D-Wave Quantum Inc.

NasdaqGS:QBTS Stock Report

Market Cap: US$6.4b

D-Wave Quantum Management

Management criteria checks 2/4

D-Wave Quantum's CEO is Alan Baratz, appointed in Jan 2020, has a tenure of 6.67 years. total yearly compensation is $5.17M, comprised of 11.1% salary and 88.9% bonuses, including company stock and options. directly owns 0.57% of the company’s shares, worth $36.13M. The average tenure of the management team and the board of directors is 2.2 years and 2.3 years respectively.

Key information

Alan Baratz

Chief executive officer

US$5.2m

Total compensation

CEO salary percentage11.12%
CEO tenure6.7yrs
CEO ownership0.6%
Management average tenure2.2yrs
Board average tenure2.3yrs

Recent management updates

Recent updates

Narrative Update • Sep 08

QBTS: Government Support And Commercial Traction Will Drive Dual Platform Roadmap Execution

Analysts trimmed their fair value estimate for D-Wave Quantum from $45.0 to $43.0, reflecting slightly higher discount-rate assumptions and lower projected profit margins, while still citing supportive sector research that highlights the company’s commercial traction and position in quantum computing. Analyst Commentary Recent Street research on D-Wave Quantum points to a generally constructive tone, even as several firms have reset price targets.
Seeking Alpha • Aug 31

D-Wave Quantum: Cheaper Downside Than IonQ, Safer Bet Than Rigetti

Summary D-Wave Quantum (QBTS) offers the best risk/reward among quantum peers but remains a Hold due to stretched valuation and upcoming binary catalysts. QBTS’s $546m cash cushion reduces near-term funding risk, while a Q4 catalyst—the FAU revenue recognition—could trigger a re-rating. Bookings and backlog surged, but aggressive dilution and high operating losses limit per-share upside absent clear revenue conversion. I recommend monitoring QBTS into the November earnings; evidence of FAU revenue and >$5m quarterly sales could justify adding, but downside risk remains high. Read the full article on Seeking Alpha
Narrative Update • Aug 25

QBTS: Federal And Canadian Quantum Support Will Drive Dual-Platform Execution

Analysts have adjusted the D-Wave Quantum price target to $35 from about $36.84, reflecting updated views on higher revenue growth assumptions, slightly lower profit margin expectations, and a reduced future P/E multiple. Analyst Commentary Recent research on D-Wave Quantum shows a mix of enthusiasm for the company’s position in quantum computing and caution around execution, valuation, and the pace of commercial progress.
Narrative Update • Aug 11

QBTS: AT&T And Government Support Will Drive Future Quantum Adoption

Analysts have trimmed their average D-Wave Quantum price target as the updated fair value estimate moves from about $25.09 to $23.43. This reflects recent target cuts alongside recognition of ongoing technological and commercial progress.
Analysis Article • Aug 08

D-Wave Quantum Inc. (NASDAQ:QBTS) Second-Quarter Results Just Came Out: Here's What Analysts Are Forecasting For This Year

As you might know, D-Wave Quantum Inc. ( NASDAQ:QBTS ) last week released its latest quarterly, and things did not turn...
Narrative Update • Jul 28

QBTS: Government Support And AT&T Expansion Will Drive Future Quantum Adoption

Analysts trimmed the fair value estimate for D-Wave Quantum to about $25.09 from $26.35, reflecting a slightly higher discount rate and lower profit margin assumptions, even as they incorporated expectations for very large revenue growth and a reduced future P/E multiple supported by recent sector-wide Buy ratings and refreshed price targets in the $29 to $45 range. Analyst Commentary Recent research on D-Wave Quantum points to strong interest in quantum computing, with several firms assigning Buy ratings and setting price targets between $29 and $45.
Narrative Update • Jul 10

QBTS: Government Quantum Initiatives Will Support Dual Platform Roadmap Execution

The analyst fair value estimate for D-Wave Quantum has been adjusted from $48.00 to $45.00 as analysts balance stronger long-term growth assumptions with updated discount rates and recent Street research citing supportive government actions, higher price targets from several firms, and clear demand signals tempered by mixed quarterly results. Analyst Commentary Recent Street research around D-Wave Quantum points to a mix of supportive sector news, updated price targets, and fresh views on its product roadmap.
Narrative Update • Jun 26

QBTS: Federal Quantum Funding Will Support Dual-Platform Roadmap Execution

The analyst price target for D-Wave Quantum has moved upward toward $40, with analysts citing clearer government support for quantum computing, stronger commercial engagement, and a more defined gate-model roadmap as key reasons for the change. Analyst Commentary Recent research on D-Wave Quantum highlights a mix of optimism around government support, commercial traction, and the gate-model roadmap, alongside some caution on execution and valuation risk.
Analysis Article • Jun 18

D Wave Quantum (QBTS) Stock Could Be 39.3% Undervalued After CHIPS Act Support

D-Wave Quantum (QBTS) is back in focus after the U.S. government outlined up to $100 million in CHIPS Act support, the company detailed a 2032 100-logical-qubit roadmap, and several Wall Street analysts turned more optimistic. See our latest analysis for D-Wave Quantum. D-Wave Quantum’s share price has swung sharply around this news, with a 1 month share price return of 35.73% and a 3 month share price return of 56.96%. The stock is still down 12.23% year to date, while a 1 year total...
Analysis Article • May 15

