Stifel Initiates Buy Rating for D-Wave Quantum with $26 Price Target

NEW YORK, NY — Stifel Nicolaus has initiated coverage of D-Wave Quantum Inc. (NYSE: QBTS) with a Buy rating and a price target of $26, which suggests over a 50% increase from the current stock price. The analysis was released on Monday.

Top analyst Ruben Roy highlighted D-Wave as a leader in commercial quantum computing, noting its significant advancements since its inception in 1999. Roy positioned D-Wave as a pioneer in quantum annealing technology, which is already being utilized to address real-world challenges.

In a recent review, Roy pointed out the company’s impressive client roster, which includes numerous paying commercial customers. He emphasized a strategic partnership formed earlier this year that underscores the growing interest in D-Wave’s quantum technology from global research institutions.

Financially, Roy noted that D-Wave’s recent equity raise bolstered its cash position to $304 million by the end of the first quarter of 2025. This capital is seen as sufficient for the company to approach profitability.

Looking ahead, he mentioned the potential for the overall quantum computing market to grow to $10 billion by 2030, suggesting that D-Wave is well-positioned to capitalize on this expansion.

On Wall Street, D-Wave Quantum currently holds a Strong Buy consensus rating, with nine analysts issuing Buy recommendations in the last three months. The current stock price sits at $19.50, suggesting a potential upside of 13.50%.

D-Wave is scheduled to announce its earnings results on August 7, 2025, with projected revenue of $2.54 million for the second quarter.

In addition to the financial outlook, leadership changes at D-Wave include the promotion of Diane Nguyen to Executive Vice President and Chief Legal Officer, with an annual base salary of $381,000.