Published: February 5, 2026 | Tapbit Quantum Computing & Emerging Tech Desk
D-Wave Quantum Inc. (NYSE: QBTS) has delivered one of the strongest performances among quantum computing stocks in the past 12 months, with shares rising 332% as the company transitions from pure R&D to commercial traction via its Leap™ quantum cloud service (QCaaS) and Advantage2 annealing systems. Revenue for the first nine months of fiscal 2025 reached $21.8 million — a 235% increase year-over-year — while recent bookings (including a €10 million deal in Italy) and analyst upgrades have fueled renewed investor interest.
Consensus ratings sit at Strong Buy with an average 12-month price target of ~$32.80 (high $50, low $25), implying ~120–300% upside from current levels (~$14–$15 range as of early February 2026). This article breaks down D-Wave’s financial momentum, annealing vs gate-model differentiation, competitive positioning against IonQ and Rigetti, key 2026 catalysts, risks, and practical trading considerations for QBTS stock.
Q3 & 9-Month 2025 Financial Highlights
| Metric | 9M 2025 Actual | YoY Change | Consensus Beat/Miss | Key Driver |
|---|---|---|---|---|
| Revenue | $21.8 million | +235% | Beat | Leap QCaaS bookings surge |
| Bookings (cumulative) | ~$45–50 million pipeline | Significant growth | — | Advantage2 prototype deals |
| Gross Margin | ~55–60% (improving) | Expansion | Beat | Cloud utilization ramp |
| Cash & Equivalents | ~$45 million (post-raise) | — | — | ATM equity + convertible notes |
Source: D-Wave quarterly filings, analyst aggregates (February 2026)
Why Analysts Are Bullish: The Annealing Advantage Thesis
D-Wave differentiates itself through quantum annealing — a specialized architecture optimized for optimization and sampling problems (logistics, portfolio optimization, drug discovery, machine learning training) — versus the universal gate-model approach of IonQ, Rigetti, IBM, and Google Quantum AI.
Key advantages highlighted by Bernstein, Benchmark, and others:
- Commercial traction first — Leap cloud already has paying customers in manufacturing, finance, pharma; Advantage2 prototype bookings (e.g. €10M Italy deal) signal accelerating enterprise adoption
- Lower qubit requirements for useful work — Annealing solves certain classes of problems with fewer physical qubits than gate-model systems need for equivalent logical qubits
- Energy efficiency & speed — Annealing systems consume far less power per solution and return answers in seconds/minutes vs gate-model systems that may require hours/days for comparable problems
- Hybrid classical-quantum workflows — Leap integrates seamlessly with classical solvers → real-world hybrid applications already live
Analyst price targets reflect this differentiation: average $32.80 (high $50 from Benchmark) implies ~120–300% upside from ~$14–$15 levels, driven by projected 196% revenue growth in 2026 and path toward profitability in 2027–2028.
D-Wave vs Peers – Competitive Positioning
| Company | Architecture | 2025 Revenue Est. | Market Cap | Key Strength / Risk |
|---|---|---|---|---|
| D-Wave (QBTS) | Quantum Annealing | $24–$28M | ~$2.0–$2.5B | Commercial traction first / dilution risk |
| IonQ (IONQ) | Trapped-ion gate-model | $35–$45M | ~$5–$7B | High qubit fidelity / high burn rate |
| Rigetti (RGTI) | Superconducting gate-model | $12–$18M | ~$800M–$1.2B | Hybrid cloud access / execution risk |
| Quantum Computing Inc (QUBT) | Photonic + annealing | Minimal | ~$200–$400M | Early-stage / speculative |
Technical Setup & Sentiment – Early February 2026
Current Price Range: ~$14–$15 (consolidation after 2025 rally)
- Support: $12.50–$13.00 (50-day MA)
- Resistance: $16–$18 (prior highs)
- RSI (daily): ~58–64 (neutral-bullish)
- Volume: Elevated on earnings beats — strong conviction
Pattern: Higher lows throughout 2025 → breakout above $16–$18 targets $22–$25 on continued commercial traction.
Risks to Monitor in 2026
- Dilution risk — ongoing ATM equity raises to fund R&D and operations
- Execution & competition risk — gate-model players (IBM, Google, IonQ) may solve annealing-class problems faster than expected
- Customer concentration — early revenue heavily tied to a few large enterprise deals
- Market skepticism — quantum advantage still debated; many view annealing as niche vs universal gate-model
FAQs – D-Wave (QBTS) 2026 Outlook
Why has QBTS stock risen 332% in the past year?
Leap QCaaS revenue surged 235%, Advantage2 prototype bookings (e.g. €10M Italy deal), commercial traction in optimization use cases, and growing analyst coverage with Strong Buy ratings.
How does annealing differ from gate-model quantum computing?
Annealing excels at optimization & sampling problems with fewer physical qubits; gate-model aims for universal computation but requires far more qubits for practical advantage.
What is the average analyst price target for QBTS?
~$32.80 (high $50 from Benchmark, low $25), implying 120–300% upside from ~$14–$15 levels.
Is QBTS a buy after the rally?
Attractive for high-conviction investors focused on annealing’s commercial lead. Use pullbacks to add; watch Leap revenue growth and Advantage2 deployment metrics for confirmation.
Conclusion & 2026 Outlook for D-Wave
D-Wave Quantum (QBTS) has emerged as one of the strongest performers among quantum computing stocks in 2025–2026, with shares up 332% over the past year driven by 235% Leap QCaaS revenue growth, Advantage2 prototype traction, and increasing enterprise adoption of quantum annealing for optimization problems.
With consensus ratings at Strong Buy and average targets near $33 (high $50), QBTS offers leveraged exposure to the projected $11–$12 billion quantum computing market by 2033 — particularly in logistics, finance, drug discovery, and machine learning.
Trade QBTS & quantum computing momentum on Tapbit:
- Sign Up on Tapbit (0% maker fees)
- Login & Deposit
- Live Major Pairs & Sector Charts
Disclaimer: Stock and cryptocurrency trading involve significant risk of loss. Prices are highly volatile and can change rapidly. Revenue growth, analyst targets and market projections are estimates and not guaranteed. This article is for informational purposes only and does not constitute investment advice. Always conduct your own research (DYOR) and never invest more than you can afford to lose completely.
