New York, June 11, 2026, 08:02 EDT
D-Wave Quantum is trading at about half its 52-week high, with investors showing new caution on early-stage quantum stocks with large deals but limited revenue. QBTS finished at $23.25 on June 10, sliding 8.94% the day before. The 52-week high is $46.75.
Pressure is building as the quantum selloff extends past a single rough session. Shares seen as long-term bets on future computing need are falling, with investors now doubting if revenue growth will ever match valuations.
QBTS traded at $23.92 in premarket, up 2.88% before the New York open Thursday. The gain comes after a rough session for quantum stocks. TipRanks said D-Wave, IonQ, and Rigetti dropped on profit-taking and rate worries. Sentiment was weaker after Quantinuum’s first day.
D-Wave’s Q1 numbers left a mixed picture. Bookings jumped to $33.4 million, up 1,994% from the same period last year. Revenue, though, dropped 81% to $2.9 million after last year’s quarter saw a big system sale inflate the total.
CEO Alan Baratz called the quarter one of “strong execution” and “expanding commercial adoption,” citing a $10 million quantum computing-as-a-service agreement with a Fortune 100 company. With quantum computing as a service, customers use the quantum systems through cloud access instead of owning the hardware. Business Wire
D-Wave’s cash and marketable securities reached $588.4 million as of March 31, the company said. That’s a 93% jump from a year ago, coming after D-Wave completed its Quantum Circuits Inc. buyout in January. The cash position gives D-Wave some breathing room.
D-Wave is making the recent deal a key part of its new message. The company is known for quantum annealing tech that handles optimization tasks like scheduling and routing. Now, with Quantum Circuits, it picks up a gate-model project, which is the direction most competitors are taking. CEO Alan Baratz described the buyout as a “watershed moment.” Quantum Circuits co-founder Rob Schoelkopf said it brings D-Wave “a decisive advantage.” D-Wave Quantum
Valuation is the issue. 24/7 Wall St. said $1,000 at D-Wave’s 2022 market debut is now worth $2,352, but late buyers have taken steep losses. The story also pegged D-Wave’s market cap at about $8.84 billion, set against $12.4 million in trailing revenue.
D-Wave shares dropped 8.9% on Tuesday, with the S&P 500 down 0.3% and the Nasdaq Composite off 1%, Motley Fool contributor Keith Noonan said. He called the stock a “binary outcome” trade after the slide. The Motley Fool
B. Riley Securities’ Craig Ellis bumped his D-Wave price target up to $40 from $36 and reiterated his Buy after the company’s investor day, calling the commercial signals “encouraging.” TipRanks showed a Strong Buy consensus for D-Wave in June. Wall Street is still in, according to TipRanks.
Peers are helping push the pressure higher. IonQ is still the main public pure-play quantum stock. Rigetti is touting its progress on superconducting processors. Quantinuum has been trading flat to weak since its IPO, giving investors another way to judge early quantum revenue.
The bear case is clear. If bookings stall or the gate-model timeline slips, losses, cash burn and dilution could come back into focus for investors. There’s still a bull scenario: a big system deal, faster customer deployment, or more defense work with groups like Anduril and Davidson could push attention back onto D-Wave’s tech.
D-Wave Quantum’s market is splitting between early and late buyers. Investors who bought at the 2022 IPO remain up. Those who came in late are running into the gap between the company’s big talk and its actual sales.
