D-Wave Quantum (QBTS) had $546.2 million in cash and marketable securities as of June 30, 2026, down 33% from $819.3 million a year earlier, with over 90% of the decline tied to roughly $250 million paid for the Quantum Circuits acquisition. Spending on product development and go-to-market rose, and the adjusted EBITDA loss widened to $69.9 million in the first half of 2026 from $26.1 million. First-half subscription revenue from its QCaaS business rose more than 30% to $3.6 million, with bookings of $35.5 million and remaining performance obligations of $40.7 million. Stockholders' equity totaled $1.08 billion. In peer updates, IonQ had about $2.0 billion in cash and investments after the SkyWater closing, while Microsoft's free cash flow fell 23% to $19.6 billion in fourth-quarter fiscal 2026 as infrastructure investment accelerated.
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- Where Will D-Wave Quantum Stock Be in 5 Years?
D-Wave (QBTS) already has technology customers willing to pay, but annual sales are still only in the tens of millions, far below its huge valuation. Its quantum annealing technology, which is strong at optimization and already sold commercially, is widely seen as having less long-term upside than the gate-based approach the company is now pursuing after acquiring Quantum Circuits. Sales last quarter were $3.1 million, flat year over year; the backlog stands at $40.7 million, including a $20 million system sale booked in Q1; and the company lost $48 million in Q2, ending June with $546.2 million in cash and securities. The author models 2026 revenue of about $42.5 million reaching roughly $323 million by 2031 in a bullish case, or about $85 million in a bearish case. The author leans toward the bearish case, where even 10 times sales would value D-Wave at only $850 million, versus a valuation of nearly $4.5 billion today.
- When Should You Buy D-Wave Quantum Stock?
D-Wave Quantum (QBTS) shares have fallen 64.8% over the past twelve months, while the S&P 500 returned 16.5%. The company is valued at about $4.5 billion against $12.4 million of sales over the last four quarters, or 361 times sales, compared with 3.1 times for the S&P 500 and 199 times in mid-2025. Sales fell 44.2% from a year earlier, and the operating loss widened to $171 million from $78.7 million. System sales drove most of fiscal 2025 revenue ($16.2 million of $24.6 million), and management prices its systems at $20 million to $40 million. Analysts expect about $4.4 million in September-quarter revenue, while management had guided only to a modest rise from $3.1 million in the June quarter. The $40.7 million backlog includes $23.2 million expected to become revenue within 12 months, and the November report is presented as the key test.
- What Needs To Be True To Buy QBTS Stock Now?
Shares of D-Wave Quantum (QBTS) have dropped 70.8% over the past year, while the S&P 500 returned 17.4%, and investors pay 353 times sales versus 3.1 times for the index. To justify that expectation, D-Wave must ship two annealing quantum computer systems in the fourth quarter and move more cloud customers into production use. Management expects most of 2026 revenue in the fourth quarter, yet revenue for the twelve months to June 30, 2026 was only $12.4 million, down 44.2%. Production applications made up over 37% of first-half cloud subscription revenue, up from 9.8% in the first half of 2025. The company held $546 million in cash and short-term investments against $48.1 million of debt, but burned $120 million over the past twelve months, leaving about 4.5 years of cash at that pace.
- How Much Downside Is Left In QBTS Stock?
Shares of D-Wave Quantum (QBTS) fell 21.0% in the week to October 14, 2026, while the S&P 500 dipped 1.0%, leaving the stock at its lowest close in a year and 73.1% below its high. Across five market shocks since August 2022, QBTS averaged a 51.2% fall, about four and a half times the S&P 500's average of 11.3%. Its deepest drop came in the 2023 yield shock (-73.0% vs. -9.5% for the S&P 500), and the median recovery across all shocks was 3.0 months, though the 2023 and 2022 falls took 12.9 and 30.7 months to recover, the latter in May 2025. On fundamentals, revenue for the quarter ending June 2026 was $3.08 million, roughly flat year over year, and trailing 12-month revenue fell 44.2%. The company posted a $53.3 million operating loss in the quarter, double a year earlier, and cash and short-term investments fell to $546 million from $819 million, against $48.1 million of debt.
- What Are QBTS Stock Investors Overlooking?
- Is IonQ Stock A Buy Today, Down By Half In A Year?
IonQ (IONQ) stock fell 50.3% over the past year, while the S&P 500 returned 17.1%, even as management called the second quarter of 2026 its fifth consecutive record quarter. A buyer pays 46.6 times trailing sales, versus 3.1 times for the S&P 500, for revenue of $246 million in the twelve months to June 30, up 370.6%, with organic revenue up 132% in the second quarter. Remaining performance obligations rose to $485 million from $122 million a year earlier, while the operating loss equaled 408.2% of revenue. IonQ held $2.1 billion in cash and short-term investments, priced a $2.0 billion equity offering on October 14, and agreed to buy Elisity in an all-stock deal worth up to $1.3 billion, which will dilute existing shareholders when it closes. The next report, expected around November 11, 2026, will be the first to cover a quarter in which IonQ owned SkyWater, bought for $1.8 billion.
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