D-Wave Quantum: From a $40 Price Target to a Double-Digit Slide in One Week
05.06.2026 - 18:48:57 | boerse-global.de
D-Wave Quantum’s shares closed Friday at €21.35, down 10.44% on the day and 17.25% over the past seven sessions. The sell-off came just days after Roth Capital raised its price target to $40 from $30 and reiterated a buy rating — a disconnect that underscores the schizophrenic mood gripping the quantum computing sector.
The trigger was not any company-specific mishap but the blockbuster initial public offering of Quantinuum, a rival that went public on June 3 with 28 million shares priced at $60 apiece, well above initial expectations. The IPO handed investors a rare, publicly traded yardstick for quantum hardware valuations and fault-tolerance roadmaps, and the comparison was unflattering for D-Wave. Quantinuum reported net revenue of $30.9 million in 2025 against a loss of $192.6 million, followed by first-quarter 2026 sales of $5.2 million and a loss of $136.6 million.
The timing could hardly have been worse for D-Wave. Only two days before the IPO, on June 1, the company unveiled a long-term roadmap targeting roughly 100 logical qubits capable of executing over one million operations by 2032, built on a scalable superconducting dual-rail architecture with quantum error correction. Investors now have a direct competitor against which to measure D-Wave’s prospects, cash burn, and commercial traction.
The latest quarterly results, released May 12, paint a picture of a business at an inflection point. Bookings surged to $33.4 million — an increase of nearly 2,000% — fueled by a $20 million system sale to Florida Atlantic University and a $10 million contract with a Fortune 100 company. Yet revenue fell 81% to $2.9 million, and the net loss widened to $18.4 million. D-Wave does hold a formidable cash pile of $588.4 million, significantly higher than a year earlier, giving it runway to execute.
Should investors sell immediately? Or is it worth buying D-Wave Quantum?
D-Wave stock still trades 19% above its 50-day moving average of €17.92 and barely 3% above the 200-day line of €20.70. At Friday’s close it is 44% below its all?time high of €38.48.
Amid the market turmoil, the company held its virtual annual general meeting on June 4, the day after an investor day at the New York Stock Exchange. Shareholders approved the election of Alan E. Baratz and Sharon Holt to the board, both with terms running until the 2029 AGM. A non?binding say?on?pay vote on executive compensation was passed, along with a ballot on the frequency of future such votes, and the appointment of Grant Thornton as independent auditor for fiscal 2026 was ratified.
Adding a softer note, D-Wave also announced it had been certified as a “Great Place to Work.” The company sees the designation as a recruiting tool in the fierce competition for quantum engineers and software developers needed to deliver on its ambitious technology plan.
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Roth Capital’s upgrade on June 2, citing the gate?model roadmap and interest from government funding sources, has so far done little to arrest the slide. The stock was recently trading around $29.64, well short of the new target. The annualized 30?day volatility stands at approximately 132%, a figure that captures the speculative nature of the entire quantum space.
D-Wave will next appear at the “Qubits Europe 2026: Quantum Realized” conference in London on June 18, where management plans to showcase real?world applications for European corporate clients. The question hanging over the stock is whether the bookings surge can translate into recurring revenue, whether the gate?model roadmap will hit measurable milestones — and whether the market will ever look past the shadow cast by Quantinuum’s public debut.
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