D-Wave Quantum Inc. (NASDAQ: QBTS): Navigating Quantum Computing's Commercial Path and Market Volatility

Font: Financial Modeling Prep  • Aug 03, 2026

• D-Wave Quantum Inc. (NASDAQ: QBTS) is a pioneer in commercial annealing quantum computing, expanding its technology use with partners like AT&T (NYSE: T).
• Despite positive news and strong commercial progress with record bookings, D-Wave Quantum Inc. stock has shown high volatility and recent declines.
• The company faces significant challenges, including low near-term revenue projections ($43 million for FY2026) contrasting with a high market capitalization ($6.64 billion), intense competition, and a limited immediate market for its advanced technology.

D-Wave Quantum Inc. is a company that develops and delivers quantum computing systems, software, and services. It is a pioneer in commercial quantum computers, focusing on a specific type called annealing quantum computing. This AI technology is designed to help businesses solve complex optimization problems, such as logistics and scheduling.

Recently, AT&T announced it is expanding its use of D-Wave Quantum Inc.'s technology to improve its network operations. Despite this positive news, D-Wave Quantum Inc. stock decreased by 8.25%, while AT&T's stock also fell 2.92%. This reaction highlights the tech stock's high volatility over the past year, as reported by The Motley Fool.

Ahead of its earnings report, D-Wave Quantum Inc. shows strong commercial progress. The company has record bookings and a growing list of future orders, which provides a clearer view of its future revenue. This momentum gives D-Wave Quantum Inc. an advantage over quantum computing competitors like Rigetti Computing (NASDAQ: RGTI), whose path to consistent commercial revenue is less certain.

However, the partnership with AT&T is still in an early, exploratory phase with no confirmed impact on revenue yet. The company is projected to generate only $4 million in revenue for the second quarter of 2026. For the full year 2026, total revenue is forecast to be just $43 million.

This low revenue projection contrasts with the company's large market capitalization of $6.64 billion. As highlighted by Seeking Alpha, D-Wave Quantum Inc. faces significant challenges, including intense competition and a limited immediate market for its quantum technology. The stock currently trades at $18.08 per share, with a 52-week range between $12.75 and $46.75.