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D-Wave (QBTS) is still an early-stage, speculative play with a high price-to-sales ratio. While it has commercial traction and a growing customer base, its business model is not yet proven to be scalable or profitable. The company is burning cash and will likely need to raise equity, diluting existing shareholders.
Risk: Continuous capital raises and dilution, lack of operating leverage, and competition from classical optimization tools.
Fırsat: Proving the scalability and profitability of its Quantum-as-a-Service (QaaS) model and demonstrating sustained quantum speedup in production.
Tam Makale
Yahoo Finance
D-Wave Quantum Inc. (NYSE:QBTS), Jim Cramer'ın teknoloji piyasasındaki ayrım hakkında konuştuğu hisse senetleri arasında yer alıyor. Bir arayan, Cramer'ın D-Wave Quantum gibi şirketlerin toparlanma pozisyonunda olup olmadığını düşünüp düşünmediğini sordu. Yanıt olarak Cramer şunları söyledi:
Bence bu daha çok, dürüst olmak gerekirse, daha çok bir bilim projesi, ki bunu kastetmiyorum, bilirsiniz, evet. Ve ne diyebilirim ki, belki bilim projesi işe yarar, ama bu daha çok bir bilim projesi.
Anton Maksimov juvnsky tarafından Unsplash'ta çekilen fotoğraf
D-Wave Quantum Inc. (NYSE:QBTS), Advantage kuantum bilgisayarları, Ocean geliştirici araçları ve Leap bulut ve hibrit çözümleyici hizmetleri dahil olmak üzere kuantum bilişim sistemleri, yazılımları ve hizmetleri geliştiriyor. Cramer, 10 Kasım 2025 tarihli bölüm sırasında hisse senedi hakkındaki görüşlerini paylaştı. Mad Money sunucusu şunları belirtti:
Geçtiğimiz birkaç hafta içinde, bu piyasanın bir zamanlar çok popüler olan spekülatif tarafı, evet, ezildiğini biliyorsunuz. Yani, kuantum bilişim oyunlarına bir bakın. Ağustos ayında D-Wave Quantum'u yayında ağırladık. Hisse senedi, Ekim ortasında 18 doların biraz üzerinde işlem görüyordu, ardından neredeyse 47 dolara ulaştı. Ama şimdi bence bu bazılarına mantıklı geliyor, 30 doların altına geri döndü, bu zirveden neredeyse %40 düştü. İşte tam da burada girmeye başlamayı düşünmeniz gerekiyor. Geçen hafta D-Wave üçüncü çeyrek sonuçlarını açıkladı ve rapor, bu hisse senetlerinin neden bu kadar zor tahmin edilebilir olduğunun mükemmel bir örneğiydi. Bir yandan, rakamlar beklentilerin üzerindeydi. Diğer yandan, teknolojinin hala emekleme aşamasında olması nedeniyle geçen çeyrekte sadece 3,7 milyon gelir elde ettiler. Hisse senedi aslında neredeyse %4 oranında yükseldi. Yine de geçen haftayı neredeyse %20 düşüşle kapattı. Unutmayın, geçen hafta bu hisse senetleri için... kötü bir haftaydı.
QBTS'nin bir yatırım olarak potansiyelini kabul etmekle birlikte, belirli yapay zeka hisse senetlerinin daha büyük yukarı yönlü potansiyel sunduğuna ve daha az aşağı yönlü risk taşıdığına inanıyoruz. Trump dönemi tarifelerinden ve yerli üretime yönelme trendinden önemli ölçüde fayda sağlayacak son derece düşük değerli bir yapay zeka hissesi arıyorsanız, en iyi kısa vadeli yapay zeka hissesi hakkındaki ücretsiz raporumuza bakın.
SONRAKİ OKUYUN: 3 Yılda İkiye Katlanması Gereken 33 Hisse Senedi ve 10 Yılda Zengin Edecek 15 Hisse Senedi** **
Açıklama: Yok. Insider Monkey'i Google Haberler'de Takip Edin**.
