Analysts Back D‑Wave After Reported $10 Million Deal as Stock Pulls Back

Overview

• Wedbush raised its price target to $40 with a Buy rating on Jan. 28, and Roth MKM reiterated a Buy with the same target.
• Analysts highlighted a reported $10 million, two‑year QCaaS agreement with a Fortune 100 customer as evidence of growing commercial adoption.
• Cited traction includes Florida Atlantic University’s planned 2026 Advantage2 installation, expanded hybrid solver capabilities, and new defense collaborations.
• D‑Wave recently acquired Quantum Circuits for about $550 million, a move described as accelerating its push toward a commercially viable gate‑model product.
• The company’s Q3 2025 revenue doubled to $3.7 million with cash of roughly $836 million and operating expenses just over $30 million, while shares are up about 1,600% in three years but down roughly 38% over the past three months.