NEW YORK, January 1, 2026, 11:42 ET — Market closed
- QBTS ended the final trading session of 2025 modestly lower as U.S. markets shut for New Year’s Day
- Investors are looking to January tech events for fresh signals on customer traction in quantum computing
- Key dates ahead include CES Foundry (Jan. 7–8) and D-Wave’s Qubits user conference (Jan. 27–28)
Shares of D-Wave Quantum Inc (QBTS) fell 0.4% to $26.15 on Wednesday, the last trading day of 2025, after swinging between $26.05 and $27.42. About 36.2 million shares changed hands.
U.S. stock markets are closed on Thursday for the New Year’s Day holiday and will reopen on Friday, Jan. 2. D-Wave said it will participate in CES 2026 as a sponsor of the CES Foundry in Las Vegas on Jan. 7–8, and that “Showcasing quantum computing at CES, one of the world’s most influential technology stages, signals that the technology is quickly moving into the mainstream,” said Murray Thom, vice president of quantum technology evangelism at D-Wave. dwavequantum.com
The timing matters because quantum-computing shares have become a sentiment-driven trade, with sharp moves often outpacing changes in fundamentals. Reuters has described a “Quantum 4” group of U.S.-listed names — including D-Wave — that has swung on headlines as investors debate when quantum machines will translate into broad commercial use. Reuters
Peers moved lower into year-end as well. IonQ slid 0.9% and Rigetti Computing fell 1.1%, while the tech-heavy Invesco QQQ Trust dropped 0.8% and the SPDR S&P 500 ETF declined 0.7%.
D-Wave has also flagged its annual Qubits user conference on Jan. 27–28 in Boca Raton, Florida, where it plans to share product roadmaps across annealing and gate-model initiatives. Quantum annealing is a quantum approach aimed at finding good solutions to complex optimization problems — like scheduling and routing — and D-Wave also sells hybrid tools that pair quantum processors with classical computers, the company said.
In its most recent quarterly update, D-Wave reported third-quarter revenue of $3.7 million, up 100% from a year earlier, and said it ended September with more than $836 million in cash and cash equivalents. It posted quarterly bookings of $2.4 million — a measure of orders signed — and highlighted a €10 million booking tied to capacity on its Advantage2 system in Italy.
Analyst attention has increased as the sector’s gains forced investors to revisit valuation. Jefferies analyst Kevin Garrigan rates D-Wave a buy with a $45 price target and Needham analyst Quinn Bolton has a $48 target, TipRanks data showed; the site calculated QBTS gained more than 170% in 2025.
That run has left the shares sensitive to shifts in risk appetite and to any signs that pilots are turning into repeatable, paid deployments. Investors typically watch bookings, cash burn and customer additions because revenue can be lumpy for hardware-heavy businesses.
Before the next session, traders will be watching whether QBTS holds the $26 area and whether it can retest Wednesday’s $27.42 intraday high once liquidity returns.
Before the next session, the bigger swing factor may be conference headlines: quantum stocks have tended to react quickly to customer wins and partnership updates, especially around major tech events.
Before the next session, investors are also tracking the next earnings window; MarketBeat estimates D-Wave will report quarterly results on March 12, before the market open.
Until then, D-Wave’s January events — including CES Foundry next week and its Qubits conference later this month — are likely to set the tone for near-term trading in QBTS and its quantum-computing peers.
