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    A Look At D‑Wave Quantum’s (QBTS) Valuation After Advantage2 Rollout And New Quantum Simulation Breakthrough

    Simply Wall St·04/26/2026 00:23:37
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    D-Wave Quantum (QBTS) is back in focus after a peer-reviewed paper reported that an Advantage2 prototype outperformed a powerful classical supercomputer in materials simulation, spotlighting the company’s approach to quantum optimization.

    See our latest analysis for D-Wave Quantum.

    Even with the recent peer reviewed result and upcoming conference appearances, D-Wave Quantum’s share price has been volatile. A 14.21% 1 month share price gain contrasts with a 34.27% year to date share price decline and a very large 3 year total shareholder return, so momentum looks choppy rather than moving in a single direction.

    If this kind of quantum momentum has your attention, it could be worth scanning the wider quantum computing space using our screener of 26 quantum computing stocks

    So with revenues at US$24.6 million, a reported net loss of US$355.1 million and the share price sitting far below the average analyst target, are you looking at an undervalued quantum pure play or a market that has already priced in future growth?

    Most Popular Narrative: 54.5% Undervalued

    With D-Wave Quantum last closing at $18.49 and the most followed narrative pointing to a fair value of $40.65, the gap between price and narrative valuation is wide and hard to ignore for anyone tracking quantum computing.

    The most critical underlying factor in D-Wave’s 2026 narrative is its unprecedented liquidity. Following the financial restructuring associated with the QCi merger, D-Wave enters 2026 with its largest cash-on-hand position in company history.

    The $884 Million Liquidity Milestone: As of February 2026, D-Wave reported over $884 million in cash and marketable securities. This represents a massive increase compared to its 2024 levels, providing the "functional flexibility" that its smaller, capital-constrained competitors lack.

    Read the complete narrative.

    Want to understand why this narrative indicates substantial potential above today’s price? It leans heavily on assumptions about revenue expansion, richer margins and a higher future earnings multiple. Curious which assumptions really drive the fair value estimate and how much influence each one has? The full narrative lays out those components in detail.

    Result: Fair Value of $40.65 (UNDERVALUED)

    Have a read of the narrative in full and understand what's behind the forecasts.

    However, this depends on optimistic assumptions about revenue growth and margins. At the same time, the current US$355.1 million net loss and volatile share price could challenge that bullish setup.

    Find out about the key risks to this D-Wave Quantum narrative.

    Next Steps

    Given the mix of optimism and concern in this story, it makes sense to move quickly, review the data for yourself, and weigh up the 1 key reward and 3 important warning signs highlighted in the 1 key reward and 3 important warning signs.

    Looking for more investment ideas?

    If D-Wave Quantum has sharpened your curiosity, do not stop here. Build a watchlist of fresh ideas that fit your style and keep your capital working.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.