D-Wave Quantum's Expanded Global Customer Base Is Gaining Attention

During the third quarter of 2025, D-Wave Quantum QBTS signed several new and renewed customer agreements across both commercial and research applications, reflecting growing adoption of its quantum computing solutions. These engagements included a new agreement with one of the largest U.S.-based international airlines. The company also signed a new engagement with SkyWater Technology, the largest pure-play semiconductor foundry in the United States, and expanded its relationship with the pharmaceutical division of Japan Tobacco. 

In addition, D-Wave entered into an agreement with Yapi Kredi, one of Turkey’s leading banks, highlighting the relevance of quantum computing for banking use cases. Additionally, the company signed an engagement with Korea Quantum Computing – a company specializing in quantum computing R&D, quantum security solutions and AI infrastructure in Korea — to strengthen D-Wave’s presence in the Asia-Pacific region. 

Collectively, these agreements span key industries, such as aviation, semiconductors, pharmaceuticals, financial services and quantum research, further contributing to $2.4 million of bookings in the third quarter. Soon after the third quarter, the company highlighted a significant EUR 10 million agreement with Swiss Quantum Technology SA to deploy a D-Wave Advantage2 annealing quantum computer in Europe. 

Peer Update

In the third quarter, Quantum Computing Inc. QUBT or QCi announced a purchase order from a top 5 U.S. bank for its quantum security solutions. The order was the first U.S. commercial sale of QCi’s quantum cybersecurity solutions, marking a key milestone in validating its quantum security platform for real-world use cases. QCi continued to strengthen its collaboration with the National Aeronautics and Space Administration (“NASA”) in the third quarter. Under the agreement, QCi is applying its Dirac-3 quantum optimization machine to develop quantum-based techniques for removing solar noise from space-based LiDAR data. 

During the third quarter, Rigetti Computing RGTI strengthened its ecosystem through two notable strategic collaborations. RGTI partnered with QphoX and the Air Force Research Laboratory on a three-year initiative to advance microwave-to-optical conversion, a critical step toward scalable superconducting quantum networking. Rigetti also joined NVIDIA’s NVQLink open platform, positioning its QPUs for seamless integration with AI supercomputing environments and future hybrid workloads.

QBTS’ Price Performance

In the past year, QBTS shares have risen 509.3%, far outpacing the broader Internet Software industry’s 6.2% growth and the S&P 500’s 22.1% gain.

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QBTS’ Expensive Valuation

QBTS currently trades at a forward 12-month Price-to-Sales (P/S) of 234.36X compared with the industry average of 5.55X.

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QBTS Stock Estimate Trend

In the past 30 days, D-Wave’s loss per share estimate for 2025 has narrowed 1 cent to 20 cents. 

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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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