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Jefferies believes D-Wave Quantum has room to run and add to its massive year-to-date rally. The investment firm initiated the quantum computing stock with a buy rating. Its $45 price target implies that shares of D-Wave could surge 90% from here. Jefferies said this bullish call is driven by roadmap execution, commercial traction and technical proof points. The stock has popped 183% this year. QBTS YTD mountain QBTS YTD chart “D‑Wave is positioned to benefit from ecosystem tailwinds that are lifting sentiment and usage across quantum architecture,” analyst Kevin Garrigan wrote. “With Advantage2 commercially available via Leap, these catalysts translate into customer education, bigger experimentation budgets, and pilots that feed the annealing funnel.” Garrigan also applauded D-Wave’s two-pronged roadmap. This includes incorporating both annealing and gate-model systems to help the company address the full quantum total addressable market, he wrote. He also highlighted the D-Wave’s stickiness with commercial customers as another tailwind. “D‑Wave has built a first‑mover advantage in commercial quantum adoption, delivering measurable ROI from its annealing‑led hybrid solvers, on‑premise systems, and enterprise deployments,” he wrote. “More than 100 organizations — including over two dozen Forbes Global 2000 — run optimization, simulation, and AI workloads on D‑Wave, creating a sticky installed base.” Garrigan added that D-Wave currently has a strong balance sheet, with the stock set to enter 2026 “with exceptional liquidity.” This will provide it a “multi-year runway to fund operations, execute the technology roadmap, and pursue market opportunities.” Analysts are mostly bullish on D-Wave. LSEG data shows that 11 of 12 who cover the stock rate it a buy or strong buy.
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