NEW YORK, June 2, 2026, 13:02 EDT
• D-Wave shares pared gains and traded flat by early afternoon, giving up an earlier intraday pop.
• The company’s June 1 filing showed plans for a gate-model system aiming for 100 logical qubits by 2032.
• Roth Capital, Rosenblatt, and B. Riley issued bullish notes following D-Wave’s Investor Day.
D-Wave Quantum Inc. shares ended Tuesday close to flat. The stock had picked up early, but that move didn’t last as traders took stock of the company’s new gate-model quantum computing roadmap. Much of D-Wave’s future potential looks already priced in.
NYSE-listed shares traded at $29.26, up 8 cents, or 0.3%. The stock hit a session high of $31.24 but trailed the wider U.S. tech market. The Invesco QQQ Trust was up 0.3%, while the SPDR S&P 500 ETF Trust gained 0.1% at last check.
D-Wave wants investors to see it as more than an annealing company. Quantum annealing, the approach D-Wave is known for, is mostly used for optimization problems like scheduling or routing. The gate-model approach, based on quantum operations similar to the logic gates in classical computing, is considered a bigger bet for the industry’s future.
D-Wave laid out new quantum hardware goals in a June 1 Form 8-K, saying it’s aiming for 100 logical qubits able to run more than one million operations by 2032. Logical qubits, which are error-corrected versions built from physical qubits, are designed to boost calculation reliability. D-Wave also gave milestones: 17 physical qubits by 2026, 49 in 2027, 181 in 2028, and 10 logical qubits by 2030.
D-Wave chief Alan Baratz says the company has a “highly differentiated and credible path” to fault-tolerant quantum computing, according to a filing exhibit. Fault tolerance lets a system keep working even as some errors hit—still a major problem for the sector. SEC
Wall Street’s first reaction skewed positive. Roth Capital’s Sujeeva De Silva upped his price target to $40 from $30 and kept a Buy, calling the company’s first Investor Day “very well attended,” TipRanks reported. John McPeake at Rosenblatt repeated his Buy with a $43 target. B. Riley lifted its target as well, going to $40 from $36. TipRanks
Quantum stocks were getting a mixed look from investors. Both IonQ and Rigetti Computing, often tracked alongside other public quantum companies, traded up in early afternoon. IonQ gained 0.9% and Rigetti added 0.7%. The group held firmer ground as D-Wave’s early rally faded.
D-Wave is still looking to commercial orders to drive its story, not just wins in research. The company posted first-quarter bookings of $33.4 million in May, with revenue at $2.9 million and a net loss of $18.4 million. As of March 31, D-Wave had $588.4 million in cash and marketable securities. CEO Baratz said it was a quarter of “strong execution, expanding commercial adoption,” though revenue dropped 81% year over year—the prior first quarter got a big boost from an annealing-system sale. D-Wave Quantum
Federal money is in the mix too. D-Wave said in May it signed a letter of intent for $100 million in proposed CHIPS and Science Act funding. If the deal goes through, the U.S. Commerce Department would get $100 million in common stock. D-Wave said the grant still depends on final documents, a key point for investors tracking dilution and timing.
The risks are clear. The roadmap stretches years ahead, leans on technical milestones that could get delayed, and it’s tied to a company still losing money. D-Wave’s own filing says the June 1 roadmap info falls under Regulation FD and makes forward-looking statements. The release also warned results might end up a lot different than what’s in the plan.
The stock isn’t behaving like a post-earnings trade right now. It’s trading as a check on management’s credibility. What comes next isn’t only about price targets—it’s about whether the company can actually convert bookings to revenue, push customers past pilot projects, and reach its first hardware goals before patience wears thin.
