Quantum computing's potential to accelerate complex computations opens a new frontier of technological innovation. Investors have piled into quantum computing stocks in anticipation of the investment opportunities quantum computing could create over the next decade.
D-Wave Quantum (NYSE: QBTS), an early-stage quantum computing company that's begun ramping up its commercial operations, has been one of the hottest names in the ******* e. Shares of D-Wave Quantum have traded between $12 and $46 over the past year and currently sit somewhere near the middle at $24 per share. With the business building momentum, is the stock a buy now? Here's why investors may want to hold off for now.
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D-Wave Quantum is developing annealing and gate-model quantum computer systems, software, and services for commercial applications. The company hasn't generated much revenue to date, as quantum computers aren't yet reliable enough for everyday commercial applications. The business is just getting started, with trailing-12-month revenue of just $12.4 million.
That said, D-Wave Quantum's order backlog took a big leap in the first quarter of 2026. The company sold a computer system to Florida Atlantic University for $20 million. It inked a $10 million agreement with a Fortune 100 customer for cloud-based access to quantum computing, which investors could think of as quantum computing-as-a-service.