D-Wave Quantum Surges 4,550% to $20 as Advantage2 Sales Lift Revenue 179%

4 articles · Updated · The Motley Fool · May 15

$20 a share marks a stunning rebound for D-Wave from its $0.41 low three years ago, turning a $10,000 investment into more than $465,000.
A 179% revenue jump in 2025 to $24.6 million drove that rally after D-Wave began selling Advantage2 systems, which it says solve some problems 25,000 times faster while using less power.
Those system sales matter because D-Wave's cloud pilots with more than 100 companies have produced limited recurring revenue, while its $20 million-plus hardware deals are lumpy but far more lucrative.
CEO Alan Baratz said D-Wave expects to deliver at least two systems in 2026 and target two to three a year after that, alongside growth in a $25,000-per-quarter enterprise subscription tier.
The run-up leaves D-Wave valued at about $8.2 billion—roughly 57 times projected 2028 sales of $142.4 million—even as analysts still expect negative adjusted EBITDA for years.

With bookings soaring but revenue plummeting, is D-Wave's stock rally built on hype or a sustainable future?

Can D-Wave solve today's business problems faster than both classical computers and future quantum rivals?

By acquiring a rival technology, is D-Wave admitting its primary quantum approach has fundamental limits?