D-Wave Quantum (QBTS) saw a remarkable 200% increase in its share price during 2025, significantly outpacing major tech companies like NVIDIA (up 38.8%) and AMD (up 77.3%). This performance comes amid a broader technology sector gain of 26% and amid modest growth from tech giants such as Apple (8.6%) and Microsoft (14.7%).
Throughout 2025, D-Wave reported rapid revenue growth, expanding its customer base to over 100 organizations. The company is entering 2026 with operational production-grade quantum systems and contracts set to generate revenue, including a notable €10 million agreement in Italy. D-Wave’s projected 2026 revenues stand at $41.8 million, indicating a growth of 61.1% from the previous year, although it still faces challenges such as long sales cycles and operational losses.
Despite its aggressive momentum, D-Wave’s valuation is high, with a forward price-to-sales ratio of 164.2, sparking concerns over potential volatility in the face of rising competition and investor expectations. The consensus estimate for a 19-cent per share loss in 2026 reflects only a 7% improvement from 2025.
