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D-Wave Quantum (QBTS) set a new 52-week high of $11.95 on March 17 on the back of recent innovations announced by the quantum computing. One recent breakthrough is in the blockchain industry, and the excitement has already driven up the stock.
These breakthroughs are why D-Wave has defied gravity for the past few weeks. Most quantum computing stocks have corrected in the year to date. QBTS was the only major quantum computing stock that made new highs in March. Investors should note, however, that its shares are still down 2% in 2025.

D-Wave’s Recent Breakthrough
The company’s recent breakthrough was a blockchain architecture that uses quantum computing. It was the first-ever deployment of distributed quantum computing across four cloud-based annealing quantum computers in North America. This “proof of quantum” algorithm uses quantum computation to generate and validate blockchain hashes.
This is on top of a breakthrough earlier this month in which D-Wave announced it achieved quantum supremacy with its Advantage2 prototype. It solved magnetic materials problems in orders of magnitude faster than a traditional supercomputer.
What the Latest Breakthrough Means
The company’s breakthrough is simply a consensus mechanism, and it isn’t going to change anything anytime soon. The “proof of quantum work” could replace the traditional proof-of-work method that is currently used in Bitcoin (BTCUSD) mining. What D-Wave is suggesting will reduce energy usage for mining and increase security since quantum hashing includes randomness and unpredictability.
Regardless, it’s unlikely to ever generate revenue for D-Wave. For this company’s proposed consensus to work, quantum computing would have to become commercially viable and widely accessible. Millions of individual computers are mining BTC or other proof-of-work cryptos right now, and this consensus mechanism is incompatible with how those miners currently operate. Existing blockchain networks would need to be entirely redesigned to integrate D-Wave’s approach. That’s much more expensive than any quantum efficiency gains.
There have been many proposals to change Bitcoin’s consensus mechanisms with far greater support. There’s no practical utility to D-Wave’s PoQW when only a handful of companies have its quantum computers.
Investors should note, however, that D-Wave’s breakthrough was shared as part of a research paper demonstrating its capabilities. The company does not appear to be pursuing a commercial strategy related to its new blockchain architecture yet.
Should You Buy D-Wave Quantum Now?
D-Wave Quantum reported $86.1 million in net losses in just the fourth quarter of 2024 alone. In comparison, the cash on its balance sheet is at $177.98 million, which it raised through diluting shares as the stock spiked. Outstanding shares rose from 161.1 million in 2023 to 266.6 million in 2024.
That cash will run out well before quantum computing becomes viable, so QBTS may have to continue diluting share holders with further stock offerings.
So unless you want to make a risky short-term bet on the hype, it’s a good idea to take profits in D-Wave.
Analysts have a mean price target of $9.25, which implies around 11.8% upside potential. Although analysts have a consensus “Strong Buy” rating on shares, likely in response to the long-term potential of quantum computing, investors need to recognize that QBTS is a high-risk bet here.
