D-Wave Quantum (QBTS)

• Market cap: $2.01B
• 1 day: -1.29%
• 5 days: -4.03%
• 1 month: -9.08%
• 3 months: 22.52%
• 6 months: 511.50%
• Year to date: -28.10%
• 1 year: 404.38%
• 5 years: -30.90%
• 10 years: -30.90%
• Sector: Technology
• Industry: Computer Hardware

About: D-Wave Quantum Inc is in the development and delivery of quantum computing systems, software, and services, and it is the commercial supplier of quantum computers and the only company building both annealing quantum computers and gate-model quantum computers. It delivers customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. Its annealing quantum computers are accessible through the company's LeapTM cloud service.

Employees: 220

Fund manager confidence

Based on 2024 Q4 regulatory disclosures by fund managers ($100M+ AUM)

1,233% more first-time investments, than exits

New positions opened: 120 | Existing positions closed: 9

820% more capital invested

Capital invested by funds: $83.7M [Q3] → $770M (+$686M) [Q4]

225% more repeat investments, than reductions

Existing positions increased: 52 | Existing positions reduced: 16

127% more funds holding

Funds holding: 86 [Q3] → 195 (+109) [Q4]

23% more call options, than puts

Call options by funds: $63.7M | Put options by funds: $51.8M

13.28% less ownership

Funds ownership: 53.98% [Q3] → 40.7% (-13.28%) [Q4]

Research analyst outlook

4 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $8 16% upside
• Avg. target: $9.63 39% upside
• High target: $12 74% upside

4 analyst ratings

• positive: 4 100%
• neutral: 0 0%
• negative: 0 0%

Needham Quinn Bolton 21% 1-year accuracy 31 / 146 met price target	23% upside $8.50	Buy Reiterated	2 Apr 2025
Roth MKM Suji Desilva 44% 1-year accuracy 16 / 36 met price target	45% upside $10	Buy Maintained	14 Mar 2025
B. Riley Securities Craig Ellis 14% 1-year accuracy 8 / 57 met price target	74% upside $12	Buy Maintained	14 Mar 2025
Benchmark David Williams 31% 1-year accuracy 21 / 67 met price target	16% upside $8	Buy Reiterated	14 Mar 2025