D-Wave Quantum stock recorded double-digit gains in December trading, rising 15.4% for the month according to S&P Global Market Intelligence data. The increase came despite volatility for growth stocks.
On December 2, the company announced the formation of a U.S. government business unit. This move highlighted potential for government contracts to become a long-term sales driver.
Mizuho initiated coverage on December 11, giving the stock an outperform rating with a one-year price target of $46 per share. Analysts cited D-Wave's strengths in quantum-annealing technologies and growth opportunities through acquisitions and other quantum methodologies.
Jefferies followed with coverage initiation on December 16, assigning a buy rating. The firm's analysts pointed to rising demand for quantum-computing technologies and identified the company's Advantage2 system as a key near-term performance driver.
Bullish momentum continued into 2026. As of this writing, the stock has climbed 10% in January.
On January 6, D-Wave published a press release announcing a breakthrough in scalable on-chip cryogenic control of qubits. The development suggests cryogenic control technologies used for its annealing approach could have applications for other quantum-computing methodologies.
The next day, the company announced it was acquiring Quantum Circuits in a $550 million deal expected to close later this month.
Following these announcements, Rosenblatt published new coverage reiterating a buy rating and increasing its one-year price target to $43 per share from $40. Analysts called the Quantum Circuits acquisition a strong move that would help D-Wave sustain superior error-correction performance compared to competitors. They also viewed the cryogenic chip-control breakthroughs as a major positive catalyst.