QBTS Soars 332% in a Year: Quantum Revenue Growth to Continue in 2026?

Over the course of 2025, D-Wave Quantum QBTS moved noticeably from purely research-oriented results toward measurable revenue traction as its quantum systems began generating meaningful top-line figures. In the first quarter of 2025, revenues jumped 509% year over year, driven by the sale of an Advantage2 quantum system, a key transition from services to high-value system sales. Gross margins expanded sharply as a result.

The subsequent 2025 quarters showed that total revenues continued to rise. In the last-reported third-quarter 2025 alone, revenues increased 100% year over year and gross profit expanded significantly, even as the company maintained elevated R&D investment to sustain technological progress.

D-Wave also confirmed strong commercial momentum heading into the fourth quarter, including €10 million in bookings for 50% capacity of an Advantage2 system in Italy that will contribute to future revenue recognition once operational.

In 2026, QBTS is clearly showing a transition toward commercial momentum, supported by strong balance-sheet cash positions, expanding enterprise and government customer engagements and a growing services pipeline expected to contribute to recurring revenues.

Going by the Zacks Consensus Estimate, the company is expected to report earnings growth of 86.5% on revenue growth of 79.1% in the fourth quarter of 2025. In 2026, QBTS is projected to report earnings growth of 7% on revenue growth of 61.1%.

Peer Update

IonQ IONQ: The company showed notable commercial and technical momentum through 2025. For the third quarter, IonQ reported $39.9 million in revenues, exceeding guidance and prompting the company to raise its full-year 2025 outlook to $106-$110 million. The third quarter also reflected key technical progress, including a 99.99% two-qubit gate fidelity milestone, strengthening IonQ’s execution on scalability and performance. With $3.5 billion in pro-forma cash following a $2 billion equity raise at third-quarter 2025 end, the company is well capitalized to fund continued R&D, expand partnerships and support a growing commercial pipeline in 2026.

Rigetti RGTI: The company, in the first three quarters of 2025, reported modest and uneven revenues due largely to contract timing. Operationally, the company continued advancing its chiplet-based superconducting roadmap, demonstrating multi-chip systems and targeting 150+ qubit platforms by late 2026, with further scaling goals beyond that. With over $600 million in cash and no debt, Rigetti has sufficient runway, but ongoing operating losses and limited revenue scale indicate that near-term performance remains closely tied to technical milestones and government or enterprise contract wins rather than broad commercial adoption.

QBTS' Price Performance

In the past year, QBTS shares have risen 331.9% against the broader Internet Software industry’s 6.8% decline. The stock also far outpaced the S&P 500’s 13.6% gain.

One-Year Price Comparison

QBTS' Expensive Valuation

QBTS currently trades at a forward 12-month Price-to-Sales (P/S) of 208.34X compared with the industry average of 4.34X.

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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