D-Wave Quantum Skyrocketed Today -- Is the Stock a Buy for 2026?

D-Wave Quantum (NYSE: QBTS) stock posted huge gains in Monday's trading. The quantum-computing specialist's share price ended the day up 8.9% amid the backdrop of a 0.6% gain for the S&P 500 and a gain of 0.7% for the Nasdaq Composite. D-Wave stock had been up as much as 11.4% earlier in the day's trading.

Tech stocks generally saw strong bullish momentum in today's trading, and specialized players in the quantum-computing and artificial intelligence (AI) spaces posted particularly strong gains. D-Wave Quantum stock is now up 235% over the last year.

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Is D-Wave Quantum stock a buy right now?

For investors eager for quantum-computing exposure in 2026, D-Wave continues to look like one of the top plays in the space. The company's quantum-annealing approach to computing gives it better near-term commercialization opportunities than many of its competitors, and D-Wave is also investing in more ambitious approaches to quantum computing that could turn into even more powerful sales drivers over the long term. As of last year's third quarter, the company also had $836 million in cash and short-term equivalents -- giving it a solid balance sheet to work with it as it pursues new quantum technologies and commercialization initiatives.

On the other hand, D-Wave stock is probably only a good fit for investors with very high risk tolerance. While quantum computing has the potential to be revolutionary, the technology remains in a relatively nascent state. Along with the potential for macroeconomic and geopolitical volatility, lofty valuation multiples and growth expectations suggest that shares could see high levels of volatility in 2026.

Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.