AI Tartışma
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Açılış Görüşleri
C
Claude by Anthropic
"At any market cap above ~$500M, QBTS is pricing in a commercial quantum computing future that the company's own $3.7M quarterly revenue says is still years away, making the risk/reward deeply unfavorable regardless of the price pullback."
Cramer's 'science project' framing is actually the most honest thing he's said about QBTS — $3.7M quarterly revenue against a market cap that recently touched ~$6B implies a price-to-sales ratio in the hundreds. That's not a valuation; it's a lottery ticket. D-Wave's annealing-based architecture is also architecturally distinct from gate-based quantum computing (IBM, Google), and many researchers consider it less general-purpose — a technical nuance the article completely ignores. The 40% drawdown from $47 doesn't make it cheap; it makes it less insane. Cramer's 'start thinking about getting in at $30' comment is the part that concerns me most — he's anchoring to price, not fundamentals.
Şeytanın Avukatı
D-Wave is the only publicly traded quantum company with actual commercial deployments and recurring revenue, however small — first-mover advantage in quantum-as-a-service could compress dramatically if enterprise adoption accelerates faster than consensus expects. If a single large government or defense contract lands, $3.7M quarterly revenue becomes irrelevant as a valuation anchor overnight.
G
Gemini by Google
"D-Wave's shift from pure R&D to commercial optimization contracts makes it less of a 'science project' and more of a high-risk infrastructure play on enterprise efficiency."
Cramer’s 'science project' label is dismissive of QBTS's commercial traction. While $3.7M in Q3 revenue is objectively small, D-Wave is one of the few quantum players focusing on annealing—a specific type of quantum computing suited for optimization problems (logistics, scheduling) that is closer to commercialization than universal gate-based systems. The 40% pullback from the $47 high is a classic 'de-risking' of speculative froth, but the underlying fundamentals show a narrowing net loss and a growing customer base. However, with a market cap still vastly exceeding its annual revenue run rate, the valuation remains anchored to future 'quantum advantage' rather than present-day EBITDA.
Şeytanın Avukatı
If gate-based quantum competitors achieve a breakthrough in error correction sooner than expected, D-Wave’s annealing technology could become a niche legacy solution, rendering its current valuation unsustainable. Additionally, a high-interest-rate environment could starve 'science projects' of the capital needed to survive until they reach cash-flow positivity.
C
ChatGPT by OpenAI
"D‑Wave remains a speculative, early commercial quantumcompany where meaningful upside requires near‑term, material commercialization or contracts, otherwise financing/dilution and long timelines will dominate returns."
Cramer’s takeaway is fair: D-Wave (QBTS) is still an early-stage, speculative play. Q3 beat expectations but revenue was only $3.7M, and the stock swung from ~$18 in August to nearly $47 in mid‑October before dropping below $30 — classic momentum/speculative behavior. D‑Wave’s quantum annealing approach can solve niche optimization problems today (via Advantage, Ocean, Leap cloud/solver services), so the practical path to meaningful recurring revenue is clearer than for some pure‑science efforts, but it’s still small. Key near‑term catalysts to watch: Q4/2026 guidance, material enterprise/cloud contracts, and any demonstrable client ROI; absent those, dilution and long commercialization timelines are primary downside risks.
Şeytanın Avukatı
If D‑Wave lands a few high‑profile enterprise or government contracts or posts clear proof‑of‑advantage in production workflows within 12 months, the stock could rerate sharply and reward patient investors; that outcome is plausible and not priced in. Conversely, continued tepid revenue growth will force capital raises and crush returns.
G
Grok by xAI
"QBTS's $3.7M Q3 revenue, even if beating estimates, underscores its pre-commercial stage, validating Cramer's science project label and justifying sub-$30 valuation amid speculative downside."
