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More Reading from MarketBeat.com Where's the Bottom, and When Will It Be Time to Sell D-Wave?By Nathan Reiff. Article Published: 3/23/2026. 
Key Points - D-Wave Quantum shares are down about 44% since the start of the year, though the company's RSI is near 30, suggesting it may be oversold.
- At the same time, the firm's price remains significantly elevated relative to its sales, which are still quite low in absolute terms.
- Investors must try to reconcile these concerns while also trying to ascertain how much farther shares may fall in the current selloff.
- Special Report: Elon's "Hidden" Company
By many measures, quantum computing leader D-Wave Quantum Inc. (NYSE: QBTS) has had a strong start to 2026. In January alone its bookings exceeded those of the entire 2025, driven primarily by a $10 million deal with a Fortune 100 company and a roughly $20 million system sale. At the same time, the company's cash position remains robust as D-Wave pursues a dual approach across multiple technological paths. Still, QBTS shares have not fared well: the stock is down about 44% so far in 2026, despite the company's positive news. For existing shareholders the question of where the bottom might be is front of mind, while prospective buyers may be weighing whether to wait for a deeper dip. While it's impossible to predict precisely how much farther the selloff may go, looking at D-Wave's operating runway helps quantify near-term dilution risk. Just How Rational Is the D-Wave Selloff? In March 1968, central banks ran out of gold and London markets shut down - miners surged 2,329%. In 1980, a COMEX delivery wall sent silver miners like Silverado up 3,989%. Today, registered gold inventory is down 25% while prices sit at record highs. Dylan Jovine of Behind the Markets says May 29, 2026 is the next inflection point - and he has identified one stock sitting on more gold than France and Italy combined. See the historical pattern and Jovine's top pick before May 29th At first glance the selloff seems paradoxical given some solid fundamentals and encouraging items in D-Wave's latest earnings report. Still, there are reasons investors might view the decline as rational. D-Wave has seen meaningful growth—revenue nearly tripled year-over-year in the most recent year. In absolute terms, however, sales remain small: annual revenue sits under $25 million, by far modest for a company valued near $6 billion. Combined with a massive rally through much of 2025, that has left the share price significantly elevated relative to sales. The company's price-to-sales ratio climbed to nearly 327 last year; even after the recent pullback, QBTS still trades at more than 237 times sales. That disparity helps explain why some investors are selling despite the positive operational developments. Determining the Bottom Is Tricky, But D-Wave's Cash Reserves Provide Important Insulation D-Wave's relative strength index (RSI) sits around 30, a level often interpreted as oversold. That suggests recent selling may have been excessive, but an oversold reading alone doesn't pinpoint a bottom—precise timing is unlikely. More reassuring for many investors is D-Wave's cash balance: the company reported about $885 million in cash at the end of the last quarter. Based on the latest burn rate, that implies roughly three years of operating runway even if revenue growth stalls (and excluding potential acquisitions). In other words, the firm has a meaningful buffer to weather further market pressure without immediately needing dilutive financing. That cushion makes a collapse to zero in the foreseeable future unlikely, which may limit downside for patient investors. What Signs Might Investors Watch For to Sell? Because it's difficult to forecast how much farther QBTS might fall—and the company still carries a Moderate Buy rating from Wall Street with implied upside near 132%—investors should monitor specific warning signs rather than rely on technical indicators alone. Key red flags would include a sustained slowdown in bookings, a material acceleration in cash burn without matching revenue gains, or the need for dilutive financing. Operational setbacks with its gate-model system (which D-Wave is developing alongside its legacy annealing products) could also dampen investor enthusiasm if delays or performance shortfalls emerge. External pressures—such as tariffs, supply-chain disruptions, or changes in the competitive landscape—could alter the calculus around how far D-Wave's cash reserves will stretch and how quickly it can scale revenue. Ultimately, investors must weigh competing narratives: on one hand, the stock looks oversold after a steep decline; on the other, the company remains richly valued relative to current sales. That distinction tends to separate traders seeking a quick rebound and a return to the 2025 rally from long-term believers who expect D-Wave to play a major role in the multi-decade race to quantum advantage. | 
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