Is D-Wave Quantum a Buy?

D-Wave Quantum, a quantum computing company, has begun landing commercial deals including a $20 million system sale and a $10 million cloud-access agreement. However, the analyst recommends holding off on buying the stock due to its extremely high valuation of 200x this year's estimated revenue ($42.5M) and 100x next year's estimate, despite the company's early momentum. With significant competitive threats from other quantum companies and tech giants, the stock carries more downside risk than upside potential at current levels.