexes were near all-time highs and framed 2026 as a potential “prove-it” year, quoting Annex Wealth Management Chief Economist Brian Jacobsen saying companies will need to deliver tangible gains from AI and investment spending. [8]
- Reuters’ week-ahead outlook also emphasized investor focus on the Federal Reserve path and upcoming catalysts like the Fed meeting minutes, while noting the S&P 500 was close to the 7,000 milestone. [9]
- MarketWatch highlighted the historical “Santa Claus rally” pattern and quoted Ryan Detrick (Carson Group) and Yehuda Leibler (ARX Advisory) on why year-end seasonality can matter—but shouldn’t be mistaken for a fundamental driver by itself. [10]
In plain terms: markets are upbeat, but investors are increasingly demanding evidence—revenue growth, margins, and real customer traction—especially in frontier tech categories.
D-Wave’s latest company news: what’s actually changed in recent months
Even if today’s move is partly tape-driven, D-Wave has released several material updates recently that help explain why the stock attracts big swings.
CES 2026: D-Wave plans demos and a “value today” message
In its CES announcement, D-Wave said it will showcase its annealing quantum computing technology, hybrid quantum-classical solvers, and “measurable performance benefits” for practical use cases. The company also said Murray Thom (VP, Quantum Technology Evangelism) will lead a masterclass and demo on January 7. [11]
For investors, the CES appearance matters less as a single event and more as a signal that D-Wave intends to keep pitching a key differentiation: practical optimization workloads and hybrid methods positioned as commercially relevant now—not only in a distant fault-tolerant future.
U.S. government push: a dedicated business unit and a defense-adjacent deployment
On December 2, 2025, D-Wave announced it formed a U.S. government business unit led by Jack Sears Jr. to pursue government-focused go-to-market, application development, and federal-compliant product needs. [12]
Separately, the company said its Advantage2 quantum computer is now operational at Davidson Technologies in Huntsville, Alabama, positioned for U.S. government and national defense-related problem sets, and accessible through D-Wave’s cloud service. [13]
A Nextgov report emphasized that this makes an Advantage2 system available for national security work via the Davidson partnership, underscoring the public-sector angle as a potential longer-term demand driver. [14]
Europe expansion: a €10 million Advantage2 deployment agreement
D-Wave also announced a €10 million agreement with Swiss Quantum Technology SA tied to deployment of an Advantage2 system in Europe. [15]
Barron’s described this as part of a broader European footprint expansion and noted D-Wave’s revenue can be “irregular” due to the lumpy nature of system sales—an important factor for investors modeling the business. [16]
Earnings and fundamentals: what the latest quarter tells investors about QBTS
D-Wave’s stock often trades more on narrative than on near-term financials, but the latest reported numbers still matter—especially as Wall Street coverage expands.
Q3 2025 highlights: revenue growth, improved margins, and a large cash balance
In its Q3 2025 results release (for the quarter ended Sept. 30, 2025), D-Wave reported:
- Revenue:$3.7 million, up 100% year over year [17]
- Bookings (Q3):$2.4 million, and the company said it closed over $12 million in additional bookings after quarter-end [18]
- GAAP gross margin:71.4% (company-reported) [19]
- Cash balance: a record $836.2 million as of Sept. 30, 2025 [20]
CEO Dr. Alan Baratz said the quarter showed momentum across revenue, gross profit, bookings, and cash balance as D-Wave pushes broader adoption. [21]
Watch the “headline loss”: warrant accounting has been a major swing factor
D-Wave also reported a Q3 net loss of $140.0 million, but said the increase was primarily driven by non-cash warrant-related accounting charges; the company reported adjusted net loss of $18.1 million ($0.05 per share). [22]
This distinction matters because it affects how investors interpret earnings headlines and whether a “loss widened” story reflects operating deterioration or financial-structure mechanics.
Wall Street forecasts and analyst targets for D-Wave Quantum stock
With quantum stocks in focus, several firms and outlets have published price targets and sector views. The details differ—but the common theme is that QBTS is being treated as a high-risk, high-upside frontier tech name.
