QBTS
D-Wave Quantum Inc.
NYSE: QBTS · TECHNOLOGY · COMPUTER HARDWARE
$24.69
+7.72% today
Updated 2026-06-18
Market cap
$8.66B
P/E ratio
—
P/S ratio
695.70x
EPS (TTM)
$-1.14
Dividend yield
—
52W range
$13 – $47
Volume
35.3M
D-Wave Quantum Inc. (QBTS) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed QBTS price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$24.69
Today
Analyst consensus
$34.67
+40.42% · 12M
2030 Base
$156.23
+532.77% future
NPV today
$81.37
@ 15% WACC
17 analysts:
14 Buy2 Hold1 Sell
Management guidance
CEO Alan Baratz has not provided explicit 2026-2030 revenue targets in public guidance. However, D-Wave's Q1 2026 earnings revealed record bookings of $33.4M (up 1,994% YoY) and a $42M+ order backlog, signaling management expects significant revenue conversion in H2 2026-2027. The company holds $588.4M in cash and is targeting 'larger commercial projects' with multi-year contracts, implying confidence in sustained double-digit-to-triple-digit growth through 2028.
Sources: Management guidance, analyst consensus, sector analysismedium confidence
QBTS · D-Wave Quantum Inc. · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$80.51
NPV today: $41.93
Base case (2030)
$156.23
NPV today: $81.37
Bull case (2030)
$327.43
NPV today: $170.54
WallStSmart.com
QBTS financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $0.0B | $0.1B | $0.2B | $0.5B | $0.9B | $1.2B |
| Revenue growth | 178.5% | 286.0% | 153.0% | 113.0% | 69.0% | 42.0% |
| Net margin | — | -108.5% | -23.0% | 3.6% | 13.8% | 20.7% |
| EPS | $-0.24 | $-0.28 | $-0.15 | $0.05 | $0.32 | $0.68 |
| Diluted shares | — | 368M | 369M | 369M | 370M | 371M |
| Net debt | — | $-748.94M | $-628.94M | $-373.94M | $56.06M | $666.06M |
| P/S multiple | — | 48.0x | 48.0x | 48.0x | 48.0x | 48.0x |
| Implied price (base) | — | $14.43 | $32.95 | $67.27 | $111.36 | $156.23 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $1.2B | $1.2B | $1.2B |
| P/S multiple | 25.0x | 48.0x | 100.0x |
| Diluted shares | 371M | 371M | 371M |
| Net debt | $666.06M | $666.06M | $666.06M |
| Implied P/E † | 118x | 230x | 482x |
| 2030 Price | $80.51 | $156.23 | $327.43 |
| NPV @ 15% | $41.93 | $81.37 | $170.54 |
† Implied P/E: Multiples remain elevated across all three scenarios because QBTS is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $156.23 base case
QBTS catalysts and risks
Growth catalysts
+ Conversion of $42M+ order backlog into revenue (H2 2026-2027)
+ Investor Day (June 1, 2026) to demonstrate commercial traction and product roadmap credibility
+ Dual-platform quantum computing adoption (annealing + gate-model) across enterprise and government sectors
+ Expansion in European market (Qubits Europe 2026 conference, June 18)
+ Fortune 100 customer ramp and Florida Atlantic University deployment driving reference accounts
Key risks
- Q1 2026 revenue collapse (81% YoY decline to $2.86M) raises execution risk on backlog-to-revenue conversion; large bookings may slip or compress margins
- Company remains unprofitable (EPS -$1.11 TTM, -$0.33 guidance 2026) with negative 2957% profit margin; path to profitability unclear
- Quantum computing TAM still uncertain; competitive threats from IonQ, Rigetti, and non-traditional quantum approaches; regulatory/export risks for quantum tech
- Extreme valuation (P/S 552.91x, $8.9B market cap on $12.4M TTM revenue) leaves zero margin for error; stock highly vulnerable to bookings misses or slower-than-expected adoption
- Insider selling ($574K+ in last 90 days) and CEO RSU grants ($13.5M) may signal over-compensation or founder concern re: near-term trajectory
Methodology · D-Wave Quantum Inc. 2030 stock forecast model
D-Wave Quantum Inc. 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 17 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (1% cumulative for QBTS by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($666.06M by 2030) |
| 3. Time value | NPV calculated using 15% WACC (CAPM: beta 1.945) |
| 4. Multiple framework | P/S compresses with scale: bear 25.0x / base 48.0x / bull 100.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 20, 2026.
QBTS price target FAQ
What is the QBTS price target for 2030?
WallStSmart's D-Wave Quantum Inc. 2030 base case is $156.23 per share, with a bull case of $327.43 and bear case of $80.51. The NPV of the base case discounted to today at 15% WACC is $81.37.
How is the D-Wave Quantum Inc. 2030 stock forecast calculated?
The QBTS 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the QBTS price target account for dilution?
D-Wave Quantum Inc. is projected to grow diluted share count from 367M to 371M by 2030 (a 1% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 1%.
What is the analyst consensus on QBTS stock?
17 analysts cover QBTS with an average 12-month price target of $34.67. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.