D-Wave Quantum Inc. (QBTS) Stock Price & Analysis
D-Wave Quantum Inc. (QBTS) closed at USD 11.63 on Thursday, October 22, 2026, down 3.88% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 12.1; the Oct 22, 2026 session ranged USD 11.4–12.03 on volume of 13,582,245 shares. Market capitalization is $4.42B, with a 52-week range of USD 11.35–37.62 (NMS). Source: Nexqual, retrieved October 23, 2026 at 09:47 UTC.
Also available as compact Markdown for AI agents: nexqual.com/QBTS.md
Key facts (QBTS)
- Last four reported quarters (through Jun 30, 2026): revenue $12.4M, net income -$249M (-2001.6% margin), free cash flow -$119M (SEC filings).
- Insider open-market sales, last ~7 months: 12 Form 4 filings, $36.9M; 5 not under a Rule 10b5-1 plan ($34.8M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.06 on a 1–5 scale) (17 analysts), mean target USD 34.65 (range 18.36–43).
- Total return with dividends: 1Y -62.6% vs S&P 500 +14.9%; 5Y +18.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.09, revenue estimate $4.3M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (QBTS)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.3M | $7.2M | $8.8M | $8.8M | $24.6M | $12.4M |
| Gross profit | $4.5M | $4.3M | $4.6M | $5.6M | $20.3M | — |
| Operating income | -$38.9M | -$59.5M | -$80.5M | -$77.2M | -$100M | -$171M |
| Net income | -$41.0M | -$53.7M | -$82.7M | -$144M | -$355M | -$249M |
| EPS (diluted) | -$0.33 | -$0.45 | -$0.60 | -$0.75 | -$1.11 | — |
| Free cash flow | -$36.6M | -$45.6M | -$61.2M | -$44.7M | -$75.8M | -$119M |
| Gross margin | 72.1% | 59.2% | 52.8% | 63.0% | 82.6% | — |
| Operating margin | -620.3% | -828.9% | -919.7% | -874.8% | -408.2% | -1372.9% |
| Net margin | -652.5% | -748.7% | -944.5% | -1630.0% | -1444.1% | -2001.6% |
| Revenue growth | +21.7% | +14.2% | +22.1% | +0.8% | +178.5% | — |
| Cash + short-term investments | $9.5M | $7.1M | $41.3M | $178M | $884M | — |
| Total debt | $30.5M | $33.0M | $63.9M | $30.1M | $35.8M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (QBTS)
P/S 355.3x · EV/Sales 314.2x · P/B 4.1x · FCF yield -2.70% · Earnings yield -5.63% · Net cash $511M · EV $3.90B
Insider sales (SEC Form 4, open-market, last ~7 months) (QBTS)
7 of 12 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-08 | Dilullo John D | Director | 1,100 | $20K | 5.2% | Yes (adopted June 15, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-20 | Ames Sophie C | Exec. Vice President & CHRO | 3,070 | $52K | 0.5% | Yes (adopted June 13, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-15 | Ghai Rohit | Director | 13,518 | $357K | 36.4% | Yes (adopted June 13, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-12…2026-06-15 | Markovich John M. | Chief Financial Officer | 246,043 | $6.2M | 17.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-08…2026-06-09 | Markovich John M. | Chief Financial Officer | 51,049 | $1.3M | 3.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-08 | Baratz Alan E | President & CEO | 687,627 | $18.0M | 17.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-05 | Dilullo John D | Director | 7,850 | $192K | 26.9% | Yes (adopted June 15, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-02 | Markovich John M. | Chief Financial Officer | 2,908 | $90K | 0.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-22 | Markovich John M. | Chief Financial Officer | 328,752 | $9.1M | 18.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-21 | Nguyen Diane | EVP, Chief Legal Officer & GC | 40,000 | $1.0M | 7.2% | Yes (adopted August 14, 2025) | Too little history (no open-market trades in 2024) |
| 2026-05-20 | Ames Sophie C | Exec. Vice President & CHRO | 23,025 | $437K | 3.7% | Yes (adopted June 13, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-04-20 | Ames Sophie C | Exec. Vice President & CHRO | 3,070 | $66K | 0.5% | Yes (adopted June 13, 2025) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (QBTS)
Consensus Buy (mean 2.06 on a 1–5 scale), 17 analysts; mean target USD 34.65 (low 18.36, high 43).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-07 | Rosenblatt | Maintained | Buy | $43 |
| 2026-07-28 | Rosenblatt | Maintained | Buy | $43 |
| 2026-07-27 | Benchmark | Initiated | Buy | $30 |
| 2026-07-27 | Benchmark | Initiated | Buy | $30 |
Total return (dividends reinvested) (QBTS)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | -62.6% | +18.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -62.7% | +3.5% |
| Volatility (annualized) | 101.1% | 131.2% |
| Max drawdown | -68.6% (Oct 2025→Oct 2026) | -96.2% (Aug 2022→May 2023) |
QBTS revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| QCaaS | $1.9M | 60.5% | +49.9% |
