D-Wave Quantum (QBTS) stock soared over 20% on Monday following its announcement to showcase its quantum computing technology at the prestigious CES 2026 event in January. The company plans to demonstrate its annealing quantum computers, hybrid quantum-classical solvers, and real-world customer applications. Vice President Murray Thom will lead a masterclass focusing on solving complex optimization problems in industries like manufacturing, supply chain, materials science, and telecommunications, and will discuss the intersection of quantum computing with AI and blockchain.
The announcement triggered a broad rally across the quantum computing sector. Rigetti Computing (RGTI) rose 13%, while IonQ (IONQ) climbed 11% on the same day, despite a lack of specific news catalysts for IonQ. IonQ's 10.9% jump closed at $53.86 on elevated volume of 28.7 million shares, though the company reported a massive quarterly loss of $3.58 per share and is not expected to turn profitable until at least 2031.
D-Wave has been a standout performer in 2025, with its stock gaining nearly 230% year-to-date. The company reported 100% year-over-year revenue growth in Q3 and highlighted improvements in gross profit and bookings. However, it remains unprofitable with a price-to-sales ratio of 400x and approximately $24 million in annual revenue. Analysts maintain a Strong Buy consensus with an average price target of $40, but note profitability is not expected before 2030.
Conversely, IonQ presents significant valuation concerns with a market cap of $18.7 billion against just $7.5 million in trailing revenue, resulting in a staggering price-to-sales ratio of 2,293. Analyst sentiment is mixed (9 Buys, 7 Holds, 1 Sell), and recent insider selling by Director Kathryn Chou and Chief Revenue Officer Rima Alameddine has raised eyebrows. Despite this, institutional interest remains, with Amazon and Norway's Norges Bank making significant investments.
The sector-wide surge reflects growing investor confidence in the commercial viability of quantum computing, fueled by increased enterprise adoption, government investments, and the potential convergence with other transformative technologies like AI.
