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D-Wave’s Year in Review: 2025 Wins Set the Stage for 2026

Investing.com Logo Investing.com By Nathan Reiff
D-Wave’s Year in Review: 2025 Wins Set the Stage for 2026

D-Wave Quantum Inc. (QBTS) tripled in value in 2025 with 232% returns, driven by major partnerships, strong financials with $836M in cash, and technological advances including its Advantage2 system and expansion into gate-model quantum computing. However, the stock is down 30% from October peaks and faces concerns about high valuations (P/S ratio of 1,237), unprofitability, and whether quantum technology can scale to smaller business customers. The company announced a $550M acquisition of Quantum Circuits in early 2026.

Insights
QBTS   neutral

Mixed outlook: Strong 2025 performance with 232% returns, major partnerships (Carahsoft, Japan Tobacco, Yonsei University), doubled Q3 revenue, and technological breakthroughs (Advantage2, gate-model expansion). However, significant headwinds include 30% decline from October highs, extreme overvaluation (P/S 1,237, P/B 135.6), continued unprofitability, minuscule revenue base, and uncertainty about scalability to broader markets. High short interest (12.47%) reflects investor skepticism.