D-Wave Quantum's Bookings Explosion and $100M Federal Grant Fuel 7% Stock Surge

D-Wave shares jump 7.4% as quarterly bookings soar 1,994% to $33.4M and the company secures $100M federal pledge under the CHIPS Act, fueling quantum computing expansion.

D-Wave Quantum shares jumped 7.4% on Thursday, closing at $29.52 in New York and €25.30 in Frankfurt, as two powerful catalysts converged: a record 1,994% surge in quarterly bookings and a $100 million federal funding pledge tied to the CHIPS Act. Trading volume hit 54.2 million shares, running 69% above the 50-day average, a clear sign that investors are betting heavily on the quantum computing pioneer's next chapter.

The bookings explosion to $33.4 million in the first quarter — nearly 20 times the prior-year figure — included a $20 million system sale to Florida Atlantic University and a $10 million enterprise license agreement with a Fortune 100 company. Yet revenue fell 81% to $2.9 million, because the year-ago period had been inflated by a large system delivery. Strip out that one-off, and the underlying picture brightens: quantum-computing-as-a-service revenue rose to $1.8 million, professional services added $1.0 million, and remaining performance obligations climbed to $42.4 million. The company also holds $588.4 million in cash, providing ample runway.

Beyond the quarterly numbers, D-Wave closed its acquisition of Quantum Circuits, grafting a gate-model computing platform onto its established annealing systems. The dual-platform strategy lets customers choose between two quantum approaches and broadens the company's addressable market. The technical roadmap targets 175 physical qubits by 2028 and 10 logical qubits by 2030 — concrete milestones that lend credibility to a field often accused of hyping its progress.

The federal backing adds another layer of validation. The U.S. Department of Commerce signed a letter of intent for $100 million in CHIPS Act funding, part of a $2 billion pool earmarked for quantum technologies. In a departure from traditional grant structures, the government will take minority stakes in recipient companies. The money is designated for both annealing and gate-model development, aligning neatly with D-Wave's expanded platform ambitions.

Wall Street remains largely constructive. Fourteen of 17 analysts rate the stock a buy, two a hold, and one a sell, with a consensus 12-month price target of roughly $34. Rosenblatt Securities holds the most bullish view at $43, while Mizuho recently trimmed its target to $29 but kept an "outperform" call. The spread reflects uncertainty about how quickly D-Wave can convert its swelling order book into recognized revenue.

Management expects at least two large system sales in fiscal 2026, which would help narrow the gap between bookings and revenue. The next major milestone is the company's first investor day, scheduled for June 1 at the New York Stock Exchange under the banner "The D-Wave Difference." Executives are expected to detail the technology roadmap and growth strategy, directly addressing the tension between a market capitalization of nearly $11 billion and current quarterly revenue of just $2.9 million.

Over the past month, D-Wave shares have gained 61.7%, and since the start of April they have more than doubled, crushing the S&P 500's 14.4% return. The stock now trades well above its 50-day moving average of €16.70, a technical signal that the rally has strong momentum. But that momentum comes with heightened expectations: a 1,994% bookings surge and a $100 million federal grant have raised the bar for what D-Wave must deliver at its investor day and beyond. The convergence of a record order pipeline, fresh Washington capital, and a broader product portfolio creates a rare moment of clarity — but the transition from promise to profit will be the real test.