D-Wave Quantum Inc. (NYSE: QBTS) shares closed the trading week on a strong note, propelled by fresh analyst endorsements and tangible progress in its commercial technology rollout. The stock advanced approximately 7.8% on Friday, settling at $26.81, as market participants reacted to the bullish sentiment.
Catalysts Behind the Surge
The primary driver for the recent uptick is a wave of new coverage from institutional research firms. Wedbush Securities initiated coverage with an “Outperform” rating, assigning a price target of $35. This suggests a potential upside of over 30% from current levels. Earlier this month, Mizuho began its analysis with an even more ambitious target of $46 per share. These assessments have significantly raised growth expectations for the quantum computing company.
Concurrently, the market is acknowledging operational milestones. Reports highlighting achieved benchmarks in the “Advantage2” launch are viewed as critical validation of the practical application readiness of D-Wave’s annealing quantum computers. Unlike some competitors still deep in theoretical development, D-Wave can demonstrate concrete use cases. Trading activity reflected this confidence, with Friday’s volume exceeding 30 million shares—a signal interpreted as robust demand as the stock works to recover from a sector-wide correction in November.
Positioning Within the Quantum Landscape
This recovery positions D-Wave within a sector that remains volatile but is increasingly rewarding companies with deployable hardware and real-world projects. While the share price remains below its 52-week high of $46.75 reached in October, it sits comfortably above last year’s lows. Concerns over a “quantum winter” in 2024 have subsided, shifting focus to providers with commercial traction.
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A key strategic development is the recent establishment of a dedicated U.S. Government Business Unit. This move strategically aligns D-Wave to capture demand from governmental and defense-adjacent sectors, where quantum solutions for logistics and optimization problems are actively sought. The company’s valuation now incorporates a premium compared to traditional software firms, underpinned by expectations that government-related contracts could generate meaningful revenue starting in 2026.
Forward-Looking Catalysts
Looking ahead, the upcoming Qubits 2026 user conference will be a focal point. The event is expected to showcase further performance validations for the Advantage2 system and present additional application scenarios.
From a technical analysis perspective, the next significant resistance level is seen between $28 and $30. A decisive breakout above this zone would further reinforce the current upward trend.
Fundamentally, analysts are likely to adjust their models ahead of the next quarterly earnings report, anticipated in April 2026. Until then, the stock is expected to be sensitive to news flow regarding potential U.S. government contracts and adoption metrics for the Leap™ cloud platform. The critical factor for D-Wave’s long-term valuation will be its ability to maintain its current development velocity and convert announced projects into tangible revenue streams in a timely manner.
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