<p><strong>D-Wave Quantum</strong>（QBTS -1.82%）的股票在过去 12 个月中飙升了超过 1480%。这一爆炸性的涨幅使其摆脱了历史低点，主要是由于市场对量子计算股票的日益热情。</p>
<p>但其市值为 54 亿美元，当前交易价格是今年销售额的 222 倍，明年销售额的 142 倍。投资者是否仍然应该购买 D-Wave 的股票，并期待其能够成长到如此高的估值？让我们回顾一下其商业模式、即将到来的催化剂和挑战，以便做出决定。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE0NzIvcXVhbnR1bS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE0NzIvcXVhbnR1bS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>D-Wave Quantum 是做什么的？</h2>
<p>传统计算机仍然以二进制位（零和一）存储数据。量子计算机可以同时在量子位中存储这些零和一，这使得它们能够以比传统计算机更快的速度处理更大数量的数据。</p>
<p>然而，量子计算系统的体积更大、价格更高，并且消耗的电力远超过传统服务器和主机。这就是为什么它们仍然主要用于大学和政府机构的利基研究项目，而不是主流计算应用。</p>
<p>D-Wave 可以通过其量子退火工具改变这种看法，这些工具用于优化公司的工作流程、供应链和物流网络。它通过不同的场景运行这些过程，并识别出消耗最少电力的过程作为最有效的过程。换句话说，它是一个量子驱动的 “效率专家”，能够比传统分析工具更快地绘制出多种结果。</p>
<p>D-Wave 设计自己的量子处理单元（QPU）和 Advantage 量子系统来支持这些服务。它还通过其基于云的 Leap 平台远程提供这些服务，该平台可以与 <strong>亚马逊</strong> 网络服务（AWS）和 <strong>微软</strong>Azure 等公共云平台集成。</p>
<p>超过 100 家主要客户——包括德勤、<strong>万事达卡</strong>、<strong>大众汽车</strong>、<strong>洛克希德·马丁</strong> 和 <strong>埃森哲</strong>——已经在使用 D-Wave 的服务。然而，这些客户中的大多数仍在使用其低收入的试点和研究项目，而不是利用其工具来彻底改造他们的业务。</p>
<h2>D-Wave 的增长速度有多快？</h2>
<p>D-Wave 仍然主要通过销售其 Advantage 量子系统来产生收入，但这些销售周期较长且不可预测。这就是为什么其销售在 2022 年和 2023 年激增，在 2024 年因系统销售停滞而平稳，但在 2025 年上半年再次激增。</p>
<p>| 指标 | 2022 | 2023 | 2024 | 2025 年上半年 |
| <strong>收入</strong> | 720 万美元 | 880 万美元 | 880 万美元 | 1810 万美元 |
| <strong>增长（同比）</strong> | 39% | 22% | 1% | 289% |
| <strong>调整后 EBITDA</strong> |（4800 万美元）|（5430 万美元）|（5600 万美元）|（2610 万美元）|
| <strong>净收入</strong> |（5150 万美元）|（8270 万美元）|（1.439 亿美元）|（1.728 亿美元）|</p>
<p>数据来源：D-Wave Quantum。同比 = 年比年。</p>
<p>然而，其调整后的息税折旧摊销前利润（EBITDA）仍然为负，因为其净亏损在扩大。与大多数量子计算同行一样，预计在可预见的未来，它将保持亏损状态，因为它正在扩大业务。</p>
<p>对于 2025 年，分析师预计 D-Wave 的收入将激增 178%，达到 2460 万美元。大部分增长将由其新推出的 4400 量子位 Advantage2 量子系统推动，该系统解决 3D 晶格问题的速度大约是其第一代系统的 25000 倍，同时消耗更少的电力。其这些系统的销售增长应减少其对基于云服务的依赖。分析师预计 D-Wave 的收入将在 2026 年增长 56%，达到 3830 万美元，并在 2027 年再增长 85%，达到 7100 万美元。我们应该对这些估计持谨慎态度，但它们暗示 D-Wave 最终能够成长到其高估值。</p>
<h2>现在是购买 D-Wave 股票的合适时机吗？</h2>
<p>D-Wave 的股票价格昂贵。只要它保持亏损状态，就可能会继续通过更多的股票发行来稀释投资者的股份，而且尚不清楚它是否能够持续销售足够的 Advantage2 系统（每个售价 2000 万到 4000 万美元），以实现规模经济。但从长远来看，D-Wave 对主流计算应用的关注可能使其在与其他专注于实验应用的量子计算公司竞争时占据优势。因此，虽然我肯定不会将我的全部积蓄投资于 D-Wave 的股票，但我愿意今天小额投资，并在其成功扩展初创业务时逐步增持。</p>

QBTS

<p>D-Wave Quantum 的股票在过去一年中上涨了超过 1480%，这得益于对量子计算的兴趣。尽管市值为 54 亿美元且销售倍数较高，但公司在盈利能力和较长的销售周期方面面临挑战。预计未来几年收入将显著增长，特别是在其新 Advantage2 量子系统推出后。虽然该股票被认为价格昂贵，可能会稀释投资者的股份，但其专注于主流应用可能会提供竞争优势。建议在公司扩展业务时谨慎投资</p>

<p><strong>D-Wave Quantum</strong>'s (QBTS -1.82%) stock surged more than 1,480% over the past 12 months. That explosive rally, which lifted it from its all-time lows, was driven by the market's growing enthusiasm for quantum computing stocks.</p>
<div class="lb-trans"><p><strong>D-Wave Quantum</strong>（QBTS -1.82%）的股票在过去 12 个月中飙升了超过 1480%。这一爆炸性的涨幅使其摆脱了历史低点，主要是由于市场对量子计算股票的日益热情。</p>
</div><p>But with a market cap of $5.4 billion, it trades at a whopping 222 times this year's sales and 142 times next year's sales. Should investors still buy D-Wave's stock and expect it to grow into those nosebleed valuations? Let's review its business model, upcoming catalysts, and challenges to decide.</p>
