Reasons I Would Avoid D-Wave Quantum Stock Entirely

D-Wave Quantum: A Fragile Future in Quantum Computing

D-Wave Quantum was a pioneer in the quantum computing realm—selling its first quantum computer over ten years ago. Yet, as time has passed, it seems the technology is still evolving, and the company’s long-term prospects are unclear.

In the competitive landscape of quantum computing, D-Wave faces numerous emerging players, which raises questions about its future. For instance, in early 2023, D-Wave’s stock, NYSE: QBTS, hit lows around $0.40, but has surged nearly 5,000% since then. Still, I can’t help but think twice before investing in it now.

There’s a lot of potential in quantum computing—it could drastically change technological landscapes over the coming years. On the bright side, D-Wave reported impressive growth in revenue. They generated $22 million through the first three quarters of 2025, marking a significant increase of over 200% from the preceding year.

That said, despite these developments, I perceive the company’s situation as rather delicate. When making long-term investment decisions, I usually lean towards firms with more robust foundations.

D-Wave, despite its claims as a trailblazer in quantum technology, sold its initial computer back in 2011 for a staggering $10 million. However, recent figures show their revenue in 2024 was only $8.8 million, lower than what they achieved years ago. So, while they’ve been diligently working on tech advances, this effort hasn’t consistently translated into more revenue.

It seems that the company is in its early stages when it comes to customer spending on quantum technology. Many clients are merely dabbling in quantum computing, and substantial advancements are still lacking. Perhaps it’s a sign that the technology isn’t quite ready for wider application yet?

This scenario gives other competitors ample time to catch up. Heavyweights like Alphabet, Intel, and Microsoft are also vying for dominance in this rapidly growing field, and it won’t be easy for D-Wave to navigate the competition.

As for their current financial outlook, the visibility isn’t encouraging. D-Wave has performance obligations—transactions that should provide future revenue—but their $2.9 million in Q3 2025 is down from $4 million in the same period last year, which is concerning.

Additionally, their bookings for 2025 have decreased by 7% compared to 2024. This doesn’t automatically indicate doom, but a couple of unexpected deals either way could seriously affect their growth path. Honestly, it feels uncertain right now, and that’s never a great feeling for potential investors.

Another aspect that raises eyebrows is the insider trading behavior of D-Wave’s management. CEO Alan Baratz sold $43 million worth of shares recently, which seems a bit puzzling if the company is on the brink of a breakthrough.

Investing in D-Wave Quantum might turn out well, and I genuinely hope it does, but, for me, the breadcrumbs of evidence are scant. The path ahead seems quite murky, and I’m opting to steer clear for now.