D-Wave Quantum Is Skyrocketing Today -- Is the Stock a Buy Right Now?

Key Points

• D-Wave Quantum stock is rising thanks to a report that the Trump administration could move to support the development of quantum tech.

• D-Wave is also getting a boost from news that the U.S. Air Force is aiming to facilitate the development of quantum technologies.

• 10 stocks we like better than D-Wave Quantum ›

D-Wave Quantum (NYSE: QBTS) stock is roaring higher in Friday's trading. The company's share price was up 13% as of 3:30 p.m. ET amid the backdrop of a 0.4% gain for the S&P 500 (SNPINDEX: ^GSPC) and a gain of 0.5% for the Nasdaq Composite (NASDAQINDEX: ^IXIC).

D-Wave Quantum is moving higher today following a report that the Trump administration could make moves to support the development of quantum computing technologies. The stock is likely also getting a boost from recent quantum contract wins with the U.S. Air Force.

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According to a recently published report from Cyberscoop, the Trump administration could issue an executive order aimed at bolstering the development of U.S. quantum computing technologies. The stock is also getting a boost from news that the U.S. Air Force is ramping up its investments to facilitate the acceleration of quantum-computing technologies.

Is D-Wave Quantum stock a buy right now?

Trading at approximately 377 times this year's expected sales, D-Wave Quantum has a growth-dependent valuation profile that makes it too risky for most investors. While the business could continue to see its sales ramp rapidly, there's still a very high degree of uncertainty that comes with trying to forecast its future revenue and earnings picture.

For risk-tolerant investors interested in building exposure to the rise of quantum computing, adding D-Wave Quantum shares could be a sensible move. On the other hand, it's still unclear whether quantum computing will deliver meaningful leaps forward for artificial intelligence (AI) and other tech categories in the near future. The potential for increased support from government customers could be a major positive catalyst, but there's still a very high level of risk that comes with D-Wave Quantum and other quantum-computing companies.

Should you invest $1,000 in D-Wave Quantum right now?

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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.