D-Wave Quantum Inc. (NYSE: QBTS) shares rose more than 5% in trading Wednesday, closing at $19.65 on Feb. 25, 2026, as investors positioned for the company's fourth-quarter and full-year 2025 earnings report scheduled for release Thursday morning, Feb. 26.

D-Wave Quantum Inc
D-Wave Quantum Inc

The stock opened at $18.98, reached an intraday high of $19.81 and traded on elevated volume of approximately 25.4 million shares, though below the recent average. In after-hours trading, shares climbed further to around $20.35, reflecting continued enthusiasm. D-Wave's market capitalization stood near $7.27 billion, underscoring its status as a leading pure-play quantum computing company amid growing sector interest.

The advance followed a strong year-to-date performance, with QBTS up about 25% in 2026 despite broader market fluctuations. The shares remain well below their 52-week high of $46.75 reached in late 2025 but have soared more than 340% from the 52-week low of $4.45, driven by commercial traction, strategic partnerships and technological advancements.

Analysts maintain a bullish outlook. Consensus from multiple firms rates D-Wave a "Moderate Buy" or "Strong Buy," with 14 Buy ratings, one Hold and one Sell among tracked analysts. The average 12-month price target hovers around $38 to $39, implying more than 100% upside from current levels. High-end targets reach $48, while more conservative estimates sit near $22. Wedbush reiterated its Buy rating with a $40 target, citing pipeline strength. Other firms like Roth MKM and Needham have set targets in the $35 to $48 range.

D-Wave, the pioneer in annealing quantum systems and now a dual-platform provider following its acquisition of Quantum Circuits Inc., has focused on delivering practical quantum advantages in optimization, machine learning and materials simulation. Recent momentum stems from enterprise deals and defense collaborations.

On Jan. 27, 2026, D-Wave announced a $10 million, two-year Quantum Computing as a Service (QCaaS) agreement with an undisclosed Fortune 100 company, marking a significant enterprise win. The deal highlights growing adoption of D-Wave's cloud-based hybrid solvers for real-world problems in logistics, finance and beyond.

The company also secured a $20 million agreement with Florida Atlantic University for an Advantage2 annealing quantum computer installation on its Boca Raton campus, coupled with workforce training initiatives. D-Wave is relocating its U.S. headquarters and R&D facility to Boca Raton, Florida, by year-end 2026, enhancing its East Coast presence.

Defense applications gained traction through a collaboration with Anduril Industries and Davidson Technologies to develop quantum-classical hybrid solutions for U.S. air and missile defense planning. D-Wave's Advantage2 system, hosted at Davidson's Huntsville facility, supports these efforts.

In February, D-Wave joined the Southeastern Quantum Collaborative as an inaugural member alongside universities and partners like IBM, aiming to advance regional quantum research, commercialization and workforce development.

The company hosted its Qubits 2026 user conference in late January, showcasing annealing and gate-model progress post-QCI acquisition. Executives emphasized accelerated roadmaps, with an initial gate-model system expected in 2026.

Financially, D-Wave has shown revenue growth amid ongoing losses typical for the nascent industry. Third-quarter 2025 results included $3.74 million in revenue, up significantly year-over-year, though net losses widened due to R&D investments. Analysts expect Q4 adjusted EPS of about -$0.06 on revenue around $3.58 million, reflecting continued commercial momentum.

The earnings call, set for 8 a.m. EST Thursday, will provide updates on bookings, Advantage2 performance, gate-model milestones and 2026 guidance. Investors seek clarity on large-scale deal conversions, defense revenue potential and path toward profitability.

Challenges include high cash burn, competition from IonQ, Rigetti and others, and regulatory/technical hurdles in scaling quantum systems. Yet D-Wave's focus on annealing — proven for optimization tasks — differentiates it, with hybrid solvers already delivering value today.

Sector enthusiasm persists, with quantum stocks showing strong analyst support despite volatility. D-Wave's partnerships and enterprise traction position it well for adoption in government, finance and manufacturing.

As results loom, the stock's recent rally reflects bets on quantum's transformative potential. Whether Thursday's report sustains momentum depends on execution and forward-looking commentary, but analysts see substantial long-term upside in this emerging technology leader.