D-Wave Quantum: Record Bookings and a $100 Million Government Nod Raise the Stakes for London Showcase

Bookings hit $33.4M, but revenue fell 81% due to one-off sale. Strong cash position and $100M CHIPS Act potential offset insider selling and high volatility.

The numbers that matter most at D-Wave Quantum are heading in opposite directions. Bookings surged to $33.4 million in the first quarter of fiscal 2026 — a staggering 1,994% jump from the $1.6 million posted a year earlier — yet the stock closed Friday at €20.20, a 10% weekly drop. The disconnect between operational momentum and market sentiment has rarely been wider.

Revenue cratered 81% to $2.9 million in the same quarter, but that figure is misleading. The prior-year period included a one-off $12.6 million system sale, D-Wave’s first. Strip that out, and the underlying trajectory looks entirely different. Two big contracts drove the bookings explosion: a $20 million system purchase by Florida Atlantic University and a $10 million two-year Quantum-as-a-Service agreement with a Fortune 100 company. Those system revenues will flow into the income statement over the coming quarters. Management originally penciled in one system sale per year; it now expects two to three annual deals, with at least two system deliveries still slated for 2026.

A $100 million government backstop and a fortress balance sheet

D-Wave is the only company developing both annealing and gate-based quantum systems — a dual-platform strategy that has caught the attention of Washington. The company signed a non-binding letter of intent for up to $100 million under the CHIPS and Science Act, with the U.S. Department of Commerce receiving shares of equivalent value in return. The agreement is not final, but it signals that the government views D-Wave’s approach as strategically relevant.

Cash and marketable securities stood at $588 million as of the latest quarter, down from over $884 million in early February after the company deployed roughly $251 million on acquisitions. That cash position remains the strongest in D-Wave’s history, a crucial buffer in a capital-intensive sector where many peers are scrambling for funding. The balance sheet, combined with the potential CHIPS Act injection, gives D-Wave a financing edge that few competitors can match.

Volatility, technicals, and the insider overhang

The stock’s 30-day annualized volatility sits at 139%. Over the past week, the shares have fallen almost 10%, and they are down about 16% since the start of the year. Yet the longer view tells a more nuanced story: the equity has rallied roughly 46% over the past 12 months and has more than doubled from the 52-week low of €11.12 hit in March. At the current price, D-Wave trades just below its 200-day moving average of €20.88 and about 8% above the 50-day line of €18.72. The relative strength index of 47 suggests neutral territory — neither overbought nor oversold.

What does weigh on sentiment is insider activity. Both the CEO and CFO have sold shares exclusively over the past three months. While some of those transactions were conducted under pre-arranged trading plans, the steady selling has added a layer of skepticism. Rosenblatt analyst Kevin Garrigan, however, reaffirmed a buy rating and $43 price target on June 10, citing D-Wave’s ability to generate revenue from its annealing technology while building out its gate-based offering.

London as the next inflection point

On June 18, D-Wave will take the stage at Qubits Europe 2026 in London. The conference will test how convincingly the company can demonstrate real-world industrial applications, especially among Fortune 2000 companies that are already integrating quantum annealing into operational workflows. The market is watching for concrete customer case studies that can underpin the narrative that D-Wave has transitioned from a research project into a commercial infrastructure play.

The analyst consensus price target of €31.48 implies roughly 56% upside from current levels. That hope rests squarely on execution — converting the record backlog into recognized revenue, finalizing the CHIPS Act arrangement, and delivering the promised system shipments on schedule. D-Wave’s market capitalization of €7.6 billion has already lifted it out of the micro-cap category. Whether the London conference provides the catalyst for a second-half re-rating depends on how much substance the company can put behind its technology story.