 A Message From Brownstone Research Former tech executive Jeff Brown, the man who picked Nvidia in 2016, before it jumped as high as 37,800%, just got inside a Cybercab, Elon Musk's new car that has no steering wheel or pedals… and what happens will shock everyone. Click here to see the details or read more below.
Dear Reader, In April 2026, Elon Musk announced he was partnering with Intel. The result? Shares took off… And were trading 177% higher just two months later. I believe Elon is about to announce a NEW partnership with this little-known company… To work on what he called "the most epic AI project in history." But you need to act fast… Because Elon has already approached this company. I believe he's going to make it official any day… Which should send shares higher than anyone can imagine. Click here to see the details. We have so much to look forward to, Jeff Brown
Founder & CEO, Brownstone Research
Special Report
D-Wave Stock Has 2 New Reasons for Investors to Pay AttentionAuthored by Nathan Reiff. Published: 10/20/2026. 
Key Points
- D-Wave Quantum shares have fallen nearly a third in a month despite multiple positive operational updates, as investors await proof of revenue growth and cost control.
- D-Wave expanded its multi-year partnership with SkyWater Technology, which could reduce manufacturing lot delays by up to 30% and help lower the company's widening costs.
- D-Wave delivered Italy's first annealing quantum computing system, demonstrating continued demand for its technology, though such one-off sales may not create sustainable recurring revenue.
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Just weeks before the next round of earnings reports from many leading pure-play companies, the quantum computing industry seems focused on error correction. Quantinuum Inc. (NASDAQ: QNT) recently announced that it broke the global error-correction record by 10x, reducing logical errors tenfold compared with its previous record. Meanwhile, Alphabet Inc. (NASDAQ: GOOGL) has demonstrated that its "magic state" technology can reduce errors by 40x on its Willow processor. Still, with these technological advances dominating headlines, it can be easy to overlook more material achievements across the industry.
That is exactly what has happened with D-Wave Quantum Inc. (NASDAQ: QBTS), whose shares have fallen by nearly a third over the past month, even as it has announced multiple promising operational updates. The company has highlighted its R&D achievements in recent months—including a beta program for its gate-model simulator earlier in the fall—but investors have been looking for proof that the company can grow revenue while keeping costs down. Two recent updates—an expanded partnership with quantum foundry SkyWater Technology and the delivery of Italy's first-ever annealing quantum computing system—may help give investors what they are looking for. SkyWater Partnership Could Improve Efficiency and Reduce CostsD-Wave has a long-standing partnership with SkyWater, the first domestic quantum foundry and now an IonQ subsidiary. In mid-October 2026, the companies expanded their collaboration through a new multi-year agreement. SkyWater has supported D-Wave's development of its Advantage2 processors in recent years, along with numerous other projects over the past decade, giving it close familiarity with D-Wave's products and manufacturing needs. This relationship could help the quantum firm keep costs down, particularly if it leads to a more efficient manufacturing process. D-Wave says the optimized maintenance schedule implemented by SkyWater could reduce lot delays by up to 30%, boosting factory throughput. D-Wave's costs are considerable: its adjusted EBITDA loss widened by 85% year over year (YOY) last quarter. A substantial portion of those costs is associated with production. If SkyWater can make manufacturing more efficient—and, in turn, less expensive—it could go a long way toward improving D-Wave's bottom line. How long it may take for this impact to show up in D-Wave's earnings reports, however, remains to be seen. A New Annealing Quantum System for Italy Reminds Investors of DemandD-Wave's recent gate-model quantum efforts, including its beta simulator, might suggest to investors that the company is leaning heavily into this more traditional aspect of quantum technology while potentially losing focus on its other priority: annealing technology. With the delivery of a 4,400-plus-qubit Advantage2 system to Lombardy, Italy, however, D-Wave reminds investors that it remains a leading annealing provider and that this technology still has real revenue potential. Annealing may be better suited than other quantum technologies to solving optimization problems, and this latest delivery demonstrates continued interest in the technology among large institutional and organizational clients. Establishing critical physical infrastructure in Italy could further solidify the company's foothold in Europe. It's important to keep in mind what the Italian quantum installation does not mean: a diversified revenue stream or recurring revenue at the rate many investors are hoping for. D-Wave’s reliance on one-off sales of major systems like this has made its revenue lumpy in the past, increasing the risk of disappointing earnings reports and making it harder to convince investors that it deserves higher analyst ratings. In this way, the Italy deployment may not be the game-changer D-Wave needs to keep pace with some of its rivals. Still, fulfilling a major agreement is notable, even if it may not be enough to establish a more consistent, long-term revenue stream. Meanwhile, D-Wave shares are now down around 55% year to date (YTD). While the broader quantum computing sector has faced a sell-off in 2026, QBTS stock has experienced one of the steepest declines. Analyst price targets suggest the share price could triple, but investors may be waiting for a stronger catalyst than either of the two announcements above before buying again. Investors who are particularly bullish on D-Wave, however, may see the current situation—a depressed share price and recent operational successes just weeks before the next expected earnings report—as an attractive opportunity to buy the dip. Even so, neither announcement necessarily points to an immediate rebound in the share price. . |
