NEW YORK, Dec. 28, 2025, 4:04 a.m. ET — Market closed (weekend)
D-Wave Quantum Inc. (NYSE: QBTS) heads into the final week of 2025 with U.S. markets shut for the weekend and investors still digesting Friday’s sharp pullback in one of the market’s most volatile “pure-play” quantum computing names. QBTS ended the last regular session at about $25.29, down roughly $2.24 (about 8%) on the day, after trading in a range near $24.78–$27.79 with roughly 33.6 million shares changing hands. MarketBeat+1
The drop came during a muted, post-Christmas session for the broader market. Reuters reported major U.S. indexes finished nearly unchanged on Friday, Dec. 26, in light volume and with few catalysts—conditions that can amplify moves in high-beta, retail-heavy themes like quantum computing.
What happened Friday: a sharp down day in a stock that rarely does “quiet”
MarketBeat’s intraday recap described QBTS as down about 8.2% on Friday, noting the stock traded down to roughly $24.77, while volume was below its recent average—a notable detail in a name that often trades tens of millions of shares per session.
Investor’s Business Daily’s market wrap also flagged D-Wave’s drop of more than 8%, describing the move as part of a volatile stretch after recent gains and highlighting the stock’s wide swings.
No major, company-issued headline hit the tape in the last 48 hours. Instead, the weekend narrative around QBTS has centered on the tug-of-war that defines many quantum stocks right now: real commercial traction and a large cash cushion on one side, and premium valuation plus sharp day-to-day volatility on the other.
The last 24–48 hours of QBTS coverage: downside calls, “10-bagger” talk, and a reality check
Three widely-circulated reads over the past 48 hours captured the split-screen view of D-Wave:
1) “Could QBTS fall to $18?”
Trefis published a note on Dec. 27 arguing the stock could slide further, pointing to a roughly 21% drop in less than a month (from around $32.19 on Dec. 22 to about $25.29) and suggesting $18 “is not out of question” in a deeper correction. Trefis
2) “Next 10-bagger?” (but ‘low-probability’)
Motley Fool contributor Manali Pradhan, CFA wrote late Dec. 27 that D-Wave has standout positioning in quantum annealing commercialization—but argued that a true 10x outcome looks unlikely given today’s valuation and the absence (so far) of a broadly viable, fault-tolerant gate-model system. The Motley Fool
3) A data-driven recap of the slide and Street targets
MarketBeat’s Friday piece emphasized the move’s scale and pulled together current consensus-style figures: a “Moderate Buy” stance and an average price target around $33.67 (as compiled by that outlet). MarketBeat
Fundamentals investors keep circling back to: cash, dilution, and early revenue
One reason D-Wave stays in the conversation—despite the volatility—is the size of its liquidity relative to most early-stage quantum peers.
In its Form 10‑Q for the quarter ended Sept. 30, 2025, D‑Wave reported cash and cash equivalents of $836.2 million (up sharply from year-end 2024). The same filing shows revenue of $3.739 million for the quarter ended Sept. 30, 2025, versus $1.870 million in the prior-year quarter.
But that cash build also came alongside meaningful equity activity. The Sept. 30, 2025 10‑Q reflects substantial financing inflows, including proceeds from at-the-market offerings and other equity-linked activity, and an increased share count versus the prior year-end—facts investors often weigh when thinking about future dilution and per-share economics.
Analyst targets and forecasts: “Buy” ratings, but wide outcomes
Recent Wall Street coverage has generally leaned constructive on D‑Wave—while acknowledging big execution and adoption risk.
- Jefferies initiated coverage with a Buy and a $45 price target (Dec. 16), pointing to what it described as improving “ecosystem tailwinds,” D‑Wave’s roadmap spanning annealing and gate-model approaches, and a strong balance sheet entering 2026. Investing.com+1
- Evercore ISI initiated with an Outperform and a $44 target, according to Investor’s Business Daily, with analyst Mark Lipacis emphasizing D‑Wave’s commercial posture and liquidity.
- MarketBeat’s compilation (as of Friday’s recap) put the average target near $33.67, with a rating mix that still includes at least one bearish view.
The key takeaway for investors: even among bullish initiations, targets vary widely—typical of a frontier tech category where valuation is driven as much by belief in the timeline as by current revenue.
Insider selling: headline risk, but note the trading-plan context
Another topic that tends to flare up around fast-moving stocks: insider activity.
MarketBeat highlighted recent insider sales and linked the transactions to SEC filings, including sales by CEO Dr. Alan Baratz and CFO John Markovich. The filings indicate the transactions were made pursuant to Rule 10b5‑1 trading plans (pre-arranged programs that can reduce the signaling value of an individual sale).
What to watch next: CES, Qubits 2026, and the next earnings window
With the market closed today, investors are likely to look ahead to the next set of potential catalysts rather than weekend price action:
- CES 2026 / CES Foundry (Jan. 7–8, Las Vegas): D‑Wave says it will participate as a sponsor and showcase customer use cases; executive Murray Thom (VP of quantum technology evangelism) is scheduled to present a masterclass and demo, per the company’s Dec. 22 announcement.
- Qubits 2026 user conference (Jan. 27–28, Boca Raton): An 8‑K states the event will feature D‑Wave executives and customers and will include updates on its technology roadmap across annealing and gate-model initiatives.
- U.S. government-focused business unit: In a Dec. 2 8‑K, D‑Wave announced a new unit led by Jack Sears Jr., with CEO Dr. Alan Baratz describing the intent to accelerate quantum applications tied to national security and infrastructure needs.
- Next earnings timing: MarketBeat lists D‑Wave’s next earnings date as estimated for March 12, 2026 (before market open), noting the company has not confirmed it yet.
If you’re holding (or considering) QBTS: what matters before Monday’s open
Because U.S. equities are closed today, the next real liquidity test comes when trading resumes on Monday, Dec. 29.
A few practical realities matter more for QBTS than for a sleepy blue-chip:
- Trading hours and liquidity: NYSE Arca’s published schedule shows the early session begins at 4:00 a.m. ET, the core session runs 9:30 a.m.–4:00 p.m. ET, and extended hours run 4:00 p.m.–8:00 p.m. ET—a window where spreads can widen and price moves can be exaggerated.
- Holiday week mechanics: Investopedia notes stocks trade a full day on New Year’s Eve (Dec. 31), while markets are closed on Jan. 1, 2026 for New Year’s Day—useful context if you’re thinking about liquidity and headline risk around the turn of the year.
- Volatility regime: Friday’s move reinforced the core reality of quantum pure-plays: QBTS can swing hard even when the broader tape is calm. If Monday brings another thin-volume session, investors often watch whether the stock stabilizes (buyers step in) or whether selling pressure accelerates into year-end positioning.
For now, the weekend state of play is simple: QBTS remains a headline-driven, high-volatility quantum computing stock with real commercial claims and a very large cash position—but one that the market is still learning how to value, sometimes violently, day by day.
