D-Wave Quantum Builds Momentum With Product Development Milestones

Amid the growing global interest in quantum solutions, D-Wave Quantum QBTS is increasingly attracting investors’ attention. The company stands out as the only one developing both annealing and gate model of quantum computers, allowing it to address the entire market opportunity for quantum. Earlier this year, management stated that 2025 is shaping up to be one of the most pivotal years in the company’s history, with product development milestones playing a central role.

D-Wave commercially launched Advantage2 in May, a powerful and energy-efficient annealing quantum computer capable of solving computationally complex problems beyond the reach of classical computers. The system features D-Wave's most advanced quantum processor to date and is built to address real-world use cases in areas such as optimization, material simulation and AI. Advantage2 is also operational at the Davidson Technologies headquarters in Huntsville, AL, to address mission-critical U.S. government problems, particularly in national defense, and will eventually run sensitive applications.

In addition, the company completed the fabrication of fluxonium qubit chips and superconducting control chips, and is working on bonding the two to demonstrate scalable control of gate model qubits. This presents a competitive advantage for D-Wave, potentially enabling the first-ever scalable gate model system with cryogenic control.

During the November 2025 earnings call, management also updated on the annealing roadmap. The fabrication of the Advantage3 prototype chips is nearing completion, with circuit testing expected in the ongoing quarter. D-Wave’s work on Advantage3 is focused on innovation and scaling, including enhanced connectivity and coherence, next-generation addressing and multi-chip processor fabric to accelerate the path to 100,000 qubits.

QBTS’ Peer Updates

IonQ IONQ recently announced the continuation of its strategic partnership with the Korea Institute of Science and Technology Information and the forthcoming delivery of a 100-qubit IonQ Tempo quantum system. Additionally, IonQ andQuantumBasel expanded their long-term partnership, granting QuantumBasel ownership of its existing IonQ Forte Enterprise system and obtaining a next-generation Tempo system.

Quantum Computing Inc. QUBT, or QCi, recently signed an agreement to acquire Luminar Semiconductor, Inc. — a wholly owned subsidiary of Luminar Technologies, Inc. — in an all-cash transaction valued at $110 million. The deal, subject to customary adjustments, will bring QCi a portfolio of core photonic technologies, patents, and a highly experienced team of engineers and scientists that will accelerate the company’s roadmap while continuing to support and grow Luminar Technologies’ established customer base.

The Zacks Rundown for QBTS

In the last 12 months, QBTS shares rose 172.2%, far outpacing the broader Internet Software industry’s 6.8% rise, the Computer and Technology sector’s 26.3% increase and the S&P 500’s 19% gain.

In terms of forward price/book (P/B), QBTS shares are trading at 13.49X, below its median but above the industry average of 6.01X, over the past year.

See how analysts are projecting QBTS’ 2025 and 2026 earnings.

QBTS stock currently carries a Zacks Rank #3 (Hold).  You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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