D-Wave Quantum Inc. (QBTS), a developer of quantum computing systems and software, has become one of the most closely followed pure-play names in the quantum sector. With shares trading near $17.50 and the 52-week range spanning from $12.75 to $46.75, investors are actively debating whether the stock can climb back toward the mid-$30s.
The $35 price target is not arbitrary. It closely matches the average analyst price target of about $35.24, giving it a concrete anchor in public market discussion rather than a purely psychological milestone. Reaching that level would represent roughly a 100% gain from current prices, making it a meaningful but not implausible objective.
D-Wave is the first commercial quantum computing company, selling access to quantum annealing systems designed for optimization problems and expanding into gate-model computing through its acquisition of Quantum Circuits. The company generated about $24.6 million in revenue in fiscal 2025, a sharp increase from roughly $8.8 million the prior year, though it remains deeply unprofitable with a net loss that widened substantially during the same period.
The company holds a sizable cash position, ending recent quarters with more than $500 million in cash and marketable securities, and has finalized an agreement with the U.S. Department of Commerce for up to $100 million in additional funding. That liquidity provides a runway to fund years of research and development, but it does not eliminate the company's ongoing cash burn, which has run into the tens of millions of dollars per quarter.
The bull case for QBTS reaching $35 rests on accelerating commercial traction. First-half bookings reportedly surged more than 1,000% year over year, and remaining performance obligations climbed to roughly $42 million, reflecting a record backlog that analysts expect to convert into revenue over the following year.
D-Wave's dual-track strategy also gives it exposure to a wider share of the quantum market. Its annealing systems are already being used for practical optimization work, while its push into gate-model systems aims at the longer-term goal of fault-tolerant computing. Because the company's newest quantum systems sell for more than $20 million, even a modest increase in annual system deliveries can have an outsized effect on reported revenue.
Broader sector momentum matters as well. Positive developments from peers such as IonQ (IONQ) and Rigetti Computing (RGTI) have historically lifted the entire quantum group, and D-Wave tends to trade with high sensitivity to such news.
The bear case is equally clear. D-Wave's valuation remains extreme, with a market capitalization of roughly $6.5 billion against revenue still measured in the tens of millions of dollars. On a forward price-to-sales basis, the stock trades at a premium that even optimistic analysts describe as difficult to justify on near-term fundamentals.
Losses are also widening as the company funds dual hardware roadmaps, and continued capital raises remain a possibility. Dilution has already more than doubled the share count over recent years, and future equity offerings could weigh on per-share value. Finally, the stock carries a high beta and has shown a tendency to move on external sentiment rather than company-specific news, making sustained rallies harder to maintain.
Wall Street remains broadly optimistic. Of the analysts covering the stock, the clear majority rate it a Buy, producing a Strong Buy consensus with an average 12-month target near $35. Individual targets span a wide range, from $22 on the conservative end to $43 at the high end, with several firms clustering their targets between $30 and $40.
This dispersion highlights both the opportunity and the uncertainty. The average target implies roughly a 100% upside from current levels, but the gap between the low and high estimates reflects genuine disagreement about how quickly D-Wave can convert its backlog into revenue.
From a technical analysis perspective, the most relevant reference points are the 52-week high near $46.75 and the 52-week low near $12.75. The $35 target sits between these extremes and would require the stock to clear a series of supply zones formed during its earlier decline from the peak.
The $30 level, which several analysts have cited as an intermediate objective, represents a logical first milestone, while $35 would mark a more decisive confirmation of a sustained recovery. The stock's high volatility means these levels should be viewed as zones rather than precise turning points.
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Whether D-Wave Quantum can reach $35 depends less on the technology and more on execution. The company's record backlog, government backing, and strong analyst consensus provide a credible foundation, but the path from bookings to revenue remains the central test. A valuation near 150 times forward sales leaves little room for error, and continued cash burn or dilution could delay or derail the advance.
The $35 target appears achievable if revenue conversion accelerates and quantum-sector sentiment remains supportive, but it is far from guaranteed. Investors should monitor quarterly bookings, system deliveries, cash balances, and any changes to the funding roadmap, as these will ultimately determine whether the stock can close the gap between its current price and the consensus target.
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A.I.dvisor indicates that over the last year, QBTS has been closely correlated with RGTI. These tickers have moved in lockstep 93% of the time. This A.I.-generated data suggests there is a high statistical probability that if QBTS jumps, then RGTI could also see price increases.
| Ticker / NAME | Correlation To QBTS | 1D Price Change % | ||
|---|---|---|---|---|
| QBTS | 100% | -0.21% | ||
| RGTI - QBTS | 93% Closely correlated | -0.78% | ||
| IONQ - QBTS | 85% Closely correlated | +1.12% | ||
| QUBT - QBTS | 83% Closely correlated | -0.13% | ||
| DPRO - QBTS | 48% Loosely correlated | -3.72% | ||
| CAN - QBTS | 48% Loosely correlated | +1.76% | ||
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| Ticker / NAME | Correlation To QBTS | 1D Price Change % |
|---|---|---|
| QBTS | 100% | -0.21% |
| QBTS (4 stocks) | 76% Closely correlated | -0.00% |
| Computer Processing Hardware (39 stocks) | 46% Loosely correlated | -0.78% |