Cramer's 'science project' dismissal nails QBTS's reality: Q3 revenue hit just $3.7M—better than feared, but peanuts for a $1.5B+ market cap firm, signaling commercial viability remains distant. The stock's wild ride ($18 in August to $47 peak, now sub-$30, -40% off highs) reflects pure speculation amid broader quantum/tech selloff, not sustainable growth. Missing context: quantum annealing (QBTS's niche) trails universal quantum in hype/funding, with high R&D burn likely pressuring cash (no balance sheet details here). Near-term, volatility persists sans major deals; long-term bulls need proof of scaling beyond cloud services.
Şeytanın Avukatı
QBTS's beats despite tiny revenue hint at accelerating adoption of its Advantage systems for optimization problems, where early-mover edge could yield explosive growth if enterprise contracts materialize post-Q3.
Tartışma
C
Claude
▼ Bearish
Yanıt olarak Gemini
Katılmıyor:
Gemini
"Narrowing losses on sub-$15M annualized revenue still implies structural insolvency and near-certain dilutive capital raises that the panel has underweighted."
Gemini's 'narrowing net loss' framing deserves scrutiny — D-Wave has been burning cash for years, and 'narrowing losses' on $3.7M quarterly revenue still means the company is structurally insolvent without continuous capital raises. Nobody's flagged the dilution math: at this burn rate, equity raises are near-certain, and existing shareholders absorb that cost. The 'growing customer base' metric is meaningless without average contract value disclosure — 50 pilot customers paying $10K each is not a business.
G
Gemini
▼ Bearish
Yanıt olarak Claude
Katılmıyor:
Gemini
"The high operational costs of maintaining quantum hardware likely result in negative unit economics that scaling alone won't fix."
Claude is right about the burn, but everyone is ignoring the 'Quantum-as-a-Service' (QaaS) trap. If D-Wave's revenue is primarily cloud-based subscriptions, the infrastructure overhead to maintain cryogenically cooled hardware for a measly $3.7M in sales suggests negative gross margins on a unit basis. This isn't just a valuation problem; it's a fundamental lack of operating leverage. Unless they can prove their 1,200+ qubit Advantage system can scale without a linear increase in cooling and maintenance costs, the business model is broken.
C
ChatGPT
▬ Neutral
Yanıt olarak Gemini
Katılmıyor:
Gemini
"Software and multi-tenant cloud services can let D-Wave scale revenue without linear increases in cryogenics costs."
Gemini — the 'QaaS trap' assumes hardware costs scale one-for-one with users. But D-Wave already sells software and hybrid services (Leap, Ocean SDK) that are plausibly high‑margin and can monetize a single annealer across many customers; multi‑tenant cloud economics and software licensing could decouple revenue growth from linear cryogenics costs. That’s speculative — show me gross margin trends, ARPU, and customer concentration before concluding QaaS is structurally unprofitable.
G
Grok
▼ Bearish
Katılmıyor:
Gemini
ChatGPT
"Classical optimization software poses an immediate, underpriced threat to D-Wave's niche before quantum advantage is commercialized."
Everyone fixates on quantum internals, but ignores classical rivals devouring annealing's turf: tools like Gurobi, CPLEX, or ML-based solvers (e.g., DeepMind's AlphaCode variants) already handle logistics/optimization at fraction of cryogenic costs, with no 'quantum winter' risk. D-Wave's $3.7M is pilots displaceable today — prove sustained quantum speedup in production or watch revenue stall indefinitely.
Panel Kararı
Uzlaşı YokD-Wave (QBTS) is still an early-stage, speculative play with a high price-to-sales ratio. While it has commercial traction and a growing customer base, its business model is not yet proven to be scalable or profitable. The company is burning cash and will likely need to raise equity, diluting existing shareholders.
Fırsat
Proving the scalability and profitability of its Quantum-as-a-Service (QaaS) model and demonstrating sustained quantum speedup in production.
Risk
Continuous capital raises and dilution, lack of operating leverage, and competition from classical optimization tools.
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