Initiations and major targets cited in recent coverage
- Evercore ISI initiated coverage on D-Wave with an Outperform rating and a $44 price target, highlighting commercial revenue status, a “full-stack” ecosystem approach, and strong liquidity (cash). [23]
- Mizuho initiated “Outperform” coverage on D-Wave with a $46 target (Barron’s reporting), alongside bullish calls on other quantum pure plays. [24]
- Wedbush analysts have also expressed optimism on the quantum group, with Investopedia reporting a $35 target on D-Wave (roughly framed as sizable upside in that context). [25]
- Earlier in 2025, Yahoo Finance reported B. Riley maintained a “Buy” and raised its target to $33. [26]
What consensus pages show (useful, but read the fine print)
Consensus aggregator pages often cluster targets in the mid-$30s to mid-$40s, though they can differ based on how many analysts are included and how recently updates were captured. For example, TipRanks displayed an average target around $40 with a $35–$48 range. [27]
Important caveat for readers: price targets are opinions, not guarantees, and quantum stocks can move faster than targets get revised.
A key volatility accelerant: short interest remains notable
High short interest doesn’t automatically mean a squeeze—but in a low-float-feeling momentum name, it can amplify moves when headlines hit.
- MarketBeat listed D-Wave short interest at about 42.25 million shares (roughly 12.47% of float) as of mid-November 2025. [28]
- Yahoo’s key-statistics page also reflected short-interest metrics around 12% in mid-December figures. [29]
When a stock already trades on narrative catalysts (CES demos, government deployments, “quantum advantage” claims), short positioning can contribute to rapid rallies—and equally fast reversals.
What investors should watch before the next session
Because it’s Friday, the next regular U.S. stock market session is Monday (Dec. 29, 2025). Whether you’re trading short-term or investing long-term, here are practical items to track before the open:
1) Liquidity and year-end positioning
Reuters described thin post-holiday trading and noted investors are watching whether the Santa Claus rally period follows historical patterns. [30]
That matters for QBTS because lower liquidity can create outsized gaps—both up and down—on comparatively modest news.
2) Macro catalysts that can move “risk-on” sentiment
Next week’s calendar includes items the market is already focused on—like the release of Fed meeting minutes—and broader uncertainty around monetary policy leadership, according to Reuters’ week-ahead preview. [31]
Even though QBTS is a single stock story, “risk-on/risk-off” swings often hit speculative growth names hardest.
3) Company catalysts in early January
D-Wave’s CES Foundry presence on Jan. 7–8, 2026 is the next near-term scheduled visibility event the company itself has promoted. [32]
Investors will be watching for any concrete customer metrics, new partnerships, or product validation points that go beyond demos.
4) Earnings date uncertainty: calendars vary, official confirmation matters
Third-party earnings calendars currently show different estimates for D-Wave’s next report—some point to mid-March 2026, others to early April 2026—so investors should treat dates as tentative until the company confirms. [33]
The bottom line on D-Wave Quantum stock (QBTS) heading into 2026
D-Wave is increasingly being treated by the market as a “show-me” frontier-tech story: it has growing coverage, visible catalysts (including CES 2026), a clearer push into public-sector and defense-adjacent applications, and a balance sheet the company describes as unusually well-funded for its category. [34]
At the same time, investors should expect lumpy revenue, headline volatility around accounting items, and sharp sentiment-driven moves—especially during thin holiday sessions like today. [35]
References
1. www.reuters.com, 2. www.reuters.com, 3. www.reuters.com, 4. www.dwavequantum.com, 5. www.nasdaq.com, 6. www.investors.com, 7. www.investors.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.marketwatch.com, 11. www.dwavequantum.com, 12. www.dwavequantum.com, 13. www.dwavequantum.com, 14. www.nextgov.com, 15. www.dwavequantum.com, 16. www.barrons.com, 17. www.dwavequantum.com, 18. www.dwavequantum.com, 19. www.dwavequantum.com, 20. www.dwavequantum.com, 21. www.dwavequantum.com, 22. www.dwavequantum.com, 23. www.investors.com, 24. www.barrons.com, 25. www.investopedia.com, 26. finance.yahoo.com, 27. www.tipranks.com, 28. www.marketbeat.com, 29. finance.yahoo.com, 30. www.reuters.com, 31. www.reuters.com, 32. www.dwavequantum.com, 33. www.zacks.com, 34. www.investors.com, 35. www.reuters.com
