D-Wave Quantum: Solver Upgrade, CHIPS Milestone Funding and a Split Quarterly Bookings Picture

D-Wave Quantum used the first week of November to push ahead on the technology front, unveiling an upgraded core algorithm for its hybrid Stride solver. Management says the reworked version is designed to smooth the path toward broader adoption of quantum optimization. Investors responded warmly: the stock added 2.2% in the prior session and was up another 3.1% at €9.68 as the CHIPS news landed.

Faster results in head-to-head testing

In comparative runs, the revised algorithm reportedly delivered better solutions within 15 seconds than the earlier version managed in 120 seconds. Alongside the technical update, D-Wave launched a learning track on applied quantum optimization — a three-course program aimed at developers.

Revenue advances, bookings retreat

The quarterly report, released on Tuesday, showed revenue of $4.5 million for Q3 2026, a 21% increase on the same quarter a year earlier. Orders told a different story: bookings for the quarter fell 19% to $1.9 million. Over the first nine months, however, bookings reached $37.4 million — a jump of 611% versus the comparable prior-year period.

Profitability remained under pressure. The net loss came in at $48.2 million, and on a per-share basis the shortfall was $0.13, wider than the $0.10 loss analysts had penciled in.

CHIPS money comes with strings attached

D-Wave also confirmed access to funding under the CHIPS and Science Act. The support will be disbursed in tranches, tied to specified milestones and conditions rather than paid out in a lump sum.

Two analysts trim targets, keep buy ratings

StoneX cut its price target to $20 from $30, citing the lower valuations of peer companies following the September-quarter results, while reiterating its buy recommendation. Rosenblatt likewise stayed positive but lowered its target to $30 from $43, pointing to uncertainty over the timing of revenue recognition and a slower-than-expected build-out of the quantum-computing-as-a-service business.