Quantum computing stocks have soared in recent years, and D-Wave Quantum (NYSE: QBTS) is one of the most successful.
While volatile, the company’s share price is up 3,310% over the last three years (as of May 18)
Early D-Wave investors are sitting on incredible returns, but with a $7 billion market cap and just $24.6 million in revenue last year, this company now trades at an extremely high valuation. Is there still a case for investing, or is it too late? The bull case: Record growth and a high-profile acquisition D-Wave may still have light sales numbers given its market cap, but to its credit, those numbers have been growing.
Its $24.6 million in revenue for fiscal 2025 was a 179% year-over-year increase. Revenue for the first quarter of 2026 was down 81% year over year to $2.9 million. That might seem worrisome, but quantum computing companies tend to have lumpy sales, so you can’t learn too much from a single quarter.