Quantum computing has emerged as one of the most exciting, potentially explosive plays for growth investors, and D-Wave Quantum (QBTS 6.56%) stock has seen huge valuation gains in conjunction with the trend. As of this writing on Aug. 10, the company's share price has roughly doubled across 2025's trading.
While the stock has posted big returns in 2025, investors who bought the stock exactly one year ago would have seen gains that absolutely dwarf that performance. Read on to see the incredible sum that $1,000 invested in D-Wave would now be worth and a look at key performance drivers for the company going forward.
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D-Wave stock has delivered more than 10x returns over the last year
D-Wave Quantum went public through a merger with a special purpose acquisition company (SPAC) in August 2022. The stock is up just 40% over the last three years, as I write this, significantly underperforming the S&P 500's total return level of roughly 59% across the stretch. On the other hand, the stock's performance over the last year has blown returns for the broader market out of the water.
D-Wave Quantum stock has skyrocketed roughly 1,910% over the last year -- absolutely crushing the S&P 500's total return of approximately 21% across the stretch. With those gains, a $1,000 investment in D-Wave one year ago would now be worth more than $20,000.
With the second-quarter report that it published earlier this month, the company reported a non-GAAP (adjusted) loss of $0.08 per share on sales of approximately $3.1 million. For comparison, the average analyst estimate had called for the business to post an adjusted loss of $0.05 per share on sales of roughly $2.54 million, so it "beat" the top-line estimate but "missed" the bottom-line one.
D-Wave is still in a very early growth stage. The speculative nature of the quantum computing industry at large and D-Wave's individual positioning in the space make the stock a very risky play, but it's possible that future tech breakthroughs will help power more big gains for the stock.
