With quantum computing enthusiasm running rampant in 2024, shares of D-Wave Quantum (QBTS 6.54%) skyrocketed more than 854% through the year. This past year, however, shares of the quantum computing leader delivered a much more modest performance -- though still impressive -- as the company made several promising announcements and analysts offered an auspicious outlook for D-Wave Quantum stock.
According to data provided by S&P Global Market Intelligence, shares of D-Wave Quantum rose 211.4% in 2025.
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This quantum stock took another quantum leap last year
Plunging more than 17% from the start of 2025 through the end of April, shares of D-Wave Quantum reversed course from the upward trajectory they exhibited in 2024.
NYSE: QBTS
Key Data Points
But then May rolled around.
After the company announced first-quarter 2025 financial results on May 8, shares soared, closing more than 51% higher than the previous day's close. Beating analysts' estimates that the company would post revenue of $10.5 million and earnings per share (EPS) of negative $0.04, D-Wave Quantum reported $15 million in sales and positive EPS of $0.02. According to Dr. Alan Baratz, CEO of D-Wave Quantum, "The first quarter of 2025 was arguably the most significant in D-Wave's history, especially in terms of our unique ability to deliver quantum value today to our customers and the scientific community."
In the months that followed, shares continued to rise as analysts provided increasingly bullish outlooks. On Sept. 22, for example, B. Riley raised its price target on D-Wave Quantum stock to $33 from $22, implying about 23% upside from the previous day's close. A few weeks later, Roth Capital provided an even more optimistic outlook, raising its price target to $50 from $20.
Yet another catalyst for the stock's rise in late 2025 was the company's Dec. 2 announcement that it had formed a unit to pursue business opportunities with the United States government. Days later, shares jumped after a Bloomberg article reported that the Trump administration is looking to spur development of the quantum computing industry to keep pace with China.
What could drive shares of D-Wave Quantum even higher in 2026?
As of this writing, shares of D-Wave Quantum are down about 2% since the start of the year. The stock, however, could certainly reverse that trajectory and shoot higher if the company continues to announce commercial agreements that materially improve its financials. Whether this comes in the form of business with the U.S. government (validating the company's formation of a new business unit) or stems from business with companies across various industries, investors will likely celebrate signs that quantum computing has real-world business applications.
While the stock has the potential to climb higher, it's important to remember that it's still speculative, and only those with significant risk tolerance should consider positions at this point.