<div class="lb-trans"><p>但其市值为 54 亿美元，当前交易价格是今年销售额的 222 倍，明年销售额的 142 倍。投资者是否仍然应该购买 D-Wave 的股票，并期待其能够成长到如此高的估值？让我们回顾一下其商业模式、即将到来的催化剂和挑战，以便做出决定。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE0NzIvcXVhbnR1bS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831472%2Fquantum.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>What does D-Wave Quantum do?</h2>
<div class="lb-trans"><h2>D-Wave Quantum 是做什么的？</h2>
</div><p>Traditional computers still store their data in binary bits of zeros and ones. Quantum computers can store those zeros and ones simultaneously in qubits, which lets them process larger quantities of data at a much faster rate than their traditional counterparts.</p>
<div class="lb-trans"><p>传统计算机仍然以二进制位（零和一）存储数据。量子计算机可以同时在量子位中存储这些零和一，这使得它们能够以比传统计算机更快的速度处理更大数量的数据。</p>
</div><p>Yet quantum computing systems are also larger, pricier, and consume a lot more power than traditional servers and mainframes. That's why they're still mainly used for niche research projects at universities and government agencies instead of mainstream computing applications.</p>
<div class="lb-trans"><p>然而，量子计算系统的体积更大、价格更高，并且消耗的电力远超过传统服务器和主机。这就是为什么它们仍然主要用于大学和政府机构的利基研究项目，而不是主流计算应用。</p>
</div><p>D-Wave could change that perception with its quantum annealing tools, which are used to streamline a company's workflows, supply chains, and logistics networks. It runs those processes through different scenarios, and it identifies the processes that consume the least power as the most efficient ones. In other words, it's a quantum-powered &#34;efficiency expert&#34; that maps out multiple outcomes faster than traditional analytics tools.</p>
<div class="lb-trans"><p>D-Wave 可以通过其量子退火工具改变这种看法，这些工具用于优化公司的工作流程、供应链和物流网络。它通过不同的场景运行这些过程，并识别出消耗最少电力的过程作为最有效的过程。换句话说，它是一个量子驱动的 “效率专家”，能够比传统分析工具更快地绘制出多种结果。</p>
</div><p>D-Wave designs its own quantum processing units (QPUs) and Advantage quantum systems to support those services. It also provides those services remotely through its cloud-based Leap platform, which can be integrated into public cloud platforms like <strong>Amazon</strong> Web Services (AWS) and <strong>Microsoft</strong> Azure.</p>
<div class="lb-trans"><p>D-Wave 设计自己的量子处理单元（QPU）和 Advantage 量子系统来支持这些服务。它还通过其基于云的 Leap 平台远程提供这些服务，该平台可以与 <strong>亚马逊</strong> 网络服务（AWS）和 <strong>微软</strong>Azure 等公共云平台集成。</p>
</div><p>More than 100 major customers -- including Deloitte, <strong>Mastercard</strong>, <strong>Volkswagen</strong>, <strong>Lockheed Martin</strong>, and <strong>Accenture</strong> -- are already using D-Wave's services. However, most of those customers are still running its low-revenue pilot and research programs on Leap instead of using its tools to overhaul their businesses.</p>
<div class="lb-trans"><p>超过 100 家主要客户——包括德勤、<strong>万事达卡</strong>、<strong>大众汽车</strong>、<strong>洛克希德·马丁</strong> 和 <strong>埃森哲</strong>——已经在使用 D-Wave 的服务。然而，这些客户中的大多数仍在使用其低收入的试点和研究项目，而不是利用其工具来彻底改造他们的业务。</p>
</div><h2>How fast is D-Wave growing?</h2>
<div class="lb-trans"><h2>D-Wave 的增长速度有多快？</h2>
</div><p>D-Wave still generates most of its revenue by selling its Advantage quantum systems, but those sales cycles are long and unpredictable. That's why its sales surged in 2022 and 2023, flatlined in 2024 as its system sales stalled out, but surged again in the first half of 2025.</p>
<div class="lb-trans"><p>D-Wave 仍然主要通过销售其 Advantage 量子系统来产生收入，但这些销售周期较长且不可预测。这就是为什么其销售在 2022 年和 2023 年激增，在 2024 年因系统销售停滞而平稳，但在 2025 年上半年再次激增。</p>
