Market Update on D-Wave Quantum Inc.
NEW YORK, Dec. 28, 2025, 5:12 p.m. ET — The markets are closed for the weekend.
D-Wave Quantum Inc. (NYSE: QBTS) is wrapping up the last trading day of 2025 with the U.S. stock market shut down. Investors are still processing a significant sell-off related to one of the more volatile stocks in the quantum computing space. On Friday, QBTS closed the regular session at $25.29, down 8.10%. The last after-hours quote for the day was $25.18, as reported by Investing.com.
This weekend pause follows the latest rollercoaster familiar to quantum computing stock traders—initial surges fueled by headlines, quickly followed by profit-taking maneuvers. Over the past week, QBTS has been tagged by TipRanks as down 21.44%, a reminder of how emotional swings can impact stock prices.
Overview of QBTS’s Recent Performance
The recent downturn for QBTS came after a notable rise earlier in the week. On December 22nd, the stock peaked at $32.19 with a gain of 20.02%. However, it took a hit in the following sessions, closing at $29.12 (December 23), $27.52 (December 24), and finally $25.29 (December 26).
Friday’s trading showed significant volatility, with QBTS moving between $24.76 and $27.50 and trading 33.56 million shares, according to Investing.com. MarketBeat noted that trading volume was below average, underlying how liquidity can amplify price changes in such a volatile stock.
TipRanks commented that the remarkable spike following the company’s CES-related news on December 22 was inevitably followed by a pullback driven more by speculation and profit-taking than by negative news regarding the company.
Weekend Analysis: Mixed Sentiment in Quantum Investments
Since the U.S. markets close on Sundays, most recent analysis regarding QBTS emerged during the weekend. Some analysts are optimistic about the long-term potential of quantum technologies, while others raise concerns about short-term valuations and high market volatility.
MarketWatch Commentary: A Cautionary Approach for Quantum Investors
An opinion piece published Sunday by MarketWatch, written by Charlie Garcia, discussed three strategies for investing in quantum technologies: (1) pure-play systems (e.g., IonQ and Rigetti), (2) big tech firms with quantum projects, and (3) supporting areas like quantum security. Garcia concluded that while pure plays might offer high returns, they carry significant risks and emphasized a more immediate potential in security-focused infrastructure due to regulatory needs.
TipRanks Update: Analysts Maintain Optimism Post-Correction
In their weekend review, TipRanks remarked that QBTS is susceptible to sharp declines after rapid gains. However, Wall Street analysts still rate the stock as a ‘strong buy’, indicating continued belief in its potential. The average price target remains above the recent closing price.
Trefis Perspective: Potential for Further Declines
Trefis published a note on Saturday indicating a 21.4% drop for QBTS over the past month, suggesting that a price point of $18 is within reach, given historical trading patterns and current market sentiment.
Motley Fool Analysis: Recognizing Challenges in Achieving Major Growth
A Nasdaq-sponsored analysis from Motley Fool acknowledged D-Wave’s standing in quantum annealing while pointing out revenue growth. Yet, it cautioned against expecting a tenfold return without a viable fault-tolerant model, suggesting that growth has likely been factored into its current valuation.
D-Wave’s Financial Health
D-Wave’s trading activity is set against a backdrop of its fundamental business improvements. They emphasize growth from a small base, paired with a healthy cash position providing investment flexibility.
Regarding their latest financial results for Q3 2025 (ending September 30), here are some key figures:
- Revenue: $3.7 million, up 100% from the previous year (up from $1.9 million in Q3 2024), and an 8% increase from Q2 2025.
- $2.4 million in reservations, reflecting an 80% increase over Q2 2025.
- A consolidated cash balance of $836.2 million as of September 30, 2025, boosted by proceeds from warrant exercises.
CEO Dr. Alan Baratz stated that the quarter’s figures indicated positive momentum across various business aspects.
What to Watch for in the Near-Term
Despite a cooling market stance, D-Wave has several upcoming visibility opportunities in early 2026 that could act as catalysts for its performance, especially in sectors where milestones and partnerships are key.
CES Foundry (January 7-8, 2026)
D-Wave will sponsor CES 2026 at the Fontainebleau in Las Vegas. Vice President Murray Tom plans to lead a masterclass focusing on how businesses can leverage quantum computing.
Qubit 2026 (January 27-28, 2026)
The annual quantum bit user conference in Boca Raton, Florida, will feature talks from executives and experts, covering topics like annealing and quantum AI.
Government Initiative
In early December, D-Wave appointed Jack Sears Jr. to lead its U.S. Government Business Unit, emphasizing increasing demands for quantum solutions, particularly in national security.
Market Sentiment and Predictions for QBTS
The quantum computing sector remains contentious, but D-Wave’s profile is expanding, which could affect stocks that experience profound sentiment fluctuations.
Investors Business Daily recently highlighted that several firms are featuring quantum stocks and noted that both D-Wave and IonQ have received top ratings, though it warned of ongoing instability in the commercialization process.
Recent price targets include:
- Wedbush: Initiated with outperform and a target of $35.
- Jeffries: Initiated with a buy rating and target of $45.
- Mizuho: Started with outperform and a target of $46.
According to a TipRanks Quantum Stock Roundup, D-Wave holds a “Strong buy” consensus with a projected upside.
A separate memorandum from Nasdaq-sponsored Fintel discussing Wedbush mentions an average one-year price target of $37.81, with a range between $26.04 to $50.40.
Understanding QBTS’s Market Dynamics
D-Wave navigates between excitement for groundbreaking technologies and the challenge of evaluating early-stage commercial adoption, which can lead to significant price volatility. Reports have consistently highlighted how difficult it is to assign a value to pure quantum stocks, and this trend is showing no signs of changing.
Data shows QBTS has had a 52-week range from $3.740 to $46.750.
What Investors Should Consider
As the U.S. market is closed on Sunday, the next point of interest for QBTS will be its reopening on Monday. Liquidity will return, and any weekend headlines could shift sentiments.
Here are some considerations for upcoming trading sessions:
- Monitor for “catalyst re-pricing” on Monday. If the recent drop is seen as mainly profit-taking, the early trades will reveal whether buyers emerge or if sellers dominate.
- Keep an eye on upcoming events. CES Foundry and Qubit 2026 present opportunities for D-Wave to showcase progress and influence sentiment.
- Set realistic expectations. There’s a notable disparity between bullish and bearish outlooks regarding D-Wave’s “fair value,” reflecting varied perceptions.
- Acknowledge uncertainty. The next fiscal year-end date hasn’t been confirmed, which is often essential for investors tracking earnings reports.
- Expect ongoing volatility. Despite broader coverage and analysis, risks surrounding commercialization will likely remain a significant factor affecting stock movements.
Final Thoughts for Monday’s Market Open
D-Wave Quantum stock faces a complex situation as it heads into the new trading week. After experiencing a sharp correction, it could still rebound quickly given bullish forecasts and upcoming visibility events. Ultimately, the market’s response to whether QBTS stabilizes or continues to react to valuation concerns will become clear when trading resumes on Monday.
