D-Wave Quantum (QBTS) is back in focus after signing a letter of intent for US$100 million in funding from the US Department of Commerce under the CHIPS and Science Act.
See our latest analysis for D-Wave Quantum.
The CHIPS Act headlines come on top of an already sharp move in the stock, with a 1-day share price return of 14.22% and a 7-day share price return of 54.25%, while the 1-year total shareholder return of 56.38% and a very large 3-year total shareholder return suggest that powerful momentum has been building over time.
If this kind of quantum rally has your attention, it is a good moment to see what else is moving in the space by scanning 28 quantum computing stocks
After that kind of move, the key question is whether US$29.40 still reflects a discount to the roughly US$35 analyst target and fresh government backing, or whether the stock is already pricing in years of future growth.
Most Popular Narrative: 27.7% Undervalued
At a last close of $29.40 versus a narrative fair value of $40.65, the most followed story on D-Wave Quantum suggests the market is not fully reflecting its long term potential, even after the recent surge and CHIPS Act funding headlines.
The most critical underlying factor in D-Wave’s 2026 narrative is its unprecedented liquidity. Following the financial restructuring associated with the QCi merger, D-Wave enters 2026 with its largest cash-on-hand position in company history.
Read the complete narrative. Read the complete narrative.
Want to see how a large cash reserve, a dual platform quantum model and ambitious rollout plans feed into that higher fair value? The narrative links those ingredients to a specific target, supported by assumptions on future revenue scale, margins and capital intensity that go well beyond what the current share price embeds.
Result: Fair Value of $40.65 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, this narrative leans heavily on user-generated assumptions about future cash, bookings and acquisitions. Any shortfall on those fronts could quickly challenge it.
Find out about the key risks to this D-Wave Quantum narrative.
Next Steps
With strong opinions on both the risks and rewards in this story, it makes sense to move fast and check the underlying data yourself. A good place to start is 1 key reward and 3 important warning signs
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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