</div><p>| Metric | 2022 | 2023 | 2024 | 1H 2025 |
| <strong>Revenue</strong> | $7.2 million | $8.8 million | $8.8 million | $18.1 million |
| <strong>Growth (YOY)</strong> | 39% | 22% | 1% | 289% |
| <strong>Adjusted EBITDA</strong> | ($48.0 million) | ($54.3 million) | ($56.0 million) | ($26.1 million) |
| <strong>Net income</strong> | ($51.5 million) | ($82.7 million) | ($143.9 million) | ($172.8 million) |</p>
<div class="lb-trans"><p>| 指标 | 2022 | 2023 | 2024 | 2025 年上半年 |
| <strong>收入</strong> | 720 万美元 | 880 万美元 | 880 万美元 | 1810 万美元 |
| <strong>增长（同比）</strong> | 39% | 22% | 1% | 289% |
| <strong>调整后 EBITDA</strong> |（4800 万美元）|（5430 万美元）|（5600 万美元）|（2610 万美元）|
| <strong>净收入</strong> |（5150 万美元）|（8270 万美元）|（1.439 亿美元）|（1.728 亿美元）|</p>
</div><p>Data source: D-Wave Quantum. YOY = Year-over-year.</p>
<div class="lb-trans"><p>数据来源：D-Wave Quantum。同比 = 年比年。</p>
</div><p>However, its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stayed negative as its net losses widened. Like most of its quantum computing peers, it's expected to stay unprofitable for the foreseeable future as it scales up its business.</p>
<div class="lb-trans"><p>然而，其调整后的息税折旧摊销前利润（EBITDA）仍然为负，因为其净亏损在扩大。与大多数量子计算同行一样，预计在可预见的未来，它将保持亏损状态，因为它正在扩大业务。</p>
</div><p>For 2025, analysts expect D-Wave's revenue to surge 178% to $24.6 million. A lot of that growth will be driven by the rollout of its new 4,400 qubit Advantage2 quantum system, which solves 3D lattice problems roughly 25,000 times faster than its first-gen system while consuming less power. Its rising sales of those systems should reduce its dependence on its cloud-based services. Analysts expect D-Wave's revenue to rise 56% to $38.3 million in 2026, and increase another 85% to $71 million in 2027. We should take those estimates with a grain of salt, but they imply that it can eventually grow into its frothy valuations.</p>
<div class="lb-trans"><p>对于 2025 年，分析师预计 D-Wave 的收入将激增 178%，达到 2460 万美元。大部分增长将由其新推出的 4400 量子位 Advantage2 量子系统推动，该系统解决 3D 晶格问题的速度大约是其第一代系统的 25000 倍，同时消耗更少的电力。其这些系统的销售增长应减少其对基于云服务的依赖。分析师预计 D-Wave 的收入将在 2026 年增长 56%，达到 3830 万美元，并在 2027 年再增长 85%，达到 7100 万美元。我们应该对这些估计持谨慎态度，但它们暗示 D-Wave 最终能够成长到其高估值。</p>
</div><h2>Is it the right time to buy D-Wave's stock?</h2>
<div class="lb-trans"><h2>现在是购买 D-Wave 股票的合适时机吗？</h2>
</div><p>D-Wave's stock is expensive. It will likely keep diluting its investors with more stock offerings as long as it remains unprofitable, and it's unclear if it can keep selling enough Advantage2 systems (which cost $20-$40 million each) for economies of scale to kick in. But in the long run, D-Wave's focus on mainstream computing applications could give it an edge against other quantum computing companies that focus on experimental applications. So while I certainly wouldn't invest my life savings in D-Wave's stock, I'd be willing to nibble on it today and accumulate more shares if it successfully expands its fledgling business.</p>
<div class="lb-trans"><p>D-Wave 的股票价格昂贵。只要它保持亏损状态，就可能会继续通过更多的股票发行来稀释投资者的股份，而且尚不清楚它是否能够持续销售足够的 Advantage2 系统（每个售价 2000 万到 4000 万美元），以实现规模经济。但从长远来看，D-Wave 对主流计算应用的关注可能使其在与其他专注于实验应用的量子计算公司竞争时占据优势。因此，虽然我肯定不会将我的全部积蓄投资于 D-Wave 的股票，但我愿意今天小额投资，并在其成功扩展初创业务时逐步增持。</p>
</div>

现在是否应该购买 D-Wave Quantum 的股票？