Shares of quantum computing firm D-Wave Quantum Inc. (NYSE: QBTS) seem to be cooling, despite a third-quarter earnings report that was notably strong on multiple fronts. The stock has plunged by more than 38% in the last month, essentially reversing all gains achieved since mid-September 2025. The latest decline brings D-Wave's rally down to "only" 146% year-to-date (YTD)—the firm has still vastly outperformed the large majority of the market in 2025.
One likely reason for investors' disappointment in D-Wave post-earnings, despite the firm doubling its revenue in a year and achieving other key benchmarks, is that they feel the company has yet to demonstrate that its quantum technology is both vital to the average user and broadly marketable.
