TLDR
- D-Wave Quantum reports Q1 2026 earnings on May 12, with Wall Street expecting a loss of $0.08 per share.
- Revenue is forecast at $4.2 million, up 50% quarter-over-quarter.
- QBTS stock is down 14% year-to-date but jumped 60% in the past month.
- Vanguard is the largest institutional holder, owning around 9.65% of the stock.
- The average analyst price target is $36.91, implying over 63% upside from current levels.
D-Wave Quantum (QBTS) heads into its Q1 2026 earnings report on May 12 with its stock down around 14% so far this year, trading near $21.99.
The decline comes after a cooling of investor enthusiasm for quantum computing stocks following a speculative rally. But the past month tells a different story — QBTS has climbed more than 60% in 30 days.
Wall Street is expecting a loss of $0.08 per share for Q1. That’s wider than the $0.02 loss posted in the same quarter last year.
On the revenue side, analysts project $4.2 million, which would represent 50% growth compared to the prior quarter. It’s a small number in absolute terms, but the growth rate is drawing attention.
The Qubits Europe 2026 conference has also been a catalyst for recent momentum, alongside updates on bookings and new contracts.
Who Holds QBTS Stock?
Public companies and individual investors hold the biggest chunk of QBTS — about 65.34% of the float. ETFs account for 16.98%, mutual funds 13.73%, and insiders hold just 1.73%.
Vanguard dominates the institutional side. Vanguard Group holds 9.65%, while Vanguard Index Funds come in second at 7.02%.
On the ETF side, the Vanguard Total Stock Market ETF (VTI)holdsabout3.02VTI) holds about 3.02% of QBTS. The iShares Russell 2000 ETF ( IWM) holds 2.35%, followed by the Vanguard Small-Cap ETF ($VB) at 2.19%.
Insider ownership at 1.73% is on the lower end, meaning management has limited direct skin in the game.
Valuation: Steep Discount or Justified Premium?
According to one widely-followed analyst narrative, QBTS has a fair value of $40.65 — nearly double where it’s currently trading. That view is built on D-Wave’s cash position, bookings growth, and its dual-platform roadmap.
The company reportedly entered 2026 with its largest cash-on-hand position in company history, following financial restructuring tied to the QCi merger.
At the same time, QBTS trades at a price-to-book ratio of 9.6x. That’s well above the broader US software industry average of 2.8x, though below the peer average of 22x.
On the Street, QBTS carries a Strong Buy consensus — 12 Buy ratings and one Hold over the last three months. The average price target sits at $36.91, implying upside of more than 63% from recent levels.
That’s the setup heading into earnings Monday.
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