D-Wave Quantum: A 2,000% Bookings Jump, a Packed Roadshow, and a Stock That Keeps Falling

Quantum computing firm sees record $33.4M bookings, board overhaul, and bullish analyst consensus, but stock nears half of 52-week high amid cash burn concerns.

D-Wave Quantum is logging what any executive would call momentum. Record bookings, a non-stop conference tour, and a board freshly realigned for governance and cyber oversight. Yet the stock has been sliding relentlessly, shedding roughly 15% to 17% over the past week and trading in a range of EUR19.61 to EUR20.06 — nearly half its 52-week high of EUR38.48. The gap between operational narrative and market reception has rarely felt wider.

A brief insider-driven spike at the start of June illustrated the disconnect. Several board members received routine stock allocations, sending the share price sharply higher. That euphoria evaporated almost as quickly as it appeared, underscoring how skittish sentiment has become even toward good news from within the company.

Management has been working the circuit hard since mid-May, appearing at Needham, J.P. Morgan, Canaccord, TD Cowen, Baird, and culminating today with a virtual slot at the Rosenblatt Technology Summit. The goal is the same at every stop: convince institutional investors that D-Wave’s commercial quantum strategy is more than a proof of concept. The audience, so far, seems to be listening to the sell side if not the broader market.

Behind the scenes, the board is tightening its structure. At the annual meeting on June 4, shareholders reelected CEO Alan Baratz and director Sharon Holt. Holt subsequently took the chair from Steven West, and the committees overseeing compensation, cybersecurity, and governance were reconstituted. Five directors each received 9,357 restricted stock units that will vest on May 31, 2027, provided they remain in their roles.

Analysts remain broadly bullish despite the price slide. Eleven of twelve covering the stock rate it a Buy, with a consensus price target of $37.50. B. Riley Securities lifted its target to $40, a level echoed by Roth Capital, and Stifel reiterated its own buy recommendation. The analyst community sees the underlying technology story intact even if the financial story has yet to catch up.

Operationally, the first quarter of 2026 delivered a headline number that is hard to ignore: record bookings of $33.4 million, a year-over-year surge of nearly 2,000%. CEO Alan Baratz pointed to growing commercial adoption and the company’s technological lead. The problem is that D-Wave continues to burn cash and report heavy losses. Until profitability moves closer on the horizon, valuation remains exposed — no matter how many conference podiums management occupies.

The next potential catalyst arrives on June 18, when D-Wave hosts “Qubits Europe 2026: Quantum Realized” in London. The event will feature live demonstrations, customer case studies, and updates on annealing and gate-model hardware, hybrid software, and blockchain initiatives. The timing may be favorable: the United Kingdom has been increasing its support for quantum commercialization, and King Charles III explicitly cited quantum computing as a pillar of Anglo-American economic cooperation in his April address to the U.S. Congress.

Pressure on the sector is not helping. Quantinuum’s recent initial public offering has injected fresh uncertainty into valuations of established quantum players, and D-Wave is feeling the ripple effect. With a strong buy-side consensus but a stock trading nearly 50% below its peak, the question is whether the London showcase can refocus investors on the operational story — or if the market will continue to demand evidence of a path to profit before it re-rates the shares.