For all of its many achievements in 2025, D-Wave Quantum Inc. (NYSE: QBTS) remains a speculative and controversial investment. The much-hyped quantum computing firm more than tripled in value in the last year with returns of more than 232%, but it has a fairly high short interest of 12.47% of the public float, meaning that a sizable number of investors are skeptical that the firm will be able to maintain its trajectory. Indeed, QBTS shares are down about 30% from their all-time high achieved in October 2025.
Nonetheless, there is still a strong bullish case to be made for D-Wave based on its track record over the last year. From major new contracts and partnerships to financial successes to promising technological advances, 2025 was a critical period for the company as it attempted to jockey for leadership among a competitive field of quantum computing firms. Taken together, these developments may point toward continued success in the year to come—although investors should also beware lingering risks.
