Shares of quantum computing company D-Wave Quantum Inc. (QBTS +20.02%) soared 13.5% through 10:40 a.m. ET Monday. And why?
This morning the company announced it will participate in CES 2026 on Jan. 7, 2026, presenting there "its award-winning annealing quantum computing technology, hybrid quantum-classical solvers, and real-world customer use cases." Vice president of quantum technology evangelism Murray Thom will also explain the "potential for synergy between quantum, AI and blockchain."
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D-Wave in 2025
D-Wave stock soared nearly 230% in 2025. In the company's Q3 report, CEO Dr. Alan Baratz said that "the world is watching quantum, and specifically D-Wave, as we deliver quantum computing's value to businesses, researchers, and governments now."
Last month, D-Wave announced 100% growth in Q3 revenue and offered its improvements in "gross profit, bookings, and cash balance" as evidence of the company's "success in accelerating global quantum computing adoption."
Is D-Wave stock a buy in 2026?
Yet D-Wave stock is something of a work in progress. Did revenue double in Q3? Yes, but the company's still doing barely $24 million in annual business, which isn't a lot for a stock valued at $9.6 billion.
That works out to a price-to-sales ratio of 400 times. And D-Wave, of course, has no price-to-earnings ratio at all, because it has no earnings. Even Wall Street analysts who recommend the stock (and there are a lot of them) don't anticipate D-Wave turning profitable before 2030 at the earliest, according to data from S&P Global Market Intelligence. To achieve this, they say D-Wave must first reach an annual revenue of more than $590 million.
There's a long way to go between here and there. In the meantime, investors should expect D-Wave stock to trade like the momentum stock that it is.
