D-Wave Quantum Inc. (NASDAQ:QBTS) shares are up on Thursday as the company has signed a Letter of Intent for $100 million in funding under the U.S. CHIPS and Science Act.



This funding is expected to accelerate the development of D-Wave’s superconducting annealing and gate-model technologies, which could significantly enhance the company’s position in the quantum computing market.



These strategic investments are seen as a move to bolster U.S. capabilities in quantum technology, potentially creating thousands of high-paying jobs.



The U.S. Department of Commerce’s proposed funding will allow D-Wave to issue shares to the government, marking a significant endorsement of its quantum technologies. This initiative aims to strengthen domestic technology supply chains and advance national security in quantum computing.



<h2>Q1 Highlights</h2>



Earlier this month, D-Wave reported a first-quarter loss of 5 cents per share, beating the consensus estimate of a 9-cent loss. In addition, it reported revenue of $2.85 million, missing the consensus estimate of $4.13 million and representing a 81% decrease from the prior-year first-quarter.



The company said consolidated cash and marketable investment securities totaled $588.4 million as of March 31, representing a 93% increase from $304.3 million in the first quarter of 2025.



D-Wave also reported first-quarter bookings of $33.4 million, up 1,994% year-over-year from $1.6 million in the first quarter of 2025 and up 149% from $13.4 million in the fourth quarter of 2025.



<h2>Technical Analysis</h2>



D-Wave Quantum has shown a solid performance over the past year, with a 12-month gain of 25.65%. Currently, the stock is trading 9.6% above its 20-day simple moving average (SMA) of $20.57, indicating a bullish short-term trend. The 50-day SMA, however, is at $18.22, which the stock is 23.7% above, suggesting strong momentum.



The Relative Strength Index (RSI) is at 47.25, indicating a neutral momentum status, suggesting that the stock is neither overbought nor oversold at this time. This neutral reading implies that there may be room for further upward movement if buying pressure increases.



<ul>
<li>Key Resistance: $25.00 — a nearby level where rebounds can stall.</li>



<li>Key Support: $18.50 — a nearby level where buyers previously stepped in.</li>
</ul>



The recent funding news is crucial as it aligns with D-Wave’s mission to enhance its quantum computing capabilities, which are applicable across various fields, including logistics, artificial intelligence, and drug discovery. This strategic investment from the U.S. government could further solidify D-Wave’s market position and innovation potential.



<h2>Earnings &amp; Analyst Outlook</h2>



D-Wave Quantum is slated to provide its next financial update on August 6, 2026 (estimated).



<ul>
<li>EPS Estimate: Loss of 9 cents (Up from Loss of 8 cents)</li>



<li>Revenue Estimate: $4.04 million (Up from $3.10 million)</li>
</ul>



Analyst Consensus &amp; Recent Actions: The stock carries a Buy rating with an average price target of $38.00. Recent analyst moves include:



<ul>
<li>Canaccord Genuity: Buy (Lowers Target to $41.00) (May 13)</li>



<li>Rosenblatt: Buy (Maintains Target to $43.00) (May 13)</li>



<li>Cantor Fitzgerald: Overweight (Maintains Target to $40.00) (May 13)</li>
</ul>



<h2>Benzinga Edge Rankings</h2>



Below is the Benzinga Edge scorecard for D-Wave Quantum, highlighting its strengths and weaknesses compared to the broader market:



<ul>
<li>Momentum: Weak (Score: 37.83) — Stock is underperforming the broader market.</li>
</ul>



The Verdict: D-Wave Quantum’s Benzinga Edge signal reveals a momentum-driven story, suggesting that while the stock has potential, it currently faces challenges in gaining traction against the broader market. Investors should monitor upcoming developments closely to assess any shifts in momentum.



QBTS Price Action: D-Wave Quantum shares were up 21.76% at $23.50 at the time of publication on Thursday, according to Benzinga Pro data.



Photo via D-Wave Quantum

The Trump administration unveiled a $2bn quantum computing initiative funded by the CHIPS Act, taking equity stakes in 9 companies — including IBM, D-Wave, and Rigetti — with IBM alone receiving $1bn. Unlike traditional subsidies, the deal exchanges capital for equity, mirroring the earlier Intel investment model. The announcement sent the trio surging, Are you bullish on the quantum computing space?

The Trump administration unveiled a $2bn quantum computing initiative funded by the CHIPS Act, taking equity stakes in 9 companies — including IBM, D-Wave, and Rigetti — with IBM alone receiving $1bn. Unlike traditional subsidies, the deal exchanges capital for equity, mirroring the earlier Intel investment model. The announcement sent the trio surging, Are you bullish on the quantum computing space?

Trump's $2bn Bet Sends Quantum Trio Surging

QBTS

D-Wave Quantum secured a proposed $100 million funding commitment under the U.S. CHIPS Act to enhance its quantum computing technologies. The stock rose 21.76% to $23.50 following the announcement. Despite a first-quarter loss of 5 cents per share, the company reported significant growth in bookings. Analysts maintain a Buy rating with a price target averaging $38.00, indicating potential for further upward movement in stock price.

What's Going On With D-Wave Stock On Thursday?