Optimism Grows for D-Wave Quantum as TD Cowen Initiates Coverage with Buy

Fresh momentum for the quantum-computing specialist is building after TD Cowen kicked off coverage on D-Wave Quantum with a Buy rating. The analysts point to the company?s leading position in quantum annealing technology as a key growth lever, while the financials and upcoming results are already drawing attention from investors.

TD Cowen emphasizes financial resilience, noting that D-Wave?s balance sheet features more cash than debt. This cash cushion provides management with the room to pursue its operational strategy and support ongoing expansion.

Growing adoption and new contracts

The firm observes increasing real-world deployment of D-Wave?s technology. Usage of the Advantage2 systems rose notably over the past year. A recently closed contract with a Fortune-100 company (unnamed in public disclosures) covers Quantum Computing as a Service (QCaaS) over two years, with a total volume of $10 million.

Strategic footprint advances

D-Wave is pushing ahead with its planned global footprint. The company aims to relocate its headquarters to the Boca Raton Innovation Campus by 2026. In a related development, Florida Atlantic University has committed to purchasing and installing an Advantage2 quantum computer on its campus.

Should investors sell immediately? Or is it worth buying D-Wave Quantum?

What to watch: results and outlook

Investors will be focused on February 26, 2026, when D-Wave releases its fourth-quarter and full-year 2025 results. The ensuing conference call is expected to shed additional light on the business outlook and how the new large orders will be integrated.

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D-Wave Quantum Stock: New Analysis - 13 February

Fresh D-Wave Quantum information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.

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