QBTS shares debuted in August 2022 at $10 per share via a SPAC merger and plunged below $2 by mid-December that year. An investor who purchased $1,000 worth of shares at that trough would now be holding roughly $17,700 as the stock trades just under $30, representing an approximate 1,670% gain over three years.

Despite the market cap exceeding $10 billion, D-Wave Quantum reported only $24.14 million in revenue over the past 12 months and a net loss of nearly $400 million. The resulting price-to-sales ratio tops 400, underscoring a disconnect between share price momentum and core financial performance. Gross margin stands at 82.8%, but heavy R&D and SG&A expenses continue to push the company deep into the red.

D-Wave counts over 100 paying customers for its quantum annealing systems, which are deployed in specialized optimization tasks such as supply-chain routing. While its annealing business generates recurring bookings, the broader quantum computing thesis remains experimental. The company narrowly avoided delisting 18 months ago, and recent share appreciation appears driven more by speculative enthusiasm for next-generation computing than by demonstrable breakthroughs or meaningful revenue growth.