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Quantum D wave (NYSE: QBTS) wants to lead the development of quantum computing with a unique, dual-platform approach. The month of January included several steps to achieve this goal.
However, instead of sending shares higher, D-Wave shares lost 18.9% last month, according to data provided by S&P Global Market Intelligence. This makes it a good time to take another look at the investment thesis.
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Quantum computing could be a powerful game changer in many areas. It has enormous transformative potential in industries such as pharmaceuticals, materials science, finance and cybersecurity by addressing problems that traditional computers cannot solve. 2025 was somewhat of a breakthrough year as quantum sensing technology advanced beyond fundamental research. The emphasis has shifted to production and deployment with quantum computing processing.
Companies are taking varied approaches, leaving it up to investors to decide which, if any, quantum computing stocks to include in your portfolios. D-Wave was primarily known for its leading quantum annealing system, which is now commercially available. It’s an energy-efficient system designed to help businesses accelerate decision-making, optimize operations and respond to disruptions.
Last month, however, the company completed what could be a somewhat transformative acquisition. D-Wave brought Quantum Circuits Inc. (QCI) in its fold. This company creates full-stack superconducting gate model quantum computing systems designed for commercial scalability. The combination provides D-Wave with a balance between its commercial quantum annealing systems and a path to develop scaled gate-model quantum computers for fault-tolerant, general-purpose computing.
D-Wave didn’t break the bank with the acquisition. The price to acquire QCI was $550 million, consisting of a combination of $300 million in D-Wave stock and $250 million in cash. That may seem like a big buy considering D-Wave only generated about $22 million in revenue in the first nine months of 2025. But that revenue tripled compared to the year-ago period, and D-Wave had a cash balance of $836.2 million as of September 30, 2025.
Still, there’s no guarantee the company will achieve enough success to justify its $7 billion-plus valuation, let alone grow from there. Only highly risk tolerant investors should own the stock at this early stage. Stocks will be volatileas evidenced by the 19% drop in January.
