What contracts did D-Wave Quantum win recently?

In the first quarter of 2026, the company sold a computer system to Florida Atlantic University for $20 million（約32億円） and signed a $10 million（約16億円） agreement with a Fortune 100 customer for cloud-based access to quantum computing.

What are D-Wave Quantum's revenue prospects?

The company's trailing-12-month revenue is $12.4 million（約20億円）. Analysts estimate it will generate approximately $42.5 million（約68億円） in revenue this fiscal year, followed by $86.1 million（約140億円） the next.

Why are quantum computers not yet widely deployed commercially?

Quantum computers are not yet reliable enough for everyday commercial applications, which is why D-Wave Quantum has generated limited revenue to date despite building its commercial operations.

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D-Wave Quantum stock expensive despite growing order backlog, analysts caution

Yahoo Finance AI20h ago5 min read

Key takeaway

D-Wave Quantum won two major contracts in early 2026—a $20 million（約32億円） system sale and a $10 million（約16億円） cloud-access deal—signaling momentum in its commercial operations. However, the company trades at 200 times this year's estimated revenue on a $12.4 million（約20億円） trailing-12-month base, making it one of Wall Street's most expensive stocks; analysts caution that landing a few deals on tiny numbers does not yet prove the company can sustain success against competitors and tech giants developing their own quantum systems.

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3 Key Points

What happened
D-Wave Quantum, an early-stage quantum computing company, won major contracts including a $20 million（約32億円） system sale to Florida Atlantic University and a $10 million（約16億円） cloud-access agreement with a Fortune 100 customer in the first quarter of 2026. The company's trailing-12-month revenue stands at $12.4 million（約20億円）, with analysts estimating $42.5 million（約68億円） for the current fiscal year and $86.1 million（約140億円） for the next.
Why it matters
D-Wave Quantum carries a market cap of $8.4 billion（約1.3兆円） and trades at roughly 200 times this year's revenue estimate and 100 times next year's estimate, making it one of Wall Street's most expensive names. The article suggests that landing a couple of deals on tiny revenue numbers is not enough to give investors confidence the company can sustain its success, especially given uncertain competitive positioning against other pure-play quantum computing companies and deep-pocketed tech giants developing their own systems.
What to watch
Quantum computers are not yet reliable enough for everyday commercial applications, so investors won't know much about the industry's broader direction until it matures further. The stock has traded between $12 and $46 over the past year and currently sits near $24 per share.

FAQ

What contracts did D-Wave Quantum win recently?: In the first quarter of 2026, the company sold a computer system to Florida Atlantic University for $20 million（約32億円） and signed a $10 million（約16億円） agreement with a Fortune 100 customer for cloud-based access to quantum computing.
What are D-Wave Quantum's revenue prospects?: The company's trailing-12-month revenue is $12.4 million（約20億円）. Analysts estimate it will generate approximately $42.5 million（約68億円） in revenue this fiscal year, followed by $86.1 million（約140億円） the next.
Why are quantum computers not yet widely deployed commercially?: Quantum computers are not yet reliable enough for everyday commercial applications, which is why D-Wave Quantum has generated limited revenue to date despite building its commercial operations.

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