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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.
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Defense budgets are rising. Export restrictions have tightened. Governments are building their own reserves.
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Drilling is underway and somehow the market hasn’t fully caught up yet.
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Exclusive News
D-Wave Keeps Delivering Good News—So Why Is It Falling?
Author: Nathan Reiff. Originally Published: 3/11/2026.
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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