| Professional services | $929,000 | 30.2% | +18.3% |
| System sales | $255,000 | 8.3% | -75.1% |
| Other revenue | $32,000 | 1.0% | -27.3% |
| Total revenue | $3.1M | 100% | — |
QBTS revenue by region (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| United States | $2.2M | 70.7% | +206.3% |
| Other | $507,000 | 16.5% | -34.6% |
| Japan | $137,000 | 4.5% | -12.2% |
| Canada | $130,000 | 4.2% | -51.5% |
| Germany | $127,000 | 4.1% | -89.3% |
| Total revenue | $3.1M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
QBTS suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Amazon (AMZN) | “AWS Marketplace customers can purchase access to our Leap service as well as our professional services offerings.” |
| Customer | Ford (F) | “Our customers have included Mastercard, Deloitte, BASF, Pfizer, Unisys, Siemens Healthineers, NTT DOCOMO, Ford Otosan, Interpublic Group, Davidson Technologies, Inc. ("Davidson Technologies"), ArcelorMittal, Pattison Food Group (formerly Save-On-Foods), DENSO, BBVA, and NEC Corporation ("NEC").” |
| Customer | Davidson Technologies | “Our customers have included Mastercard, Deloitte, BASF, Pfizer, Unisys, Siemens Healthineers, NTT DOCOMO, Ford Otosan, Interpublic Group, Davidson Technologies, Inc. ("Davidson Technologies"), ArcelorMittal, Pattison Food Group (formerly Save-On-Foods), DENSO, BBVA, and NEC Corporation ("NEC").” |
| Customer | Mastercard (MA) | “Our customers have included Mastercard, Deloitte, BASF, Pfizer, Unisys, Siemens Healthineers, NTT DOCOMO, Ford Otosan, Interpublic Group, Davidson Technologies, Inc. ("Davidson Technologies"), ArcelorMittal, Pattison Food Group (formerly Save-On-Foods), DENSO, BBVA, and NEC Corporation ("NEC").” |
| Customer | Pfizer (PFE) | “Our customers have included Mastercard, Deloitte, BASF, Pfizer, Unisys, Siemens Healthineers, NTT DOCOMO, Ford Otosan, Interpublic Group, Davidson Technologies, Inc. ("Davidson Technologies"), ArcelorMittal, Pattison Food Group (formerly Save-On-Foods), DENSO, BBVA, and NEC Corporation ("NEC").” |
| Customer | Siemens | “Our customers have included Mastercard, Deloitte, BASF, Pfizer, Unisys, Siemens Healthineers, NTT DOCOMO, Ford Otosan, Interpublic Group, Davidson Technologies, Inc. ("Davidson Technologies"), ArcelorMittal, Pattison Food Group (formerly Save-On-Foods), DENSO, BBVA, and NEC Corporation ("NEC").” |
| Customer | NTT DOCOMO | “Our customers have included Mastercard, Deloitte, BASF, Pfizer, Unisys, Siemens Healthineers, NTT DOCOMO, Ford Otosan, Interpublic Group, Davidson Technologies, Inc. ("Davidson Technologies"), ArcelorMittal, Pattison Food Group (formerly Save-On-Foods), DENSO, BBVA, and NEC Corporation ("NEC").” |
| Partner | NEC | “•Our partner strategy involves: (1) expanding our reach and ability to deliver integrated solutions to customers via Systems Integrator ("SI") professional services firms such as Deloitte and PWC - bringing deep industry expertise and customer relationships, and augmenting our delivery capabilities for hybrid-quantum solutions; (2) enabling customers to purchase Leap and our Launch professional services offerings …” |
| Partner | Carahsoft Technology | “•Our partner strategy involves: (1) expanding our reach and ability to deliver integrated solutions to customers via Systems Integrator ("SI") professional services firms such as Deloitte and PWC - bringing deep industry expertise and customer relationships, and augmenting our delivery capabilities for hybrid-quantum solutions; (2) enabling customers to purchase Leap and our Launch professional services offerings …” |
| Partner | Lockheed Martin (LMT) | “By 2011, we officially moved our research and development into a new phase when we announced our collaboration with Lockheed Martin, allowing for outside scientists and engineers to work with our quantum systems and to provide critical feedback on our continuing quantum system development.” |
| Competitor | Alphabet (Google) (GOOGL) | “•large, well-established tech companies that generally compete in all of our markets, including Google, Quantinuum, IBM, Microsoft, Intel and AWS;” |
| Competitor | IBM (IBM) | “•large, well-established tech companies that generally compete in all of our markets, including Google, Quantinuum, IBM, Microsoft, Intel and AWS;” |
| Competitor | Microsoft (MSFT) | “•large, well-established tech companies that generally compete in all of our markets, including Google, Quantinuum, IBM, Microsoft, Intel and AWS;” |
| Competitor | Intel (INTC) | “•large, well-established tech companies that generally compete in all of our markets, including Google, Quantinuum, IBM, Microsoft, Intel and AWS;” |
Quoted from the company's 10-K filed Feb 26, 2026.
