Here's How QBTS Exited Third Quarter With Key Growth Catalysts

D-Wave Quantum (QBTS) trades at 81.42X forward price-to-sales against an industry average of 4.40X, and Zacks Investment Research rates the stock #4 (Sell) despite a run of operational wins.

The company posted Q3 bookings of $35.5 million, up 1,120% year over year. It also secured up to $100 million in CHIPS Act funding, expanded its partnership with AT&T (T), and published quantum error correction research.

Peers are moving too. IONQ completed its SkyWater acquisition and raised 2026 revenue guidance to $450-$460 million. RGTI secured $100 million in CHIPS R&D funding. QBTS is not the only name drawing federal money, which narrows the funding edge as a differentiator within the group.

Interpretation: a 1,120% bookings jump signals real commercial traction, but the 81.42X multiple already prices in sustained hypergrowth. The valuation gap, roughly 18.5 times the industry average, leaves little margin for execution slips. IONQ's concrete $450-$460 million revenue target gives investors a harder benchmark than anything QBTS has put forward in this summary.