D-Wave Quantum (QBTS) Reports Very Large Bookings Growth, Is It Still Below Fair Value?
Simply Wall St says D-Wave Quantum (QBTS) reported very large growth in Q2 bookings and received up to C$300,000 from Canada’s National Research Council for new annealing software. The article cites over $884 million in cash and marketable securities as of Feb 2026, and a “fair value” estimate of $40.65 versus a $20.90 last close.
How this was made
The 30-second read
Why it matters
For traders, the actionable elements are the reported bookings growth and the stated NRC funding amount, which can affect near-term sentiment and expectations for follow-on contracts. The counterweight is the large ongoing losses figure and the claim that valuation may already embed expectations.
Market read
A quantum-contract and funding update for QBTS, but the article is primarily valuation narrative rather than a new earnings or guidance datapoint.
What to watch
The article does not quantify contract size, margins, or timing of revenue conversion from bookings, which is critical for assessing whether losses will narrow.
Background
The piece frames D-Wave’s 2026 setup as improved liquidity after the QCi merger restructuring, then ties it to Q2 bookings growth and new NRC funding.
Ticker impact
D-Wave reports very large Q2 bookings growth and says it received up to C$300,000 from Canada’s National Research Council for new annealing software.
Moderate upside bias if bookings growth persists; downside risk if losses widen or momentum slows.
The text provides two concrete positives (bookings growth, new funding) but frames valuation as potentially already pricing expectations and highlights a large loss figure as a counterweight.
Market effects
Reinforces the narrative that quantum hardware/software vendors need liquidity and contract wins to bridge to commercial scale.
Canada research funding highlights continued government-linked support for quantum R&D.
Signals ongoing capital and customer interest in annealing software, relevant to the broader quantum computing supply chain.
Counterpoint
The valuation discussion implies the market may already be pricing substantial upside; if bookings growth is not durable, the stock could re-rate lower despite the funding.
Key entities
- public_companyD-Wave Quantum
QBTS, reported very large Q2 bookings growth and up to C$300,000 NRC funding for new annealing software.
- government_agencyCanada’s National Research Council
Provides up to C$300,000 funding for D-Wave’s new annealing software.
