TLDR
- D-Wave Quantum entered a $400M stock sales agreement on June 10, 2025, to fund corporate purposes and support path to profitability
- Stock has surged 1,366% over the past year and 114% year-to-date, outperforming quantum computing peers
- Q1 2025 delivered record $15M revenue (509% year-over-year growth) and narrowed losses to $0.02 per share
- Company launched Advantage2 quantum computer in May, driving 26% single-day stock surge
- Analysts maintain “Strong Buy” rating but average price target suggests 34% downside from current levels
D-Wave Quantum stock took a breather on June 10, dropping 5.68% after announcing a major fundraising move. The quantum computing company entered into a sales agreement allowing it to sell up to $400 million in common stock.
The proceeds will fund general corporate purposes. This includes capital expenditures and potential acquisitions as the company works toward profitability.
The fundraising comes after an incredible run for QBTS stock. Shares have rocketed 1,366% over the past year, leaving investors wondering if the party can continue.
Year-to-date performance tells a similar story. The stock has jumped 114% in 2025, crushing the broader S&P 500 Index performance.
D-Wave stands out in the quantum computing sector. While competitors Rigetti has dropped 18% and IonQ has fallen 4% this year, D-Wave has pulled far ahead.
Record Quarter Fuels Rally
The company’s first quarter results explain much of the excitement. D-Wave delivered a blowout earnings report on May 8 that sent shares up 51.2% in a single session.
Revenue hit a record $15 million. This represented a massive 509% increase from the same period last year and beat analyst expectations by roughly 43%.
The revenue surge came from selling a quantum computing system during the quarter. This system sale highlighted growing commercial demand for the company’s technology.
Gross profit jumped 736% year-over-year to $13.9 million. The high-margin system sale drove most of this improvement.
On the bottom line, D-Wave narrowed its quarterly loss to just $0.02 per share. This beat the expected $0.05 loss and improved from the $0.09 loss a year earlier.
The company closed the quarter with $304.3 million in cash. Management believes this provides enough runway to reach profitability.
CEO Dr. Alan Baratz called the first quarter “arguably the most important in D-Wave’s history.” The company achieved several breakthroughs during the period.
D-Wave recognized revenue from its first Advantage system sale to a major research institution. Another customer application moved into commercial production.
New Quantum Computer Launch
The momentum continued in May when D-Wave announced its new Advantage2 quantum computer. The news sent shares up nearly 26% on May 20.
The sixth-generation annealing quantum computer is now generally available. D-Wave describes it as “production-ready” with performance improvements over its predecessor.
The Advantage2 features D-Wave’s most advanced quantum processor. It contains more than 4,400 superconducting qubits.
The system can tackle complex problems beyond the reach of classical computers. This includes challenges that even the most powerful supercomputers cannot solve.
D-Wave has become the go-to company for organizations facing complex optimization and AI challenges. More than 100 customers already use the technology in real-world scenarios.
The company offers both cloud-based and on-premise solutions. This flexibility supports high availability for various customer needs.
Wall Street analysts remain bullish on the stock despite recent volatility. Six analysts cover D-Wave, with five rating it a “Strong Buy” and one giving it a “Moderate Buy.”
However, the average price target of $12.33 suggests potential downside of more than 34% from current levels. This gap reveals caution beneath the bullish surface.
The stock’s rapid rise has created questions about near-term volatility. TipRanks’ AI analyst Spark rates the stock as neutral with an overall score of 59.
The company’s latest $400 million sales agreement provides flexibility for future growth investments. D-Wave can now access capital markets as needed to fund expansion plans.
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