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Recent Performance Snapshot

D-Wave Quantum (QBTS) has been volatile recently, with the share price moving 0.9% over the past day, weakening about 14% over the past week, and showing a 41% gain over the past month.

Across longer stretches, the stock shows a 21% decline over the past 3 months, a 35% decline year to date, and a very large 1 year total return, while the 3 year total return is about 39 times.

See our latest analysis for D-Wave Quantum.

For context, D-Wave Quantum’s recent 40.8% 1 month share price return has come after weaker 3 month and year to date share price performance. At the same time, the 1 year and 3 year total shareholder returns are very strong, which points to momentum that has been choppy rather than one directional as investors reassess both growth potential and risks around the business.

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With a recent mix of sharp gains and earlier drawdowns, D-Wave Quantum sits at a point where views can differ: is the current price a discount on its quantum ambitions, or is future growth already fully priced in?

Most Popular Narrative: 55.1% Undervalued

The most followed narrative on Simply Wall St places D-Wave Quantum’s fair value at $40.65 per share, compared with the recent close of $18.27, and builds a detailed case around that gap.

The most critical underlying factor in D-Wave’s 2026 narrative is its unprecedented liquidity. Following the financial restructuring associated with the QCi merger, D-Wave enters 2026 with its largest cash-on-hand position in company history.

The $884 Million Liquidity Milestone: As of February 2026, D-Wave reported over $884 million in cash and marketable securities. This represents a massive increase compared to its 2024 levels, providing the "functional flexibility" that its smaller, capital-constrained competitors lack.

Read the complete narrative.

Curious what justifies a fair value more than double the recent share price? The narrative leans on rapid revenue expansion, rich margins, and a premium future earnings multiple to support that figure. If you want to see how those pieces fit together into one valuation story, the full breakdown is worth a closer look.

Result: Fair Value of $40.65 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, this story can break if high expectations run into slower revenue growth, or if sizeable losses of about US$355 million limit access to fresh capital.