Competitors like Ion Q are exclusively focused on the gate model space and are already showing triple-digit growth metrics.
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Why D-Wave's Bookings Surged 1,120% but Revenue Crashed 67%! | QBTS Stock Analysis
Aug 27, 2026
This analysis of D-Wave Quantum Inc. (QBTS) highlights a stark contradiction between surging future demand (bookings up 1,120%) and declining current revenue (down 67%). The stock is trading at a historically high trailing 12-month price-to-sales multiple of 626x, indicating market skepticism about revenue recognition. However, if D-Wave can convert its substantial bookings into recognized revenue, a significant valuation rerating is possible, with analysts projecting a forward EV/Sales multiple of 156x.
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D-Wave Quantum (QBTS) shows a massive disconnect between soaring bookings and falling revenue, trading at a very high P/S multiple, suggesting a potential rerating if they can convert future demand into recognized revenue.
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