D-Wave’s Contracts Could Be Worth ‘Millions of Dollars.’ Should You Buy QBTS Stock Now?

Industry Overview - Quantum computing is projected to create $450 billion to $850 billion in economic value globally by 2040, indicating strong growth potential for the industry [1] - The industry is expected to provide sustained tailwinds for early movers to capitalize on emerging opportunities [1] Company Profile: D-Wave (QBTS) - D-Wave identifies itself as the world's first commercial supplier of quantum computers and is well positioned to benefit from industry growth [1] - The company has submitted 200 million problems to its quantum systems and has over 100 revenue-generating customers [3] - D-Wave's established products include the world's largest quantum computers, and it operates in a significant addressable market, allowing for healthy growth [3] Stock Performance - QBTS stock has rallied by 222% year-to-date but has corrected by 42% from recent highs of $46.75, presenting a potential accumulation opportunity [2] - The stock has surged by 152% in the last six months, supported by a robust growth trajectory and an expanding client base [4] Innovation and Intellectual Property - D-Wave has a strong focus on innovation, holding over 280 granted patents in the United States and more than 550 granted or pending patents globally [5] - The company employs a team of 50 PhD scholars, positioning it well for meaningful advancements in quantum computing [5] Financial Performance - For the first nine months of 2025, D-Wave reported $21.8 million in revenue while spending $37 million on R&D, indicating cash burn typical for early-stage companies [6] - As of Q3 2025, D-Wave reported a cash balance of $836.2 million, providing a robust cash buffer that mitigates the risk of equity dilution in the near future [6] Analyst Ratings - Benchmark has reaffirmed its "Buy" rating for QBTS stock with a price target of $35, supported by positive business developments that are expected to drive continued growth momentum [2]