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

Key Points

• D-Wave's big rally is continuing in Friday's trading.

• The company's share price has surged in conjunction with contract wins and excitement surrounding the quantum computing space.

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

D-Wave Quantum (NYSE: QBTS) stock is rapidly rising in Friday's trading. The company's share price had risen 10.2% in the daily session as of 1:45 p.m. ET. At the same point in the daily session, the S&P 500 was up 0.2%, but the Nasdaq Composite was actually down 0.4%.

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The quantum computing specialist has seen big valuation gains this week in conjunction with news that it has secured orders for two of its Novera quantum systems. With the eventual sales of the machines, D-Wave should generate approximately $5.7 million in revenue. D-Wave stock is also getting a boost from positive comments from Nvidia officials about the outlook for the quantum space and news of other quantum investment initiatives.

Is D-Wave Quantum stock a buy right now?

News that D-Wave has secured orders for its Novera quantum computing machines worth roughly $5.7 million seems promising. Commercialization for quantum systems remains in the early stages, and significant orders bode well for the possibility that D-Wave's systems will see increasing levels of practical applications.

On the other hand, investors should understand that there is still a lot of uncertainty on the horizon. The company's $5.7 million order win is a significant positive, but it should still be viewed in the context of the company's roughly $11 billion market capitalization. D-Wave offers the potential for explosive gains, but its valuation also comes with a lot of risk in today's market.

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.