D-Wave Quantum (QBTS +8.46%) may be looking to 2026 as its breakout year. The quantum computing company saw revenue grow 179% in 2025, and closed out the year with accelerated bookings.
Shares jumped more than 10% after its fourth-quarter report was released. Even after paring some of those gains, D-Wave stock remained higher by 4.7% at 10:22 a.m. ET.
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Watching D-Wave bookings
It's still early innings for quantum computing stocks. D-Wave is still losing money, but revenue grew 179% in 2025, and bookings accelerated into year-end. D-Wave just closed its first full year after booking its first quantum computer system sale at the end of 2024. D-Wave CEO Dr. Alan Baratz summarized the past year, stating, "Our 2025 results mark one of the most successful and transformative years in D-Wave's history, with meaningful growth across every key business metric -- revenue, bookings, technical milestones, and scientific breakthroughs."
It's starting 2026 strong as well. D-Wave said it has generated more than $30 million in order bookings in January alone, as it also closed the acquisition of gate-model quantum computing company Quantum Circuits.
NASDAQ: QBTS
Key Data Points
January orders included a $20 million agreement from Florida Atlantic University (FAU) to purchase and install D-Wave's Advantage2TM annealing quantum computer. With shares down more than 20% year to date and real bookings reducing the level of speculation, investors are feeling more comfortable diving into D-Wave stock today.
