Mizuho has initiated coverage on D-Wave Quantum Inc (QBTS) with an Outperform rating, marking its first assessment of the company since its IPO on October 11, 2020. The firm’s analysis is based on the company's business dynamics, industry positioning, and growth potential.
D-Wave Quantum, headquartered in Palo Alto, California, develops quantum computing systems, software, and services. The company employs 220 full-time staff and offers a range of products, including its Cloud Platform and the Advantage quantum system, designed for commercial use. As of December 9, 2025, D-Wave has a market capitalisation of $10.0 billion and an earnings per share (EPS) of -1.35.
Recent earnings performance indicates a positive trend, with Q3 2025 EPS reported at -$0.05, surpassing estimates by 27.2%. This follows a history of mixed earnings surprises, reflecting the company's ongoing adjustments in a rapidly evolving technology landscape.
The move underscores a broader analyst consensus on D-Wave, which currently shows 3 Strong Buy, 12 Buy, 1 Hold, and 1 Sell ratings, suggesting a majority view of Buy as of December 1, 2025. Analyst opinions can vary and may change as new information becomes available, highlighting the importance of considering multiple factors when evaluating investment opportunities.