D-Wave Quantum: Record Backlog and a New Exchange, But the Market Waits for Revenue
Published on 07/20/2026 at 04:24 | Redaktion boerse-global.de
D-Wave Quantum is making a high-profile move to the Nasdaq at the end of July, but the shift in venue is only one part of a broader story that pits surging orders against a stock that has shed nearly a third of its value in a month. The quantum computing specialist will begin trading under its existing ticker, QBTS, on July 27, after its final session on the New York Stock Exchange on July 24. The company says the decision is voluntary and that it meets all Nasdaq listing requirements.
The timing of the exchange switch is anything but calm. D-Wave’s shares closed at €14.69 on the last trading day before the transfer, representing a 30.89% decline over the preceding 30 days and a 61.84% retreat from the October 2025 peak of €38.48. The 14-day relative strength index sits at 30.9, nudging into oversold territory, while annualized 30-day volatility stands at 78.96%. Even after the drop, the stock remains 32% above its 52-week low of €11.12.
Much of the pressure stems from insider trading activity. Chief executive Alan Baratz executed two notable sales in mid-July. On July 14, he disposed of 52,320 shares to cover tax obligations tied to vesting restricted stock units — a routine step. The following day, Baratz sold more than 687,000 shares following the exercise of options, a move that amplified already jittery sentiment. He retains a direct stake of over 3.2 million shares, suggesting confidence in the long-term strategy even as the market digests the cash-out.
Should investors sell immediately? Or is it worth buying D-Wave Quantum?
The disconnect between D-Wave’s operational momentum and its stock performance is stark. In the first quarter of 2026, the company reported bookings of $33.4 million, a 2,000% jump from the prior year. Remaining performance obligations — the backlog of contracted but unfulfilled work — hit $42.4 million, an increase of 563% year over year. Yet revenue for the same quarter was only about $2.9 million, underscoring the wide gap between order intake and recognized sales.
D-Wave is trying to bridge that gap by expanding its technological reach. Following the acquisition of Quantum Circuits early in 2026, the company now pursues a dual approach, coupling its established annealing technology with gate-model quantum computing. A 17-qubit gate-model system is slated for later this year, with a 49-qubit version expected in 2027. Quantum Circuits also landed a roughly $1.57 million grant from the U.S. National Science Foundation for the ERASE project, a collaboration with Yale University aimed at building fault-tolerant hardware.
Analysts remain largely constructive despite the share price slide. The average price target stands at €32.68, implying an upside of 122.5% from current levels. With a market capitalization of €5.42 billion, D-Wave is far from a fringe player, but the stock now trades 27.97% below its 50-day moving average of €20.39 — a gap that signals how far sentiment has drifted from the consensus.
The market’s attention now turns to the second-quarter results expected in early August. Those numbers will provide the clearest indication yet of whether D-Wave can convert its record order pipeline into sustainable revenue growth, a conversion that will ultimately determine whether the Nasdaq listing marks a fresh start or simply a change of address.
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