What Needs To Be True To Buy QBTS Stock Now?

D-Wave Quantum (QBTS) stock has dropped 70.8% over the past year, while the S&P 500 returned 17.4%. Investors continue to pay 353 times sales for the stock, compared with 3.1 times for the index, suggesting they expect far larger sales ahead. For that to happen, D-Wave must ship two annealing quantum computer systems in the fourth quarter and keep moving cloud customers into production use. So how much of D-Wave's 2026 revenue is tied to two fourth-quarter shipments.