D-Wave Quantum Inc. Common Stock (QBTS)

Despite D-Wave Quantum Inc. (NASDAQ: QBTS) missing Q2 2026 earnings and revenue estimates, its stock has risen approximately 20% in the last month, suggesting a potential recovery. The bull case for D-Wave is supported by a significant increase in bookings (up 1,120% to $35.5 million in H1 2026) and a rising backlog (up 668% to $40.7 million), indicating strong future revenue potential. Additionally, growing commercial customer counts and increased use of production applications signal deeper adoption of quantum computing.

D-Wave Quantum Inc (QBTS) shares fell 8.3% to $18.68, placing them significantly above their GF Value of $8.14, indicating a 129.5% overvaluation. The company has an "Above Average" GF Score of 63/100, driven by strong growth and momentum but hampered by poor profitability and valuation. Insider activity shows substantial net selling, suggesting a lack of confidence among company executives.

BMO Capital Markets initiated coverage of D-Wave Quantum Inc. (QBTS) with an Outperform rating and a $35 price target, projecting an 89% upside. Analyst Harsh Kumar highlights D-Wave's commercial revenue generation and its dual-platform strategy encompassing quantum annealing and gate-model systems as key advantages. While the target relies on aggressive growth assumptions and the company is not yet profitable, BMO anticipates significant revenue acceleration from 2026 onwards.

D-Wave Quantum, a quantum computing company, has expanded its lease at the Boca Raton Innovation Campus, increasing its footprint from 26,000 square feet to 34,522 square feet across two buildings. This expansion signifies a growing presence for the company in Florida and highlights the region's increasing importance in the quantum technology sector. The move supports the company's growth as the area aims to become a leader in quantum computing.

Quantum computing stocks, including Rigetti (RGTI), Quantum Computing Inc. (QUBT), D-Wave Quantum Inc. (QBTS), and IonQ, Inc. (IONQ), experienced a significant rally on Friday. This surge was primarily driven by BMO Capital's bullish "Outperform" rating on D-Wave, with a $35 price target, which positively impacted investor sentiment across the entire quantum sector. Despite this rally, the article highlights the ongoing disparity between strong investor interest and the relatively small revenues currently generated by these companies, indicating that the sector remains highly sentiment-driven.