<div id="readability-page-1"><div> <h2>Key Points</h2><ul><li>D-Wave Quantum grew revenue by 179% last year and just hit a quarterly bookings record.</li><li>However, it still isn't making much money, especially compared to rival IonQ.</li><li>10 stocks we like better than D-Wave Quantum ›</li></ul>Quantum computing stocks have soared in recent years, and D-Wave Quantum (NYSE: QBTS) is one of the most successful. While volatile, the company's share price is up 3,310% over the last three years (as of May 18).Early D-Wave investors are sitting on incredible returns, but with a $7 billion market cap and just $24.6 million in revenue last year, this company now trades at an extremely high valuation. Is there still a case for investing, or is it too late?Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. Continue »<img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2OTg5NS9kLXdhdmUtcXVhbnR1bS5wbmcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2OTg5NS9kLXdhdmUtcXVhbnR1bS5wbmcmdz03MDA"/>Image source: The Motley Fool. <h2>The bull case: Record growth and a high-profile acquisition</h2>D-Wave may still have light sales numbers given its market cap, but to its credit, those numbers have been growing. Its $24.6 million in revenue for fiscal 2025 was a 179% year-over-year increase.Revenue for the first quarter of 2026 was down 81% year over year to $2.9 million. That might seem worrisome, but quantum computing companies tend to have lumpy sales, so you can't learn too much from a single quarter. More important than the top line was D-Wave's bookings for the quarter, which hit a record of $33.4 million. Those bookings, which is how D-Wave refers to future customer orders, exceeded the company's total bookings in fiscal 2024 and 2025 combined.D-Wave management also landed a few significant deals in the first quarter. It acquired Quantum Circuits Inc. for $550 million in a merger that makes D-Wave the only dual-platform quantum company -- one that has annealing and gate-model quantum computers.In addition, D-Wave and two defense companies, Davidson Technologies and Anduril, announced a collaboration. The three will work together on quantum applications for U.S. air and missile defense.<h2>Risk factors: Mounting losses and tough competition</h2>D-Wave is unprofitable, and its losses are outpacing its revenue growth. Net losses in 2025 were $355.1 million, up from $143.9 million in 2024. It reported a more modest loss of $18.4 million in the first quarter of 2026, although that was still an increase of $13 million year over year.This is normal for a pure-play quantum computing company, but it's worth noting that competitor IonQ has had more financial success than D-Wave. IonQ reported $130 million in 2025 revenue, though it posted a net loss of $510.4 million. Still, quantum computing is a competitive space. The fact that IonQ is far ahead of D-Wave in terms of sales gives it a significant edge.<h2>Is it too late to buy D-Wave?</h2>Quantum computing is still in the early stages, which has pros and cons when evaluating D-Wave as an investment. Since it's early, there's still ample growth potential. But it's also unclear when or if quantum computing will become commercially viable. Even if it does, that doesn't mean D-Wave will be the winner. As mentioned, this is a competitive space, and a quantum computing ETF is worth considering to avoid the risk of picking a single company.Growth is largely priced in already in D-Wave stock, which trades at about 249 times sales. A lot needs to go right for it to be worth the current price. D-Wave's technology and bookings growth are both legitimate reasons it could do well, but given the risk, you should stick to a small position if you decide to invest.<h2>Should you buy stock in D-Wave Quantum right now?</h2> Before you buy stock in D-Wave Quantum, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and D-Wave Quantum wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $483,476!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,362,941!* Now, it’s worth noting Stock Advisor’s total average return is 998% — a market-crushing outperformance compared to 207% for the S&amp;P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 20, 2026. Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends IonQ. The Motley Fool has a disclosure policy. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. </div></div>

QBTS

IONQ

IONL

QBTX

QPUX

IONX

D-Wave Quantum's stock has surged 3,310% since 2023, despite its $24.6 million revenue and $7 billion market cap. The company reported a 179% revenue growth last year but remains unprofitable, with losses increasing. D-Wave's recent acquisition of Quantum Circuits and record bookings of $33.4 million are positive signs, yet competition from IonQ poses risks. Investors are cautioned about high valuations and advised to consider a diversified approach in the quantum computing sector.

This Quantum Computing Leader Is up 3,310% Since 2023. Is It Too Late to Buy?