Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
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Valued as a loss-making company: Analyst consensus.
ACCE opinionD-Wave Quantum Inc. Common Shares (QBTS)
Fair value
Not available
ACCE price target
$12.00
Rating
Not rated
Horizon
12 months
ACCE price target published on 10 Oct 2026, 00:00 CEST.
Price used: $11.66 at the close on 23 Oct 2026, 22:00 CEST.
Models: Analyst consensus.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
21
out of 100
Analysts
88% buy
17 covering
P/E
0.0x
forward 0.0x
1-year return
-62.5%
Dividend yield
0.00%
D-Wave Quantum Inc. Common Shares in four questions
Plain answers, details below
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Overview
ACCE thesis
D-Wave Quantum builds quantum annealing computers and sells access to them through its Leap cloud platform, with its Advantage2 system as the flagship hardware. The company's edge is that it has the most commercially deployed annealing hardware in the world, a niche where it is the only vendor shipping at scale, and its 64.2% gross margin shows the software and cloud access revenue carries real economics. The near-term catalyst is customer adoption of Advantage2 for optimization problems in logistics, materials and finance, but revenue fell 0.6% and the operating margin of -1732.1% means the business is spending far more than it earns. At a 4.8 billion dollar market cap, the stock is priced on the commercial timeline for quantum computing rather than on current results, and the 22/100 score reflects that gap. This name merits a deeper look only if you can underwrite when bookings start to convert into revenue growth.
⚠ Investor warnings · 4 flagsAI-assisted·How I use AI
high
Heavy insider selling
Insiders disclosed $26.18M in sales across the last 10 filings and no buys. Insider ownership is only 2.2%, so the selling is a large share of their holdings.
high
Operating losses far too large
Operating margin is -1732.1% and free cash flow is -$75.8M. The company burns cash with revenue shrinking 0.6% year over year.
moderate
Heavy short interest
Short interest stands at 21.2% of float. That signals a large bearish bet against the shares and can add volatility.
moderate
Score drifting lower
The ACCE score fell from 26 to 24 over 90 days, with quality at 47 and momentum at 32. Price sits above the $12.00 model fair value.
AI research notes
AI-assisted·How I use AIWritten Oct 13, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Analysts are overwhelmingly positive, with 15 of 17 rating the stock Buy or Strong Buy.
Revenue has grown at an average of 36.7% per year over five years, showing sustained top-line expansion.
Analysts' average price target sits 152.2% above the current share price, implying substantial upside on their models.
Why it could disappoint
Free cash flow over the last twelve months was negative at -$76M, so the business is consuming cash.
Revenue fell 0.6% year over year, so recent sales growth has stalled after the longer-term trend.
The diluted share count rose 67.2% last fiscal year, meaning existing shareholders own a much smaller slice of the company.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 5, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where QBTS's valuation models land
Price
$11.66
Model fair valueConfidence: low
about $34.65
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Fair value
Upside
Analyst consensus
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
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+Conviction breakdown and growth / value / quality / momentum scores