Here's How D-Wave Quantum's Commercial Momentum Is Gaining Strength

Stocks Here's How D-Wave Quantum's Commercial Momentum Is Gaining Strength September 04, 2026 — 07:49 am EDT Written by Sridatri Sarkar for Zacks linkedin facebook x email reddit D-Wave Quantum Inc. QBTS is showing improving commercial momentum despite second-quarter 2026 revenues remaining essentially flat at $3.1 million. Commercial customers represented 62.4% of second-quarter revenues versus 45.1% a year earlier. QCaaS subscription revenues rose 50% to $1.9 million, while first-half bookings surged 1,120%, including a $20 million annealing system sale to Florida Atlantic University.Revenue visibility also strengthened, with remaining performance obligations rising 668% to $40.7 million. About 57% of this backlog is expected to be recognized within the next 12 months. Commercial enterprises accounted for 62.4% of second-quarter revenues versus 45.1% a year earlier. Production applications accounted for 37.3% of first-half QCaaS revenues versus 9.8% in the prior-year period. D-Wave is also advancing its gate-model roadmap, with a 17-qubit dual-rail system targeted for year-end and longer-term milestones aimed at achieving fault-tolerant computing. Together, rising bookings, backlog and production adoption provide a stronger pathway from quantum research to broader commercial applications.Peer UpdateQuantum Computing QUBT or QCi’s second-quarter 2026 revenues climbed to $5.6 million from $61,000 a year earlier and $3.7 million in the first quarter, with all business units contributing. QCi also sold, delivered and installed its DIRAC-3 quantum optimization system at a global consulting firm, while its NeuraWave platform reached deployment readiness. In addition, a framework agreement with Planck Dynamics provides for the potential deployment of multiple dozens of systems as customer milestones are achieved.Rigetti’s RGTI second-quarter results reinforced its execution-focused investment case, as revenues rose 185% year over year to $5.1 million, driven by on-premises Novera QPU sales. The company also advanced its 108-qubit Cepheus-1 platform, reaffirmed its chiplet-based roadmap toward 1,000 qubits, and secured a letter of intent from the U.S. Department of Commerce for up to $100 million in potential CHIPS Act funding.QBTS’ Price PerformanceOver the past year, QBTS’ shares have risen 10.9%, far outpacing the broader Internet Software industry’s 12.6% decline. Image Source: Zacks Investment ResearchQBTS’ Expensive ValuationQBTS currently trades at a forward 12-month Price-to-Sales (P/S) of 90.60X compared with the industry average of 3.97X. Image Source: Zacks Investment ResearchQBTS Stock Estimate TrendIn the past 30 days, the company’s loss per share estimate for 2026 has moved south to 29 cents. Image Source: Zacks Investment ResearchQBTS stock currently has a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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