Fresh catalysts are shaping the D-Wave narrative as market watchers position the stock for upcoming disclosures. TD Cowen has just initiated coverage with a Buy rating, arguing that D-Wave’s leadership in Quantum Annealing could drive growth through both system sales and cloud-based services. The note also highlights the January acquisition of Quantum Circuits, Inc. (QCI) as a catalyst for speeding up the gate-model roadmap and widening the addressable market.
Key points at a glance:
– TD Cowen starts coverage with “Buy”
– Q4 and full-year 2025 results are due before the U.S. market opens on February 26, accompanied by a Conference Call
– The Quantum Circuits (QCI) acquisition is expected to accelerate the Gate-Model Roadmap
– Two large agreements: $10 million over 2 years (QCaaS) with an undisclosed Fortune-100 company, and $20 million with Florida Atlantic University for an Advantage2 annealing quantum computer
TD Cowen’s initiation of coverage
Yesterday, TD Cowen moved to cover D-Wave Quantum Inc. and assigned a Buy rating. The research note emphasizes D-Wave’s standing in the Quantum Annealing space as a potential growth driver, with upside tied to both hardware sales and cloud services.
Additionally, TD Cowen points to D-Wave’s recent acquisition of Quantum Circuits (QCI) technology. The firm argues this should accelerate the company’s superconducting gate program and help broaden the addressable market.
Results on February 26
Also announced yesterday, D-Wave confirmed it will report its fourth-quarter and full-year 2025 results on February 26, before the market opens. A Conference Call is planned for the same day, where management will discuss the results and business outlook.
Should investors sell immediately? Or is it worth buying D-Wave Quantum?
This sets a clear milestone to gauge how the company’s recent strategic moves and larger contracts are translating into performance.
Acquisition and larger contracts
In January, D-Wave completed the acquisition of Quantum Circuits, Inc. (QCI). The goal is to significantly advance the Gate-Model Roadmap and bring a commercial gate-model system to market on a timeline that could start as early as 2026. This system would complement D-Wave’s established annealing platforms.
Concurrently, D-Wave announced two sizable agreements:
– A two-year QCaaS contract worth $10 million with an unnamed Fortune-100 company for the development and deployment of quantum-based applications.
– A $20 million agreement with Florida Atlantic University to install an Advantage2 annealing quantum computer.
Industry view frames these moves as a shift away from smaller proof-of-concept efforts toward larger, revenue-relevant engagements.
Looking ahead to February 26
The upcoming results release will lay out whether these strategic steps and the sizable contracts are already reflected in the company’s financial trajectory. Investors will be watching closely to see how the expanded collaboration and product roadmap impact forthcoming numbers.
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