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Exclusive News Where's the Bottom, and When Will It Be Time to Sell D-Wave?Written by Nathan Reiff. 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 Musk: This Could Turn $100 into $100,000
By many measures, quantum computing leader D-Wave Quantum Inc. (NYSE: QBTS) has had an excellent start to 2026. The most striking statistic: in January alone its bookings exceeded those of all of 2025, driven largely by a $10 million deal with a Fortune 100 company and a system sale worth about $20 million. At the same time, the company's cash reserves remain strong as D-Wave positions itself as a dual-approach company pursuing multiple technological paths. Still, QBTS stock has not fared well: shares have fallen roughly 44% so far in 2026, despite the company's promising news. For current holders, the question of where the bottom might be is top of mind; for prospective buyers, the dilemma is whether to wait for a better entry point. While it's impossible to predict precisely how much farther the selloff may go, a closer look at D-Wave's operating runway helps limit near-term dilution risk. Just How Rational Is the D-Wave Selloff? Although D-Wave reported encouraging developments and strong bookings, there are rational reasons for the recent selloff. D-Wave's revenue nearly tripled year-over-year (YOY) in the latest fiscal year, but in absolute terms sales remain small—under $25 million annually—especially for a company with a market value approaching $6 billion. After a massive rally through much of early 2025, the share price became significantly detached from sales. The company's price-to-sales (P/S) ratio climbed as high as nearly 327 last year; even after the recent decline, QBTS still trades at more than 237 times sales. That valuation metric helps explain why some investors view the selloff as justified. Determining the Bottom Is Tricky, But D-Wave's Cash Reserves Provide Important Insulation With a relative strength index (RSI) around 30, D-Wave shows signs of being oversold. That suggests recent selling may have been overdone, but an oversold condition doesn't guarantee the stock has reached its bottom. Investors should note D-Wave's cash position, which stood at an impressive $885 million at the end of the last quarter. Based on current burn rates, that implies at least about three years of operating runway—excluding any large acquisitions—assuming revenue doesn't stagnate (which itself seems unlikely given recent bookings). Put differently, the company's cash cushion makes it unlikely the stock will drop to zero in the foreseeable future and provides important insulation against further selloff pressure. What Signs Might Investors Watch For to Sell? Because it's difficult to forecast how much farther shares might fall—complicated by a Moderate Buy rating from Wall Street analysts and an implied upside of roughly 132%—investors should monitor specific, actionable indicators. Key red flags to watch for include: - A marked slowdown in bookings or revenue growth relative to recent trends. - A sustained increase in cash burn without a corresponding revenue pickup, which would shorten the company's runway and raise dilution risk. - Delays or setbacks with D-Wave's gate-model system development, which could dampen investor enthusiasm if the company cannot advance its second technological path alongside annealing systems. - External pressures such as tariffs, supply-chain disruptions, or other geopolitical and macroeconomic events that could impair the company's ability to scale or sell systems. Investors ultimately must weigh competing arguments. On one hand, the company appears oversold after a significant decline; on the other, it remains highly valued relative to current sales. That tension likely separates traders seeking a near-term price reversal from long-term investors betting on D-Wave's eventual leadership in the multi-decade race toward quantum dominance. | 
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