QBTS customer concentration
In the period ended Jun 30, 2026, 3 direct customers each accounted for at least 10% (41%, 0%, 0%) of revenue, per the company's 10-Q filed Aug 6, 2026. The company does not name them.
QBTS company outlook (results filed Aug 6, 2026)
- “We expect this multi-chip approach will allow the next generation Advantage3 TM system to ultimately reach 100,000 qubits by 2031, with an intermediate step of a 20,000 qubit system available in 2029.”
Quoted word-for-word from the SEC 8-K results press release.
QBTS analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $-0.09 | $-0.08 | +11.4% | $4.3M | 16 |
| Next quarter (ends Dec 2026) | $-0.05 | $-0.08 | -31.3% | $32.2M | 16 |
| Current fiscal year (ends Dec 2026) | $-0.29 | $-0.31 | -4.8% | $42.5M | 17 |
| Next fiscal year (ends Dec 2027) | $-0.38 | $-0.40 | -4.6% | $80.6M | 17 |
Key Statistics (as of October 23, 2026 at 09:47 UTC)
| Price | USD 11.63 |
|---|---|
| Change | ▼ 3.88% (down) |
| Previous Close | USD 12.1 |
| Open | USD 11.62 |
| Day Range | USD 11.4 – 12.03 |
| 52-Week Range | USD 11.35 – 37.62 |
| Volume | 13,582,245 shares |
| Market Cap | $4.42B |
| Exchange | NMS |
Technical Analysis (QBTS)
Nexqual's technical model rates QBTS "SELL" based on 2 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 09:47 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 29.11 (oversold) |
| vs SMA50 | Below (USD 16.47) |
| MACD | -1.46 (negative) |
Analyst Ratings (QBTS)
Wall Street analysts rate QBTS "Buy" based on 17 analysts, with a mean price target of USD 34.65 (range USD 18.36–43), per Nexqual as of October 23, 2026 at 09:47 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 17 |
| Mean Target | USD 34.65 |
| High Target | USD 43 |
| Low Target | USD 18.36 |
| Buy / Hold / Sell | 15 / 2 / 0 |
Earnings (QBTS)
| Next Earnings Date | 2026-11-05 |
|---|---|
| EPS Estimate | USD -0.09 |
| Revenue Estimate | $4.34M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD -0.13 vs est -0.09 ▼ miss |
| 2026-03-31 | USD -0.05 vs est -0.08 ▲ beat |
| 2025-12-31 | USD -0.09 vs est -0.06 ▼ miss |
| 2025-09-30 | USD -0.05 vs est -0.07 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:47 UTC.
Financials & Fundamentals (QBTS)
| Total Revenue | $12.43M |
|---|---|
| Revenue Growth (latest quarter, YoY) | -0.60% |
| Gross Margin | +64.19% |
| Operating Margin | -1732.06% |
| Profit Margin | +0.00% |
| ROE | -27.98% |
| Debt / Equity | 0.04 |
| Current Ratio | 20.55 |
| Total Cash | $546.21M |
| Total Debt | $48.11M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | -$119.08M (-958.4% of revenue) |
Source: Nexqual, October 23, 2026 at 09:47 UTC.
