D-Wave Quantum Inc. (QBTS) saw its stock price climb more than 9% on Wednesday following the announcement that the company will host its Qubits Europe 2026 conference in London on June 18. The event is expected to showcase the company's technology roadmap and customer projects, marking a strategic push to bolster its presence in the European quantum computing market.
The surge comes as the quantum computing firm prepares to report its first-quarter 2026 earnings on May 12. Wall Street analysts, according to MarketBeat, are modeling a loss of 8 cents per share on revenue of $4.19 million. The earnings call, scheduled for 8 a.m. Eastern, will feature CEO Alan Baratz and CFO John Markovich, who are expected to discuss financial results and provide forward guidance.
D-Wave's stock traded at $23.505 by 2:49 p.m. EDT, up 9.1%, after reaching an intraday high of $24.025. The rally reflects renewed investor interest as the company navigates a critical phase where commercial adoption, rather than scientific breakthroughs, is under scrutiny. Seventeen analysts now cover the stock, collectively issuing a "Moderate Buy" rating with an average 12-month price target of $35.53.
The company's dual-platform strategy, combining its annealing systems with gate-model technology acquired through the $250 million purchase of Quantum Circuits Inc. in January, positions it to compete more broadly. The acquisition, which included over 10.4 million D-Wave shares, adds gate-model capabilities to D-Wave's annealing offerings, which focus on optimization problems. At the London conference, D-Wave plans to highlight updates on both platforms, as well as hybrid quantum software and quantum AI developments.
D-Wave's recent financial performance provides a backdrop for the earnings release. Full-year 2025 revenue reached $24.6 million, a 179% increase from 2024, and the company held $884.5 million in cash and marketable securities at year-end. By February 25, 2026, bookings for the current year had already surpassed $32.8 million, signaling growing customer demand.
However, risks remain. In a January filing, D-Wave flagged potential challenges related to integrating Quantum Circuits, including cost overruns and development setbacks that could pressure results and the stock price. The company also faces a packed schedule: earnings on May 12, its first investor day at the New York Stock Exchange on June 1, and the Qubits Europe conference on June 18.
The broader quantum computing sector is also in focus, with peers like IonQ, Rigetti Computing, and Quantum Computing Inc. reporting earnings this cycle. Investors are watching for evidence that these companies can convert research into sustainable revenue streams. D-Wave's Baratz emphasized the strategic importance of quantum computing, stating it is "more than a scientific pursuit" and a technology with implications for industry and national competitiveness.
As D-Wave approaches its earnings date, the market's attention is squarely on whether the company can demonstrate tangible customer momentum to justify its recent rally. With a packed calendar of events and a growing order book, the next few weeks will be pivotal for the quantum computing pioneer.
