D-Wave Quantum Jumps 22% on Nvidia Halo, But Revenue Is Still $25mn
NEW YORK, April 16 —
D-Wave Quantum (QBTS) jumped about 22% in a single session after Jensen Huang named quantum as Nvidia's next adjacency. The company still does $25mn in revenue.
- QBTS closed up about 22% at $20.81. IONQ, RGTI, and QUBT all jumped double digits on the same Nvidia catalyst
- Forward P/E of -56.4x sits against $25mn in trailing revenue. The math only works if you ignore the next four quarters
- The next QBTS earnings print is the test. Bookings guidance has to start closing the gap with the multiple
What Actually Happened
Huang used his stage time to unveil Ising, Nvidia's framework for letting GPUs orchestrate quantum machines as a "control plane." That one sentence re-rated the entire pure-play quantum basket. The bear case on these names has always been that they are science projects waiting for a customer. Nvidia is a customer the market takes seriously. D-Wave's CEO seized the moment by declaring that quantum has passed its "ChatGPT moment." That kind of line gets clipped on financial Twitter and moves stocks before anyone checks the income statement.
The Catch
Insider filings show no one inside D-Wave bought a share into this rally. The people who can actually see the order book chose not to put their own money behind a 22% pop. Pair that with $25mn in trailing revenue against a market cap that now implies enterprise quantum is a real line item in 2026 budgets. Seeking Alpha politely called it "extreme valuation meets execution reality." The Nvidia halo is real. The bookings to justify it are not, yet.
Bottom Line
This is a sentiment trade dressed as a fundamentals trade. Growth investors who already own QBTS got a free re-rating they did not have to earn. The right move is probably to trim into strength rather than chase. Value investors should not be anywhere near this. Watch bookings guidance on the next earnings call. If management cannot point to a credible path from $25mn to a nine-figure revenue line, the Ising halo fades fast.
Basis Report has not yet published a full report on D-Wave Quantum. You can generate one at /stock/qbts to see the underlying revenue trajectory and balance sheet detail.
Basis Report does not hold positions in securities discussed. This is not investment advice.