D-Wave Quantum: The Next 10-Bagger Stock?

D-Wave Quantum could make a small, speculative position in a large and diversified investment portfolio.Quantum computing is gradually transitioning from research to commercialization. D-Wave Quantum (QBTS 8.10%) stands out as it is already running quantum-annealing-based production workloads for business and government customers. By focusing on solving optimization problems rather than pursuing general-purpose quantum computing from the outset, D-Wave is already experiencing robust adoption. Image source: Getty Images Commercial traction D-Wave's revenue rose nearly 100% in its recent quarter, to $3.7 million, while GAAP gross margin exceeded 70%. ExpandNYSE: QBTSD-Wave QuantumToday's Change(-8.10%) $-2.23Current Price$25.29Key Data PointsMarket Cap$8.9BDay's Range$24.77 - $27.5052wk Range$3.74 - $46.75Volume34MAvg Vol47MGross Margin82.82% The company's Advantage2 annealing platform is now in full production, enabling the optimization of larger and more complex problems than prior generations. D-Wave says more than 20.6 million customer problems have already been run on Advantage2 prototypes. D-Wave now serves over 100 revenue-generating customers, including two dozen Forbes Global 2000 companies. The company has also signed a 10 million-euro, five-year contract with Swiss Quantum Technology, , providing multiyear revenue visibility.Advertisement At the same time, D-Wave is also working on developing its own fault-tolerant gate-model-based quantum system (a design approach to develop a general-purpose quantum computer). With $836 million in cash on its balance sheet, the company has the financial flexibility to pursue near-term commercialization as well as the development of this computer. 10-bagger potential Still, becoming a 10-bagger stock appears to be a low-probability outcome for D-Wave Quantum, especially in the absence of a commercially viable fault-tolerant gate-model-based quantum system needed for broad-based enterprise adoption. D-Wave is already trading at 423 times sales, a valuation that incorporates a significant portion of the future growth. Even assuming analysts' aggressive fiscal 2030 revenue estimate of $590 million and a more reasonable price-to-sales multiple of 30 (in line with the top-performing artificial intelligence companies in 2025), the resulting market capitalization would still fall well short of a 10-times increase from its current market cap. Yet, the stock may still appeal as an attractive niche addition to a diversified and large investment portfolio for investors seeking upside.Read NextDec 27, 2025 •By Rick OrfordIs It Too Late to Buy D-Wave After Its 2,500 Percent RallyDec 24, 2025 •By Lyle DalyInterested in D-Wave Quantum?

Mark Your Calendars for January 27.Dec 24, 2025 •By Adam SpataccoPrediction: D-Wave Quantum Stock Will Be Worth This Much by Year-End 2026Dec 22, 2025 •By Adam LevyWall Street Analysts Say This Quantum Computing Stock Could Soar 92% in 2026Dec 22, 2025 •By Rich SmithWhy D-Wave Quantum Computing Stock Popped TodayDec 21, 2025 •By Howard SmithThis Quantum Computing Stock Is Up 200% in 2025. Here's 1 Reason That Could Be Just the Beginning.About the AuthorManali Pradhan, CFA, is a contributing Motley Fool stock market analyst covering technology, pharmaceuticals, medical devices, and industrial sectors. Manali brings prior experience as a healthcare analyst and team lead at Market Realist, a data equity analyst at Morgan Stanley, and a data analyst at Deloitte Financial Advisory Services. She holds a bachelor’s degree in computer engineering and a master’s in finance from Mumbai University.TMFManaBStocks MentionedD-Wave QuantumNYSE: QBTS$25.29 (0.08%) $2.23*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.Advertisement