Quantum computing is one of the emerging areas of the market where there are opportunities for long-term gains. It’s also a complicated technology to understand, which makes it more important for investors to pick the right quantum computing stock to invest in.
One option for investors to consider right now is U.S.-based D-Wave Quantum (NASDAQ: QBTS). D-Wave sells access to its machines through a cloud service and sells quantum computing systems.
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Quantum computing opens up new possibilities
Conventional computers process information using bits that have a value of either zero or one. Quantum computers use quantum bits, known as qubits, which can exist in a combination of those states before measurement. This allows different ways of performing calculations.
The appeal is that quantum computers can tackle certain difficult problems more efficiently. An example of this would be an employee scheduling system that spans multiple locations. As the number of employees grows, the combinations of schedules become more difficult for a conventional computer to sort.
D-Wave uses an approach called quantum annealing. Its hybrid tools combine quantum annealing with conventional computing to accomplish practical tasks like that employee scheduling example.
D-Wave brings quantum computing to paying customers
D-Wave offers installed quantum systems and access through its Leap cloud service. That gives customers a way to use quantum technology without needing to buy their own quantum computer.
For investors, that represents a unique niche of the market that’s still in its infancy, which is reflected in the company’s recent results.
During the first half of 2026, D-Wave generated US$5.9 million in revenue. Bookings, which represent orders expected to generate future revenue, reached US$35.5 million in the first half of 2026. That’s up from US$2.9 million a year earlier.
In terms of additional growth, D-Wave has several opportunities.
The company is developing another type of quantum computer known as gate-model computing. Gate-model computing could lead to solving a wider range of problems, including simulating molecules for drug research. Eventually, that could lead to additional revenue opportunities.
Is this quantum computing stock worth buying now?
D-Wave does offer investors a unique growth opportunity. The company’s growing cloud service business provides a means to generate a recurring revenue stream from customers. It also sits alongside the company’s occasional system sales, which can be significant.
By way of example, D-Wave secured a US$20 million system sale in the first half of 2026, with revenue expected to be recognized in subsequent quarters.
That being said, there’s still a sizable gap between those opportunities and profitability. D-Wave reported second-quarter revenue of US$3.1 million against an adjusted EBITDA loss of US$37.1 million.
In short, developing the technology and building the business remain expensive. Investors also need to consider how much growth is already reflected in the price. As of the time of writing, D-Wave has a market value of approximately US$5 billion, despite generating just US$5.9 million in revenue during the first half of 2026.
In short, D-Wave has paying customers, promising orders and long-term potential. While not without risks, this does make it an intriguing option to consider as a small part of a much larger, well-diversified portfolio.