Financial Health Score (QBTS)
Nexqual rates D-Wave Quantum Inc.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 09:47 UTC.
| Growth | Strong — Revenue +179% YoY (annual) |
|---|---|
| Profitability | Critical — Heavily loss-making — early-stage company |
| Balance Sheet | Strong — $546M cash and investments vs $35M debt (Jun 2026, SEC), net cash |
| Cash Flow | Weak — FCF negative: -$119M (last 4 quarters to Jun 2026, SEC), burning cash |
| Efficiency | Critical — ROE -28%, ROA -10.7% |
Ownership (QBTS)
| Insider Ownership | +2.20% |
|---|---|
| Institutional Ownership | +55.01% |
| Shares Outstanding | 376.45M |
| Float | 361.92M |
| Short % of Float | +21.21% |
Source: Nexqual, October 23, 2026 at 09:47 UTC.
Leadership (QBTS)
D-Wave Quantum Inc. is led by Alan E. Baratz, President, CEO & Director, per Nexqual as of October 23, 2026 at 09:47 UTC.
| President, CEO & Director | Alan E. Baratz |
|---|---|
| Senior VP of Finance, Acting CFO and Principal Financial & Accounting Officer | Greg Golkov |
| Senior Director of Investor Relations | Kevin M. Hunt |
| Senior Vice President of Global Government Relations & Public Affairs | Allison Schwartz |
| Senior Vice President of Marketing | Michelle Maggs |
Major Backers & Investors (QBTS)
Notable institutional backers of D-Wave Quantum Inc. include UBS Group AG, Clear Street Group Inc., NORGES BANK, according to Nexqual as of October 23, 2026 at 09:47 UTC.
Active Investors
| Investor | Stake |
|---|---|
| UBS Group AG | 3.18% |
| Clear Street Group Inc. | 1.69% |
| NORGES BANK | 1.22% |
| Bank of America Corporation | 1.18% |
| Fidelity | 1.1% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 10.35% |
| BlackRock | 9.04% |
| Geode Capital | 2.53% |
| State Street | 2.46% |
| Northern Trust | 0.92% |
Source: Nexqual, October 23, 2026 at 09:47 UTC.
From D-Wave Quantum Inc.'s Latest SEC 10-K Filing (filed 2026-02-26)
Key Strengths & Strategy (as disclosed to the SEC)
- Since the Lockheed Martin engagement, our technology has been used for a variety of research and academic applications at companies and institutions including Google, the Oak Ridge National Laboratory, Los Alamos National Laboratory, Jülich Supercomputing Centre, University of Southern California ("USC") Information Sciences Institute, and the NASA Quantum Artificial Intelligence Laboratory and University Space Research Organization.
- AdvantageTM and Advantage2 systems are available via our Leap service, and access to the Leap service and other services can be purchased directly from D-Wave or through Amazon Web Services ("AWS") Marketplace.
- And finally, our customers, including more than two dozen of the Forbes Global 2000 companies, are experiencing firsthand the power of annealing quantum computing.
- Built upon our decades of quantum innovation, we offer a full stack of quantum systems, software and services capable of solving highly complex problems today.
Partnerships
- By 2011, we officially moved our research and development into a new phase when we announced our collaboration with Lockheed Martin, allowing for outside scientists and engineers to work with our quantum systems and to provide critical feedback on our continuing quantum system development.
Legal & Regulatory Risks (Item 1A, quoted)
- We are subject to United States, Canadian and foreign anti-corruption, anti-bribery and similar laws, and non-compliance with such laws may subject us to criminal or civil liability and harm our business.
- We are subject to export and import controls and economic sanctions laws that could impair our ability to offer our products or make our platform available in some jurisdictions, or subject us to liability if we are not in compliance with applicable laws.
- Governmental decisions with respect to perceived national security risks associated with quantum computing technology could impede the selling of our products and services.
- We are subject to requirements relating to environmental and safety regulations which could adversely affect our business, results of operation and reputation.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| RGTI | Rigetti Computing, Inc. | USD 11.48 | ▼ 4.73% |
| IQMX | IQM Quantum Computers Oyj | USD 8.9 | ▼ 5.12% |
| IONQ | IonQ, Inc. | USD 31.16 | ▼ 3.47% |
| QUBT | Quantum Computing Inc. | USD 6.59 | ▼ 3.37% |
| CRSR | Corsair Gaming, Inc. | USD 13.64 | ▼ 1.23% |
| LOGI | Logitech International S.A. - R | USD 112.52 | ▲ 1.98% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:47 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt