QBTS

D-Wave QuantumD

NYSE / Software & Services

At close

2026-06-02

Current thesis

The strongest bull argument is that D-Wave entered 2026 with unusually strong demand signals relative to its historical scale: FY2025 revenue rose 179% to $24.6 million, gross margin improved, liquidity reached a record $884.5 million, and management disclosed more than $32.8 million of Q1 year-to-date 2026 bookings by February 25, 2026, suggesting commercial traction could be accelerating beyond the lumpy 2025 base [#8-K-2026-02-26].

Posture

Defensive

Lead driver

Momentum

What changed

3 setup hits (3d) with net bullish as of 2026-06-03.

What can break

Execution risk remains elevated around integrating Quantum Circuits and proving that the dual-platform strategy can create durable commercial advantage rather than just a broader narrative [#8-K-2026-02-26].

Momentum

Value

Sentiment

Setup hits (3d)

3 · Net Bullish

AI TargetsBase $18.00 · Bull $32.00 · Bear $10.00

Data freshness

Prices

As of 2026-06-02

Fundamentals

As of 2026-06-01 • Vendor: Data Vendor v1

Scores

As of 2026-06-02 • Model: HYBRID_IC_RP

AI Memo

As of 2026-04-28 • Model: RankAlpha Sentiment Codex

Investment thesis

As of 2026-06-02

Supporting evidence

What

Grade D · Defensive

Confidence Medium · Net Bullish

Target $38.77

Why

Momentum94 · Δ7d +2.8

Value35 · Δ7d 0.0

Sentiment12 · Δ7d +3.0

So what

Weak posture (Net Bullish). Prioritize risk control and patience.

Lead driver: Momentum · See technicals

Momentum

34% active weight

Current posture

7d trendFlat

Δ7d

+2.8

Δ21d

+1.2

Value

32% active weight

Current posture

7d trendFlat

Δ7d

0.0

Δ21d

+0.1

Sentiment

33% active weight

Current posture

7d trendImproving

Δ7d

+3.0

Δ21d

-8.0

Why this grade

Composite grade D. Momentum 93.7 / Value 34.9 / Sentiment 12.0

Fundamentals (TTM)

As of 2026-06-01

Market Cap

$10.79B

Beta

1.55

Shares Out

346.72M

P/E (TTM) · Derived

-28.2

P/S (TTM)

444.32

P/FCF (TTM) · Derived

-165.51

Rev YoY

+99.9%

EPS YoY

-263.1%

Gross Margin

+82.8%

Op Margin

-355.2%

Net Debt

-$147.5M

Current Ratio

54.68

As of 2026-06-02 • Updated nightlySource: Internal modelMethodology