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QBTS Builds Early 2026 Momentum on Bookings, Deals and Acquisition
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Key Takeaways
QBTS kicked off 2026 with $32.8M bookings, exceeding its full fiscal 2025 total.
D-Wave's Advantage2 launch boosted its sales pipeline by nearly 1,500% year over year.
QBTS acquired Quantum Circuits to advance gate-model quantum computing and expand capabilities.
D-Wave Quantum (QBTS - Free Report) , or D-Wave, moved into 2026 after marking one of its strongest years in recent history. The quantum computing company delivered strong growth across key business metrics, including a 179% year-over-year increase in fiscal 2025 revenues. The general availability of the Advantage2 system, an energy-efficient annealing quantum computer capable of solving computationally complex problems beyond the reach of classical computers, expanded the sales opportunity pipeline by nearly 1,500% year over year.
Momentum has started off early, as in January alone, the company completed a $20 million system sale with Florida Atlantic University and signed a two-year, $10 million enterprise Quantum Compute as a Service (“QCaaS”) agreement with a Fortune 100 company — one of the largest enterprise deals in the industry. These developments resulted in Bookings of $32.8 million, surpassing the full fiscal 2025 figure.
D-Wave acquired Quantum Circuits, which is expected to significantly accelerate the time to a scaled, error-corrected gate-model quantum computer, alongside and complementary to its commercial annealing quantum computing systems. The company also demonstrated that the on-chip cryogenic control currently being used in its Advantage quantum computers can be used to control gate-model qubits without loss of fidelity, marking an industry-first milestone.
Several annealing quantum computing product enhancements were introduced that further extend the capabilities of the Advantage2 system. These include the Stridehybrid solver software, multicolor annealing and fast-reverse anneal capabilities.
D-Wave also teamed up with Anduril and Davidson to develop quantum-classical hybrid applications for complex U.S. air and missile defense planning challenges. An initial proof-of-concept project showed nearly 10 times faster time-to-solution and improved threat mitigation compared to classical-only methods. Management pointed to potential U.S. government applications across both its annealing and gate-model platforms.
QBTS’ Peer Updates
Rigetti Computing, Inc. (RGTI - Free Report) has announced the general availability of its 108-qubit quantum computing system, Cepheus-1-108Q. It is now accessible to customers and partners via the Rigetti Quantum Cloud Services Platform and Amazon Braket, the quantum computing service by AWS. Rigetti is releasing Cepheus-1-108Q now in response to growing customer interest and will continue to improve the system performance throughout 2026 as it advances on its roadmap.
IBM (IBM - Free Report) recently announced a strategic collaboration with Arm to develop new dual-architecture hardware that helps enterprises run future AI and data-intensive workloads with greater flexibility, reliability and security. The collaboration brings together IBM's enterprise leadership in systems reliability, security and scalability with Arm's capabilities in power-efficient architecture, workload enablement expertise and broad software ecosystem.
QBTS’ Price Performance, Valuation & Estimates
Over the past year, QBTS shares have surged 111.9% against the industry’s 2% decline.
Image Source: Zacks Investment Research
Based on forward Price/Sales (P/S), D-Wave is trading at 93.34X over the last five years, significantly above its median and industry average.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for D-Wave’s 2026 and 2027 loss per share has significantly increased in the past 30 days.
Image Source: Zacks Investment Research
D-Wave currently carries a Zacks Rank #5 (Strong Sell).
View the Zacks #1 Rank List
Image: Bigstock
QBTS Builds Early 2026 Momentum on Bookings, Deals and Acquisition
Key Takeaways
D-Wave Quantum (QBTS - Free Report) , or D-Wave, moved into 2026 after marking one of its strongest years in recent history. The quantum computing company delivered strong growth across key business metrics, including a 179% year-over-year increase in fiscal 2025 revenues. The general availability of the Advantage2 system, an energy-efficient annealing quantum computer capable of solving computationally complex problems beyond the reach of classical computers, expanded the sales opportunity pipeline by nearly 1,500% year over year.
Momentum has started off early, as in January alone, the company completed a $20 million system sale with Florida Atlantic University and signed a two-year, $10 million enterprise Quantum Compute as a Service (“QCaaS”) agreement with a Fortune 100 company — one of the largest enterprise deals in the industry. These developments resulted in Bookings of $32.8 million, surpassing the full fiscal 2025 figure.
D-Wave acquired Quantum Circuits, which is expected to significantly accelerate the time to a scaled, error-corrected gate-model quantum computer, alongside and complementary to its commercial annealing quantum computing systems. The company also demonstrated that the on-chip cryogenic control currently being used in its Advantage quantum computers can be used to control gate-model qubits without loss of fidelity, marking an industry-first milestone.
Several annealing quantum computing product enhancements were introduced that further extend the capabilities of the Advantage2 system. These include the Stridehybrid solver software, multicolor annealing and fast-reverse anneal capabilities.
D-Wave also teamed up with Anduril and Davidson to develop quantum-classical hybrid applications for complex U.S. air and missile defense planning challenges. An initial proof-of-concept project showed nearly 10 times faster time-to-solution and improved threat mitigation compared to classical-only methods. Management pointed to potential U.S. government applications across both its annealing and gate-model platforms.
QBTS’ Peer Updates
Rigetti Computing, Inc. (RGTI - Free Report) has announced the general availability of its 108-qubit quantum computing system, Cepheus-1-108Q. It is now accessible to customers and partners via the Rigetti Quantum Cloud Services Platform and Amazon Braket, the quantum computing service by AWS. Rigetti is releasing Cepheus-1-108Q now in response to growing customer interest and will continue to improve the system performance throughout 2026 as it advances on its roadmap.
IBM (IBM - Free Report) recently announced a strategic collaboration with Arm to develop new dual-architecture hardware that helps enterprises run future AI and data-intensive workloads with greater flexibility, reliability and security. The collaboration brings together IBM's enterprise leadership in systems reliability, security and scalability with Arm's capabilities in power-efficient architecture, workload enablement expertise and broad software ecosystem.
QBTS’ Price Performance, Valuation & Estimates
Over the past year, QBTS shares have surged 111.9% against the industry’s 2% decline.
Image Source: Zacks Investment Research
Based on forward Price/Sales (P/S), D-Wave is trading at 93.34X over the last five years, significantly above its median and industry average.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for D-Wave’s 2026 and 2027 loss per share has significantly increased in the past 30 days.
Image Source: Zacks Investment Research
D-Wave currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.