D-Wave Quantum: A Nasdaq Debut, an AT&T Expansion, and the $33 Million Question

D-Wave Quantum jumps 10% on Nasdaq move, Nasdaq Composite inclusion, and expanded AT&T partnership, but shares remain down 31% YTD amid valuation concerns.

The quantum computing sector has a new focal point this week, and it centers on D-Wave Quantum. The company's shares surged more than 10% on Thursday, closing at €15.59, propelled by a confluence of events that have put the stock squarely in the spotlight ahead of its upcoming earnings report.

The catalyst for the recent enthusiasm is twofold. D-Wave completed its voluntary transfer from the New York Stock Exchange to the Nasdaq Global Select Market on July 27, 2026, with CEO Alan Baratz ringing the opening bell to mark the occasion. Just three days later, the company received another boost: inclusion in the Nasdaq Composite Index. Almost simultaneously, D-Wave announced an expanded multi-year partnership with AT&T, deepening a relationship that already had the telecom giant using the company's annealing technology for network optimization.

The AT&T collaboration has produced eye-catching results. An initial application slashed the processing time of a workload from roughly one hour to under 15 seconds — a 240-fold acceleration. AT&T now plans to extend the technology's use to fault detection, technician dispatch planning, and network traffic management.

Yet for all the recent momentum, the stock's longer-term picture tells a more sobering story. Despite the Thursday rally, shares remain down approximately 31% year-to-date. The 52-week high of €38.48, set in mid-October 2025, sits nearly 60% above the current price level, and the stock trades more than 20% below its 200-day moving average.

The market's skepticism is rooted in a fundamental question that has dogged D-Wave: when will its impressive order book translate into actual revenue? In the first quarter, the company reported bookings of $33.4 million — a record — anchored by a $20 million system sale to Florida Atlantic University and a $10 million commercial customer deal. But whether those commitments will show up on the income statement in the second quarter remains an open question.

The valuation math adds to the caution. With a market capitalization of roughly €5.2 billion, analysts project 2026 revenues of just $43 million, placing the stock at nearly 50 times expected 2028 sales. That's a rich multiple for a company still navigating the gap between promise and profitability.

Bulls, however, point to tangible evidence of real-world utility. D-Wave was one of only two vendors to earn "Leader" status in the IDC MarketScape 2026 for quantum computing. Unlike competitors focused exclusively on gate-model systems that may remain in experimental stages for years, D-Wave's annealing approach delivers measurable results today. Usage of its Advantage2 system has surged 314% year-over-year, suggesting genuine demand for its Quantum-as-a-Service model rather than mere marketing hype.

The stock has recovered roughly 40% from its 52-week low of €11.12, which some interpret as a potential bottom formation. The analyst consensus price target of $32.15 implies upside of about 106% from current levels, and Benchmark analyst Gary Mobley initiated coverage with a "Buy" rating and a $30 price target, calling the risk-reward profile "compelling" after the recent sell-off.

The bear case remains formidable. The stock's annualized 30-day volatility stands at 97.42%, a figure that underscores just how nervously the market trades this name. Shares lost about a quarter of their value in the 30 days preceding the recent rally. The stock also sits more than 20% below its 50-day average of €19.83.

D-Wave's dual-technology strategy — pursuing both annealing and gate-model systems — adds another layer of concern, as does its recent acquisition of Quantum Circuits. If revenue realization lags behind spending, another capital raise could be on the horizon. Options traders are bracing for a roughly 17.5% swing around the earnings release.

The moment of truth arrives on August 6, 2026, when D-Wave reports second-quarter results before the market opens. Wall Street expects a loss per share of $0.09, slightly wider than the $0.08 loss in the year-ago quarter, with revenue projected to rise about 30% to $4.03 million. The RSI currently sits at 44.5 — neither overbought nor oversold — leaving room for movement in either direction.

If the $33.4 million in bookings from the first quarter begins to flow through to the top line, the Nasdaq momentum could carry shares back toward the 50-day average. If the earnings call reveals delivery delays or widening net losses, the stock may once again test support near its 52-week low. The Thursday surge will prove either a genuine turning point or a brief respite — and the market won't have to wait long to find out which.