D-Wave Quantum Inc.

New York Stock Exchange
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Slightly Bullish +25

Quantum Computing and D-Wave Quantum Jump 12%, Rigetti Climbs 9%, IonQ Gains 6% Amid Risk-On Optimism - 24/7 Wall St.

📈 D-Wave Quantum (QBTS) shares climbed 12% to $26.14, leading a sector-wide rally alongside IonQ and Rigetti.

🌍 The stock surge was driven by broad risk-on optimism following U.S.-Iran peace agreement news rather than company-specific catalysts.

📊 D-Wave reported Q1 2026 bookings of $33.4 million and holds $588.4 million in cash on its balance sheet.

🚀 The company unveiled a gate-model roadmap targeting 100 logical qubits by 2032 during an NYSE Investor Day event.

📉 D-Wave has gained 72% over the past 12 months, outperforming peers like Quantum Computing Inc. which is down 34%.

💰 IonQ trades at a $23 billion market cap with Q1 2026 revenue of $64.67 million but lacks current cash flow profitability.

📝 Analysts maintain mixed sentiment, with IonQ holding an average price target of $67.64 and Rigetti at $29.24.

⚖️ The sector is described as pre-profit, high-beta names that move in lockstep based on risk appetite shifts.

🔮 Investors are cautioned to view the rally as sentiment-driven rather than substance-driven without specific catalysts.

📅 The next potential checkpoint for the basket involves the formal U.S.-Iran signing referenced for June 19.

Bullish Signals
  • D-Wave Quantum reported strong Q1 2026 bookings of $33.4 million, indicating growing commercial interest in its quantum solutions.
  • The company holds a robust $588.4 million in cash and investments, providing significant liquidity for R&D and expansion.
  • D-Wave has delivered a 72% stock price gain over the past 12 months, demonstrating strong relative performance.
  • IonQ raised its FY2026 revenue guidance to between $260 million and $270 million, signaling confidence in future growth.
  • Rigetti Computing achieved nearly tripled Q1 2026 revenue of $4.4 million compared to the prior-year period.
  • Rigetti narrowed its loss per share to $0.04, showing improving operational efficiency and path toward profitability.
  • IonQ's 108-qubit system is in general availability on major cloud platforms including AWS Braket and Azure Quantum.
Risk Factors
  • The rally lacks a specific quantum-related catalyst, suggesting the price move may be driven by temporary sentiment rather than fundamental value.
  • D-Wave trades at a high valuation relative to its current cash flow status, similar to other peers in the pre-profit stage.
  • IonQ trades on expectations with a price-to-sales ratio of 115x despite not yet generating positive cash flow.
  • The sector is characterized as speculative and high-beta, making it sensitive to broader market volatility shifts.
  • Analyst sentiment is uneven across the basket, with Rigetti having one Sell rating and mixed buy/hold consensus.
  • Quantum Computing Inc. has been a laggard, down 34% over the past year despite recent acquisitions.
  • The article notes that without fresh sector news, the quantum basket may fade as an intraday momentum trade.
Full Analysis
D-Wave Quantum (QBTS) shares rose 12% to approximately $26.14 on Monday, leading a broader rally in quantum computing stocks alongside peers like IonQ and Rigetti. The move was driven by a risk-on market sentiment following geopolitical news rather than company-specific catalysts, causing the sector to trade as a thematic basket with high beta characteristics. D-Wave reported Q1 2026 bookings of $33.4 million and ended the quarter with $588.4 million in cash reserves. The company highlighted its gate-model roadmap targeting 100 logical qubits by 2032 during an Investor Day event at the NYSE, positioning itself as a steady performer that has gained 72% over the past 12 months. Analyst sentiment remains mixed across the sector, with IonQ holding the highest market cap near $23 billion but trading on high expectations rather than current cash flow. While D-Wave shows strong booking growth and liquidity, the broader quantum computing group is characterized as pre-profit names that tend to move together based on shifts in risk appetite. The article concludes that without specific quantum-related catalysts, the rally appears driven by sentiment rather than fundamental substance. Investors are advised to exercise measured position sizing while monitoring whether the momentum holds into the closing bell or fades as an intraday trade.