Where Will D-Wave Be in 1 Year?

By Chris Neiger – Dec 19, 2025 at 1:11PM ESTKey PointsD-Wave's revenue will remain minimal over the next year and the company will have significant losses.Its shares will likely still be very overpriced.Owning D-Wave shares could be a risky move if the economy slows down.These 10 Stocks Could Mint the Next Wave of Millionaires ›NYSE: QBTSD-Wave QuantumMarket Cap$8.7BToday's Changeangle-down(5.79%) $1.44Current Price$26.33Price as of December 19, 2025 at 2:44 PM ETD-Wave's rapid rise could be a dramatic fall over the next year if investors move away from speculative investments.Many quantum computing stocks have been on fire in 2025, as investors seek the next big thing in tech. D-Wave Quantum (QBTS +5.79%) has benefited from the surge in interest in quantum computing, with its share price increasing by 390% over the past year. With such a great year for D-Wave investors, can they expect more of the same over the next 12 months? Image source: Getty Images. Sales will likely continue to be minimal D-Wave sells its quantum computing services to companies, offering a full-stack solution that includes everything from software to its Advantage2 quantum computer hardware. The company is betting on a potentially significant quantum computing market, which could be worth $100 billion by 2035. But it's important to note that the company has minimal sales right now and they're not likely to increase substantially over the next year. Some D-Wave bulls like to point to the fact that revenue doubled in the third quarter as a sign D-Wave is on the right track. While notable, I think it's more important to focus on the fact that D-Wave's revenue was just $3.7 million in the quarter. Those sales are minuscule compared to the company's net loss of $140 million in the quarter. What's more, D-Wave's losses are widening, as operating expenses rose by 40% to $30 million. This pattern will likely continue over the next year as D-Wave tries to expand its services and invests in new technology.Advertisement Most predictions for when the quantum computing market will have real-world use cases say that companies are still about five years away from reaching that goal. Even quantum computing rival Rigetti Computing has said that it won't see tangible revenue from its services until three to five years from now. All of which means that D-Wave and the larger quantum computing market likely won't make meaningful progress with their sales over the next year. D-Wave's shares will continue to be wildly overvalued D-Wave's substantial losses and minimal revenue haven't deterred investors from pushing up the company's share price to astronomical heights. But the huge gains it's made in such a short time, paired with its lack of sales and earnings, means that D-Wave's shares are now very expensive. D-Wave's stock has a price-to-sales ratio of 286, which is far higher than the tech sector's average P/S ratio of under 9. With such a high valuation, even if D-Wave's shares tumble over the year, they'll still be overpriced. Investors have been overly excited about the quantum computing market, despite many of its real-world use cases still being years away. Part of the reason for the euphoria is that investors haven't wanted to miss out on new tech trends, and are assuming that getting in on quantum computing stocks now is like buying artificial intelligence (AI) stocks a few years ago. The problem with this strategy is that most quantum computing companies, including D-Wave, aren't even close to profitable, while many leading AI companies are very profitable. Investors are trying to ride the wave of AI and quantum computing as if they're one big tech trend, but there are far less tangible benefits from quantum computing than from AI right now. ExpandNYSE: QBTSD-Wave QuantumToday's Change(5.79%) $1.44Current Price$26.33Key Data PointsMarket Cap$8.7BDay's Range$25.42 - $26.5252wk Range$3.74 - $46.75Volume571KAvg Vol50MGross Margin82.82% D-Wave is too risky to own over the next year While it may seem like the good times won't end for D-Wave right now, with its shares priced for perfection, I think investors are taking a considerable risk by owning the company's stock. Consider that the latest jobs report showed the U.S. added 64,000 jobs in November, but the unemployment rate ticked higher to 4.6%. More concerning was that October jobs figures showed a loss of 105,000 -- the third time in six months that jobs growth fell into negative territory. Speculative investments tend to fall the hardest when economic uncertainty comes. If jobs and economic data continue to move in a negative direction over the next year, I think D-Wave's shares will likely decline as investors opt for less speculative investments.Read NextDec 19, 2025 •By Adam SpataccoBillionaire Ken Griffin Just Bought a Quantum Computing Stock That Could Soar by as Much as 101%, According to Wall StreetDec 18, 2025 •By Keith NoonanD-Wave Quantum: The Next 10-Bagger Stock?Dec 18, 2025 •By Robert IzquierdoBetter Artificial Intelligence Stock: D-Wave Quantum vs. AlphabetDec 13, 2025 •By Adam SpataccoIs D-Wave Quantum One of the Most Overlooked Tech Stories of the Decade?Dec 12, 2025 •By Keith NoonanForget Rigetti Computing: This Quantum Computing Stock Is a Much Better Buy Right NowDec 12, 2025 •By Rich SmithDon't Buy D-Wave Quantum Stock Until This HappensAbout the AuthorChris Neiger has been a contributing Motley Fool technology and automotive analyst since 2012.

Before The Motley Fool, Chris was an automotive journalist for the BBC. He holds a master’s degree in journalism from Regent University and a bachelor’s degree from the University of Delaware.TMFNewsieStocks MentionedD-Wave QuantumNYSE: QBTS$26.33 (+0.06%) $+1.44Rigetti ComputingNASDAQ: RGTI$23.64 (+0.04%) $+0.82*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.Advertisement