The Pentagon Can’t Replace This Metal

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The Military Budget Is Near $1T – This Sits at the Center

Ammunition. Missile systems. Night vision.

One metal runs through all of it.

And most of the world’s supply sits in the hands of geopolitical rivals like China and Russia.

America is on the look out for its own sources.

Defense budgets are rising. Export restrictions have tightened. Governments are building their own reserves.

When military supply chains depend on foreign rivals, secure North American deposits can suddenly become a strategic advantage.

That’s why a high-grade deposit just miles from the U.S. border is starting to draw attention.

Drilling is underway and somehow the market hasn’t fully caught up yet.

Discover the company advancing this strategic deposit >

Exclusive News

D-Wave Keeps Delivering Good News—So Why Is It Falling?

Author: Nathan Reiff. Originally Published: 3/11/2026. 

D-Wave logo with quantum wave graphics.

Key Points

  • D-Wave Quantum shares remain down about a third year-to-date despite numerous technological and business successes.
  • The company’s bookings and revenue have climbed rapidly alongside gross margin, but operating expenses are also climbing, keeping profitability distant for now.
  • With a major new Fortune 100 client and other sales momentum, D-Wave may test investor patience while it works to bring its financials in line with its valuation.
  • Special Report: Two AI Stocks Getting Quiet Attention (From Darwin)

A longtime speculative play in the risky and emergent quantum computing industry, D-Wave Quantum Inc. (NYSE: QBTS) looks poised to separate true quantum believers from investors who rode its roughly 168% surge in 2025. Despite that rally, D-Wave shares have mostly traded down or flat through 2026; QBTS is down nearly a third year-to-date.

Some reasons for the pullback are obvious: the company missed analyst expectationson both earnings and revenue in the most recent quarter, and rivals like IonQ Inc. (NYSE: IONQ) may be quietly outperforming on some metrics.

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Still, several positive developments that might have reversed the downtrend have emerged in recent months.

Specifically, strong bookings growth, a high-profile new deal, and a shift to a two-pronged technological approach have so far failed to right the QBTS ship.

D-Wave’s Rally, Cut Short in October, Waits for a Reason to Relaunch

To understand D-Wave’s current position, it helps to go back to October 2025, when the selloff began. After reaching about $45 per share in mid‑October, QBTS plunged to less than half that level in the following weeks, before a modest recovery into year‑end. There wasn’t a clear fundamental catalyst for the reversal; it may have been profit‑taking or a growing concern that the hype had outpaced D‑Wave’s tangible progress at the time.

If that concern was driving the selloff, the rally could resume once the company delivers evidence that investors have reasons to be excited beyond general market enthusiasm. That evidence has been building in some respects: well over $30 million in bookings so far in 2026, a 265% increase in gross profit for full‑year 2025, and a gross margin approaching 83% last year.

Financials and Tech-Side Potential May Still Be Mismatched

D-Wave’s financial improvements are notable, but two metrics may keep many investors unconvinced that a $45-per-share valuation is justified. First, revenue remains small—about $25 million in 2025—for a company with a roughly $7 billion market capitalization, even though revenue nearly tripled year‑over‑year. Second, operating expenses rose 46% in 2025 to roughly $121 million.

Revenue is growing faster than expenses, and strong bookings and margins are constructive, but the company still appears some distance from reporting a break‑even or profitable quarter. Valuation is another hurdle: D‑Wave’s price/sales ratio is extremely high (about 286.5) while book value is roughly $2.30 per share. Even with a newly announced agreement with a Fortune 100 company, investors may reasonably question D‑Wave’s near‑term commercial viability based on those metrics.

On the technology side, D‑Wave’s potential is compelling—particularly after completing its acquisition of Quantum Circuits earlier in the year, which added a complementary technology stack and should help streamline system design and build.

Wall Street Analysts Remain Bullish, But Retail Investors May Not Have the Patience

Wall Street remains largely bullish: 14 of 16 ratings are a Buy or equivalent, and the consensus price target sits roughly 92% above current levels.

Retail investors, however, may be less willing to maintain a speculative position in a company that could still be some time away from aligning its financials with its technological promise.

Investors who can tolerate the volatility and believe management will grow revenue, rein in expenses, and differentiate D‑Wave’s quantum offerings from competitors may be early in backing a potential industry leader. That outcome is possible, but it’s far from guaranteed, and the timeline remains uncertain.

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Published by RJ Hamster

I was born on 6 August 1956 in San Francisco, California to Janet and (the late) Richard Hovis. I grew up in Santa Monica, California where I attended elementary, junior high school, and high school (graduating in 1974), in addition to involvement in sports and recreation (Little League +, the Boy’s Club ++). Further, it was in elementary school – St. Augustine’s By-the -Sea Parish School that I found, and made the choice to truly journey with God. I attended Arizona State University from 1974 to 1977 – seeking to become an architect, however, I was not accepted, and, as such, I graduated with a Liberal Arts degree. Upon graduation from Arizona State University, I attended Cal Poly San Luis Obispo and studied City and Regional Planning at the Master’s level. I successfully completed one (1) year in a two (2) year program – I did not complete the Master’s degree in City and Regional Planning – due to personal reasons. I returned to Santa Monica where I started (October 1979) my career as graphic designer with Exxon Company, USA. I spent five years with Exxon Company, USA. While working with Exxon Company, USA I was accepted into architectural school – Sci-Arc in Southern California, however, I did not attend preferring to stay with Exxon.. In 1982 I married Laura Flosi and in April 1983 we had our one and only child – Lauren Alain Hovis – a gift from God. We moved to Phoenix, Arizona in 1984 from Los Angeles, where I went to work as a graphic designer with Kitchell CEM (from 1985 -1987). From 1987 – 1995 I was an independent contractor, and a registered representative in mortgage finance, financial management, graphic design, and drafting. Further, I attended the University of Phoenix and successfully obtained a Master’s in Business Administration (MBA) in 1982. I was also a member of the Scottsdale Jaycees, where I became very involved in community events and projects. In 1994, I accepted a cartography position with the Defense Mapping Agency in Reston, Virginia. As such, I relocated from Phoenix to Reston. In 1998, I was accepted and worked as a Visual Information Officer with the Central Intelligence Agency. In 2002, I worked as a Support Officer until my retirement (due to a need for shoulder surgery) in September 2018. Away from my Federal Government service, I have been involved in various organizations and activities in Northern Virginia. In November of 2011, I married Rebecca Ouellette in Santa Monica, California. I reside in San Tan Valley, AZ with my two hamster - Jess and Timothy, our fish, our lizard - RJ Lizard., and our cats - Pearl and Grey. As to hobbies, I enjoy playing sports, attending sporting events, mentoring individuals from financial management to hamsters, building models, photography, travel, multimedia design, managing partner for RJ Hamster, and jazz – smooth jazz to a samba or a bossa nova. Love and God Bless, Peter – aka RJ Hamster Jo hi

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