D-wave quantum (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 that goal.
However, instead of sending the stock higher, D-Wave stock lost 18.9% last month, according to data provided by S&P Global Market Intelligence. That’s why it’s a good time to re-examine 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 classical computers cannot solve. 2025 was a year of some progress as quantum sensing technology advanced beyond fundamental research. The emphasis has shifted to the production and implementation of quantum computing processing.
Companies are taking a variety of approaches, letting investors decide which quantum computing stocks, if any, to include in their portfolios. D-Wave was primarily known for its leading quantum annealing system, which is now commercially available. It is an energy-efficient system designed to help businesses accelerate decision-making, optimize operations, and respond to disruptions.
However, last month, the company completed what could be a somewhat transformative acquisition. D-Wave incorporated Quantum Circuits Inc. (QCI). That company creates full-stack superconducting gate model quantum computing systems designed for commercial scalability. The combination gives D-Wave a balance between its commercial annealing quantum systems and a path to developing gate-scale model quantum computers for general-purpose, fault-tolerant 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 shares and $250 million in cash. It may seem like a great buy considering D-Wave only generated about $22 million in revenue through the first nine months of 2025. But that revenue more than tripled compared to the prior-year 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, much less grow from there. Only very risk-tolerant investors should own the stock at this early stage. Stocks are going to be volatile, as evidenced by the 19% drop in January.