Is D-Wave Quantum Stock a Buy?

By Robert Izquierdo – Jan 13, 2026 at 3:32PM ESTKey PointsD-Wave Quantum made a key acquisition and technological breakthrough in 2026.The company's addition of Quantum Circuits and new cryogenic tech strengthened its offerings.D-Wave remains unprofitable but has amassed significant cash to fund operations.CEO says this is worth 18 Nvidias. Will this make the world's first trillionaire? ›NYSE: QBTSD-Wave QuantumMarket Cap$10BToday's Changeangle-down(0.09%) $0.03Current Price$28.82Price as of January 13, 2026 at 3:58 PM ETThis pure-play quantum computing company's 2026 achievements position it to grow its business.If there was ever a time to buy shares of D-Wave Quantum (QBTS +0.09%), that time could be now. The quantum computing company recently made a key move that strengthened its position amid the competition. On Jan. 7, D-Wave announced it will acquire Quantum Circuits, which also develops quantum computers. The merger enables D-Wave to accelerate its efforts to launch a quantum machine with broad market applicability. While quantum computers can complete complex calculations in minutes that would take centuries with a classical supercomputer, the tech is still nascent, limiting its widespread use. Quantum Circuits can advance D-Wave's solutions, boosting adoption. Let's unpack D-Wave's latest achievements to understand if its stock is a worthwhile investment. Image source: Getty Images. How D-Wave's acquisition helps D-Wave's acquisition is significant because Quantum Circuits works on superconducting gate-model quantum computing systems. This technology differs from D-Wave's approach, which focuses on annealing quantum computers. These machines are particularly good at solving optimization problems. For instance, D-Wave's devices can help logistics businesses identify the best vehicle routes. However, annealing quantum computers are not ideal for general computational tasks, limiting their practical application. That's because the quantum components performing calculations, called qubits, are difficult to control in a quantum annealing system. By contrast, the qubits in gate-based quantum computers can be manipulated with great precision, allowing these types of machines to be used universally. By acquiring Quantum Circuits, D-Wave has now gained the capabilities for its tech to be applied more broadly.Advertisement ExpandNYSE: QBTSD-Wave QuantumToday's Change(0.09%) $0.03Current Price$28.82Key Data PointsMarket Cap$10BDay's Range$27.86 - $29.7252wk Range$4.02 - $46.75Volume849KAvg Vol42MGross Margin82.82% D-Wave's other recent accomplishment In addition to the Quantum Circuits acquisition, on Jan. 6, the company announced what it called an "industry-first milestone" when it integrated cryogenic controls onto its quantum computer chip. This is important because, traditionally, controlling qubits required encasing them in large cryogenic enclosures that kept temperatures colder than outer space, necessitating complex wiring, and limiting system scalability. D-Wave's breakthrough means its quantum machines are more practical to use and support easier scaling of the technology. This combined with a more holistic product offering, thanks to the addition of Quantum Circuits, can help it produce more revenue, which is something it sorely needs. For example, in the third quarter, D-Wave delivered a 100% year-over-year increase in sales. While that sounds impressive, it amounted to Q3 revenue of $3.7 million. Meanwhile, its Q3 operating expenses totaled $30.4 million, resulting in an operating loss of $27.7 million. To raise the funds needed to keep operations going, the company executed multiple equity offerings in 2025. Consequently, D-Wave exited Q3 with the largest cash balance in its history with over $836 million in cash and equivalents, although $250 million will go toward the Quantum Circuits acquisition, along with $300 million in stock. To buy or not to buy D-Wave shares D-Wave is off to a strong start in 2026 with a new technological achievement and a key acquisition. This makes the company a compelling investment. However, one factor to consider is its share price valuation. This is high, as illustrated by the stock's price-to-sales (P/S) ratio, which indicates the cost to investors for every dollar of revenue the company generated over the past 12 months. Data by YCharts. The chart shows D-Wave's sales multiple is down from its October high over the past year but remains above 300 as of Jan. 10, suggesting shares are pricey. Contrast this with International Business Machines, which is developing its own gate-model quantum computers, and sports a P/S ratio of about 4. That said, as a pure-play quantum computing company, D-Wave trades more on its potential to deliver game-changing technology than its financial performance. To consider an investment worthwhile, you have to believe that D-Wave's advances in 2026 now position it to produce innovative quantum technology that can increase revenue. Even so, given the lofty share price valuation, low sales, and high operating expenses, only investors with a substantial risk tolerance should consider buying D-Wave stock. For others, it would be prudent to wait until the company can prove it's on a path to greater revenue growth than it's managed to date.Read NextJan 12, 2026 •By Keith NoonanWhy D-Wave Quantum Stock Surged 15.4% Last Month and Is Rocketing Higher in 2026Jan 12, 2026 •By Keithen DruryWill D-Wave Quantum Make a Comeback in 2026?Jan 12, 2026 •By Will HealyD-Wave Quantum Stock Is Up Over 200% Over the Last Year. Time to Buy?Jan 11, 2026 •By Geoffrey Seiler3 Millionaire-Maker Technology Stocks Worth a LookJan 8, 2026 •By Geoffrey Seiler3 Quantum Computing Stocks That Could Make a MillionaireJan 6, 2026 •By Will EbiefungIs D-Wave Quantum Stock a Buy in 2026?About the AuthorRobert "Izzy" Izquierdo is a contributing Motley Fool stock market analyst covering information technology, consumer discretionary, consumer staples, and communication services sectors. Prior to The Motley Fool, Izzy was head of product management at Target Media Partners, developing and launching multimillion-dollar software used by businesses such as Charter Communications. Prior to that, he worked at Yahoo! and startups on software products in connected TV, AI, consumer apps, and digital advertising. He holds a bachelor’s degree in English literature from UCLA and is certified in software product management.TMFWryWriteStocks MentionedD-Wave QuantumNYSE: QBTS$28.82 (+0.00%) $+0.03*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.Advertisement