Here's What Analysts Are Forecasting For D-Wave Quantum Inc. (NYSE:QBTS) After Its First-Quarter Results

D-Wave Quantum Inc. ( NYSE:QBTS ) last week reported its latest quarterly results, which makes it a good time for...
Seeking Alpha • Apr 27

D-Wave Quantum: A Speculative Bet On The Quantum Wave

Summary Investing in D-Wave Quantum Inc. (QBTS) requires belief in quantum computing's potential and a long-term outlook due to high volatility and speculations. Quantum computing is in its early stages, akin to investing in the 1990s internet infrastructure, with significant risks and potential for transformative impact across industries. QBTS stands out with its quantum annealing tech, but faces competition and risks from evolving gate-based quantum algorithms and high speculative valuation. Consider QBTS as a speculative bet with potential; better to wait for price corrections around earnings for a more favorable entry point. Read the full article on Seeking Alpha

CEO Compensation Analysis

How has Alan Baratz's remuneration changed compared to D-Wave Quantum's earnings?
DateTotal CompensationSalaryCompany Earnings
Jun 30 2026n/an/a

-US$249m

Mar 31 2026n/an/a

-US$368m

Dec 31 2025US$5mUS$575k

-US$355m

Sep 30 2025n/an/a

-US$399m

Jun 30 2025n/an/a

-US$282m

Mar 31 2025n/an/a

-US$132m

Dec 31 2024US$2mUS$575k

-US$144m

Sep 30 2024n/an/a

-US$74m

Jun 30 2024n/an/a

-US$67m

Mar 31 2024n/an/a

-US$76m

Dec 31 2023US$1mUS$575k

-US$83m

Sep 30 2023n/an/a

-US$84m

Jun 30 2023n/an/a

-US$79m

Mar 31 2023n/an/a

-US$66m

Dec 31 2022US$11mUS$492k

-US$54m

Sep 30 2022n/an/a

-US$50m

Jun 30 2022n/an/a

-US$43m

Mar 31 2022n/an/a

-US$34m

Dec 31 2021US$595kUS$450k

-US$32m

Compensation vs Market: Alan's total compensation ($USD5.17M) is below average for companies of similar size in the US market ($USD8.42M).

Compensation vs Earnings: Alan's compensation has increased whilst the company is unprofitable.

CEO

Alan Baratz (71 yo)

6.7yrs
Tenure
US$5,170,467
Compensation

Dr. Alan E. Baratz, Ph.D. serves as President since January 01, 2020 and Director at D-Wave Quantum Inc. since January 14, 2020 and is its Chief Executive Officer since 2020. He serves as Chief Executive O...

Leadership Team

NamePositionTenureCompensationOwnership
Alan Baratz
President6.7yrsUS$5.17m0.57%
$ 36.1m
Diane Nguyen
Executive VP5.2yrsUS$1.38m0.14%
$ 8.7m
Eric Ladizinsky
Co-Founder & Chief Scientist27.7yrsno datano data
Greg Golkov
Acting CFO and Principal Financial & Accounting Officerno datano datano data
Stanley Black
Executive VP & Chief Information Security Officer1yrno data0.036%
$ 2.3m
Kevin Hunt
Senior Director of Investor Relationsno datano datano data
Allison Schwartz
Senior Vice President of Global Government Relations & Public Affairsno datano datano data
Michelle Maggs
Senior Vice President of Marketing1.7yrsno datano data
Sophie Ames
Executive VP & Chief Human Resources Officer1.9yrsno data0.0078%
$ 496.7k
Trevor Lanting
Chief Development Officer3.7yrsno datano data
Lorenzo Martinelli
Chief Revenue Officer2.5yrsno datano data
Robert Schoelkopf
Chief Science Officerless than a yearno datano data
2.2yrs
Average Tenure
60.5yo
Average Age

Experienced Management: QBTS's management team is considered experienced (2.2 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Alan Baratz
President6.7yrsUS$5.17m0.57%
$ 36.1m
Steven West
Independent Director17.3yrsUS$393.83k0.044%
$ 2.8m
Sharon Holt
Independent Chair of the Board1.8yrsUS$293.03k0.020%
$ 1.3m
Roger Biscay
Independent Director4.1yrsUS$294.44k0.0038%
$ 244.2k
Marc Feldman
Member of the Scientific Advisory Boardno datano datano data
Kirstjen Nielsen
Independent Director2.7yrsUS$293.68k0.030%
$ 1.9m
John DiLullo
Independent Director1.9yrsUS$284.86k0.0032%
$ 204.7k
Kevan Krysler
Independent Directorless than a yearno datano data
Rohit Ghai
Independent Director1.9yrsUS$293.87k0.0038%
$ 244.2k
2.3yrs
Average Tenure
59yo
Average Age

Experienced Board: QBTS's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/09/10 23:06
End of Day Share Price 2026/09/10 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

D-Wave Quantum Inc. is covered by 20 analysts. 17 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Craig EllisB. Riley Securities, Inc.
William Kingsley CraneCanaccord Genuity
Troy JensenCantor Fitzgerald & Co.