New York, June 16, 2026, 08:52 EDT
- QBTS was last quoted at $26.26, up about 12.6%, after Mizuho lifted its price target to $35.
- The rally rests on D-Wave’s quantum roadmap, but the latest quarter still showed only $2.9 million in revenue and a wider net loss.
- The next near-term catalyst is D-Wave’s Qubits Europe 2026 event on June 18, followed by progress on U.S. funding and 2026 technical milestones.
D-Wave Quantum Inc. shares moved sharply higher after Mizuho analyst Vijay Rakesh raised the firm’s price target on QBTS to $35 from $29 and kept an Outperform rating on the stock. The latest available quote showed D-Wave at $26.26, giving the company a market value of about $9.65 billion. Investopedia reported that the rally also lifted other quantum names, including Quantum Computing Inc., Rigetti Computing and IonQ, showing that investors treated the call as a sector signal rather than a D-Wave-only event.
The stock rose because the new target reinforced the market’s belief that D-Wave can be more than a quantum annealing company. Quantum annealing is a computing approach often used for optimization problems, while gate-model quantum computing is the broader circuit-style approach pursued by many industry rivals. D-Wave’s June 1 roadmap targets 100 logical qubits by 2032; logical qubits are error-corrected qubits designed to be more reliable than raw physical qubits. Chief Executive Dr. Alan Baratz said, “The industry has spent years talking about fault tolerance. We believe D-Wave has a highly differentiated and credible path to achieving it.” D-Wave Quantum
That matters for the share price because most of QBTS’s valuation is tied to future adoption, not current profits. In the first quarter, D-Wave revenue fell 81% to $2.9 million because the year-earlier period included a large annealing system sale. The bullish offset was bookings of $33.4 million, up 1,994%; bookings are customer orders expected to generate future revenue. D-Wave also reported $42.4 million in remaining performance obligations, or contracted work not yet recognized as revenue. The bear case is just as clear: operating expenses more than doubled to $56.5 million and net loss widened to $18.4 million.
Investors also have government support and insider selling to weigh. Reuters reported last month that the U.S. government planned quantum-computing investments across several companies, with D-Wave among firms expected to receive about $100 million. D-Wave has said the proposed CHIPS and Science Act funding would involve issuing $100 million of common stock to the Department of Commerce, which could help development but also creates dilution risk for existing holders. Recent Form 4 filings also showed CEO Alan Baratz and CFO John Markovich selling shares, though the CEO filing cited financial and tax planning purposes and both executives retained large holdings.
The next stock catalyst is whether D-Wave can add substance behind the rally. Qubits Europe 2026 on June 18 gives the company a near-term stage to show customer use cases, while investors will also watch final CHIPS award documents and the 2026 roadmap target for a 17-physical-qubit system with lower logical error rates. At today’s price, QBTS looks risky rather than conventionally cheap: the bull case is a rare pure-play quantum company with rising bookings, federal backing and a clearer dual-platform plan; the bear case is a nearly $10 billion valuation attached to small revenue, losses, dilution risk and milestones that remain years from full commercial proof.
