D-Wave's Revenue Fell 44% in a Year. Its Market Value Rose 38%.

D-Wave Quantum's revenue declined 44% to $12.4 million year-over-year, yet its market value surged 38% to $7.5 billion. The divergence reflects strong future demand signals: first-half bookings jumped over 1,100% to $35.5 million (including a $20 million system sale), and remaining performance obligations reached $40.7 million. However, the company trades at 600x trailing revenue with significant losses ($48 million net loss in Q2 2026), requiring years of growth to justify its valuation.