New York, June 15, 2026, 14:50 EDT
- D-Wave Quantum stock jumped about 14.3% to $26.71 after Mizuho raised its target to $35 and kept its Outperform rating.
- D-Wave shares beat the Nasdaq on the day, with the index up about 3%, Investing.com data showed.
- D-Wave needs to turn bookings and product discussions into actual sales. Its next earnings call is penciled in for August 6, 2026, though D-Wave hasn’t confirmed the date.
D-Wave Quantum Inc. (QBTS) traded higher Monday after Mizuho raised its price target to $35 from $29 and maintained its Outperform rating. The new price target followed D-Wave’s first Analyst Day, where executives unveiled an updated gate-model roadmap. The company’s goal is 10 logical qubits by 2030 and 100 by 2032. Logical qubits are intended to offer more reliability than raw qubits.
D-Wave stock finished at $26.71, up $3.34 from the last close. Shares swung from $24.50 to $27.14 during the session. Volume topped 35 million shares. Market cap sat around $9.8 billion. The company is still posting losses, with EPS near -$1.14. That setup has the stock surging on growth optimism but selling off hard when investors worry over revenue, profits, cash burn, dilution, or timing issues.
D-Wave bulls say the story is simple. The company is one of the only public plays focused solely on quantum. Last quarter, D-Wave booked $33.4 million, a jump of nearly 2,000% from last year. Bookings are customer orders that are expected to become revenue later, a typical view of future demand. D-Wave ended Q1 with $588.4 million in cash and marketable securities, giving it a lot of money to deploy on both annealing and gate-model quantum programs.
Bearish arguments are front and center. First-quarter revenue came in at $2.9 million, an 81% drop year-on-year. Last year’s number got a boost from a big system win that didn’t repeat. Net loss for the quarter was $18.4 million. Operating costs climbed, partly on more product development and the Quantum Circuits acquisition. There’s not much to support today’s valuation except bets on future performance, not past results.
Investors are watching for the Q2 earnings on August 6, 2026. The report is expected to show whether bookings are turning into revenue, if demand is spreading beyond big individual deals, and provide an update on the company’s plans. At this point, QBTS is still seen as risky rather than plainly cheap. Shares have been moving and a few analysts are supportive, but at this market cap, investors seem to be assuming multiple years of quantum commercialization ahead of reality.
