Why Analysts Are Expecting a 90% Increase for D-Wave Quantum

Jefferies believes that D-Wave Quantum has further upside potential following its impressive performance since the beginning of the year.

The investment bank has initiated coverage of the quantum computing company’s stock with a “buy” recommendation. The price target is set at $45, implying roughly 90% upside from current levels. D-Wave shares have risen about 183% year-to-date.

According to Jefferies, the positive outlook is based on the company’s execution of its technology roadmap, growing commercial interest, and clear technical evidence of progress. Analyst Kevin Garrigan notes that the company is well-positioned to capitalize on sector trends that increase interest in and adoption of quantum architectures.

With the commercial rollout of the Advantage2 platform via the Leap service, these factors are expected to drive customer training, higher experimentation budgets, and the launch of pilot projects that feed the core quantum annealing business.

Garrigan also highlights D-Wave’s dual approach, combining annealing and gate-model systems. He believes this strategy allows the company to address a broader market potential in quantum computing.

Another positive factor is the strong engagement of corporate clients. D-Wave is building a first-mover advantage in the commercial application of quantum technologies by delivering measurable returns through hybrid solutions, on-premises systems, and enterprise deployments. Over 100 organizations, including more than two dozen Forbes Global 2000 companies, already use D-Wave solutions for optimization, simulations, and AI tasks, creating a stable and long-term client base.

The analysis also notes that the company has a strong balance sheet. D-Wave is expected to enter 2026 with solid liquidity, providing multi-year resources to fund operations, execute its technology strategy, and expand market opportunities.

Market consensus remains clearly positive as well. Data show that 11 of 12 analysts covering the company have a “buy” or “strong buy” recommendation.