A longtime speculative play in the equally risky and emergent quantum computing industry, D-Wave Quantum Inc. (NYSE: QBTS) appears to be in a position to further separate the true quantum bulls from investors who merely went along for the ride as the company soared by some 168% in 2025. This is because D-Wave shares, despite a significant rally, have spent almost all of 2026 on either a steep decline or, at best, flat trading. QBTS stock is down by nearly a third year-to-date (YTD).
Some of the reasons for this decline may be obvious: the company failed to meet analyst expectations on both earnings and revenue in the latest quarter. At the same time, rivals like IonQ Inc. (NYSE: IONQ) may be quietly outperforming in some metrics.
