D-Wave Quantum Shares Flash Bullish Indicators

The quantum computing specialist D-Wave Quantum ended the trading week on a powerful note, with its stock posting significant gains. This surge was fueled by a dual catalyst of fresh analyst endorsements and market speculation regarding a potential major investor. The move has market participants questioning whether this marks the beginning of a renewed upward trajectory following a recent corrective phase.

Fundamentally, the company's operational momentum provides a backdrop for the stock's performance. D-Wave's third-quarter results, released in early November, surpassed expectations. The company reported a loss per share of $0.05, which was narrower than the anticipated $0.07 loss. Commercialization efforts are also gaining traction, evidenced by its designation as "awardable" on the U.S. Department of Defense's Tradewinds platform and by deepening strategic partnerships, such as the one with NTT DOCOMO.

This operational story unfolds within a sector that has seen remarkable strength in 2025. On a year-to-date basis, D-Wave's stock has appreciated by over 180%, transforming from a speculative small-cap play into an entity with a market capitalization of approximately $9.4 billion.

Analyst Conviction and Speculative Buzz Drive Buying

Friday's price action, which saw the stock advance 7.6% to close at $26.78, was primarily driven by institutional optimism. Two prominent investment firms initiated coverage on the company, each issuing bullish ratings.

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

Jefferies Financial Group commenced its analysis with a "Buy" recommendation, attaching a price target of $45.00. This target suggests an upside potential of roughly 68% from current levels. Concurrently, Wedbush Securities assigned an "Outperform" rating with a $35.00 price objective. Both firms emphasized D-Wave's strategic positioning in the quantum computing landscape, particularly its dual approach encompassing both annealing and gate-model quantum systems.

Adding fuel to the rally were unconfirmed market reports suggesting billionaire Ken Griffin may be accumulating a position. While official confirmation through regulatory 13F filings is still pending, the mere rumor of interest from such a prominent institutional heavyweight generated substantial buying interest. Trading volume remained robust at approximately 31.6 million shares, with buyers actively defending a support level around $25.50.

Technical Outlook and Forward Path

From a chart perspective, despite Friday's rally, the shares continue to trade below their 50-day moving average, which sits at $28.77. The stock is thus consolidating below its all-time highs reached in October, yet showing clear signs of establishing a base in the mid-$20 range.

For the technical picture to confirm a resumption of the prior uptrend, a sustained move above the $28.77 level will be necessary in the coming weeks. On the fundamental calendar, investors are likely looking ahead to March 2026, when D-Wave is scheduled to report its full-year 2025 financial results. In the interim, the market will remain sensitive to any further regulatory disclosures that could clarify the involvement of new large-scale investors.