Is It Too Late To Invest in D-Wave Quantum? What Investors Need To Consider.

For a second, let's assume the commercial uses for quantum computing take off spectacularly. In this hypothetical, investing in D-Wave Quantum Inc. (NYSE: QBTS), even after its 1,000% surge from 2024 through 2025, would prove to be a winning lottery ticket. The potential of quantum computing has been promised to be the next huge technological leap in supercomputers. Should quantum computing live up to the hype, today's computers will look like obsolete relics of a simpler time.

On the other hand, if the market for quantum computing is smaller than anticipated, then perhaps most of the hype for D-Wave has already come and gone. In May 2025, D-Wave announced that its most advanced quantum computer, Advantage 2, was ready for primetime. The company boasts a list of over 100 impressive customers now, ranging from Mastercard to Lockheed Martin.

D-Wave's technology has the potential solve many of humanity's everyday problems, from logistics and supply chain management to air traffic control. Businesses could potentially save billions if D-Wave can successfully deliver on its promise. The Advantage 2 quantum computer pushes D-Wave to the forefront compared to rivals, which are still a step behind in research and development.

So, is it too late for retail investors to join the wave of D-Wave? The answer lies within the investor's ability to take on risk.

The quantum market could be massive

D-Wave is part of an industry that McKinsey says could top $100 billion annually by 2040 . The entire quantum commercial market is still less than $1 billion as of 2025 , making the potential upside gigantic. For investors willing to wait a decade or two, the payoff might be well worth the wait. The good news is that D-Wave's customer base is growing. Revenue for the first nine months of 2025 topped $21.8 million, which is a 235% jump from the first nine months of the previous year.

D-Wave's increase in bookings and revenue will help with the eyebrow-raising cash burn. Overall, the excitement and positive sentiment of quantum computing generated by competitors Google and IBM only serve to expose D-Wave to a broader audience.

Image source: Getty Images.

Still a long road ahead

D-Wave is burning cash, and a lot of it. The company's Q3 2025 showed net losses ballooning to $140 million . The same quarter a year prior showed just $22.7 million in net losses. The research and development requirements of this technology remain massive. D-Wave's current offerings are commercially viable, but still in their infancy. The universally appealing and affordable version of Advantage 2 is not where it needs to be quite yet, and competition in this industry is fierce. Tech giants, like Google and Microsoft, have nearly unlimited budgets to apply to quantum computing, so D-Wave's early lead might disappear faster than you can say "qubit". The climb to success will be steep for D-Wave, but the company's been at this for a long time and has established itself as an exciting innovator and legitimate leader.

High risk, high potential

There's plenty of room to grow with D-Wave if you're a quantum computing optimist. Still, D-Wave is a high-risk and high-reward bet, and investors should know the true rewards are likely several years away. If you buy D-Wave stock now, you're still getting in early. It's definitely not too late, even with the recent 1,000% surge in price. However, investors looking for stability, predictability, and steady cash flow should steer clear. This company and industry are somewhat of a moonshot, and perhaps D-Wave's technology will land among the stars, but the commercial applicability may also crash land. For investors with a high risk tolerance and capacity, allocating a bit to D-Wave is a hopeful investment in the future of quantum computing.

Catie Hogan 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.