Is D-Wave Quantum (NYSE:QBTS) a buy in 2026?
No. D-Wave Quantum is one to avoid for now, per the Compass.
D-Wave sells quantum computing's promise at a $6.7B market cap against $8M in trailing revenue. The math doesn't work.
Where QBTS is headed
Strip away the quantum hype and here's what you're buying: a company that generated roughly $8 million in TTM revenue (implied from the financials), burns $63 million a year in cash, and trades at a market cap north of $6.7 billion. That's over 800x trailing revenue for a business whose top line just shrank 81% year-over-year. The projected 270% revenue growth next year sounds impressive until you realize that's a rebound off a catastrophically low base, likely getting revenue back toward $20-30 million. By late 2027, D-Wave will still be a pre-commercial company in any meaningful sense, competing against IBM, Google, IonQ, and Rigetti for a quantum computing market that (despite breathless forecasts) remains stubbornly small in actual enterprise spending. The Advantage 2 system is technically interesting, and annealing-based quantum computing has niche optimization applications. But niche optimization on 20-30 enterprise contracts doesn't justify a valuation that prices in category dominance.
Read the full Compass Direction on QBTS
The complete destination call, the overlooked angle, milestones, and bull, base, and bear price scenarios.
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Frequently asked questions
Is D-Wave Quantum (NYSE:QBTS) a buy in 2026?
No. D-Wave Quantum is one to avoid for now, per the Compass. D-Wave sells quantum computing's promise at a $6.7B market cap against $8M in trailing revenue. The math doesn't work.
What is QBTS's Compass Score?
D-Wave Quantum scores 73/100 on Alexandria's Compass, placing it in the "Favorable" tier. Scores blend eight factors and update weekly.
What is the price target for QBTS?
Alexandria's full Compass Direction includes bull, base, and bear price scenarios with the valuation math behind each. Read the full breakdown on the QBTS page.
Compass verdicts are AI-generated, forward-looking editorial research from publicly available data, not investment advice or a recommendation regarding any security. Scores and verdicts update as the data changes.