D-Wave Quantum shares fell between 31% and 36% in October 2025, erasing roughly one-third of their market value in four weeks. The decline came amid a sector-wide retreat, intensified by IonQ’s $2 billion equity offering and all-stock acquisition. D-Wave was also targeted by a class-action lawsuit, while rising Treasury yields weighed on speculative technology stocks. In the second quarter of 2026, the company generated approximately $3.1 million in revenue, unchanged from a year earlier, with trailing 12-month revenue totaling roughly $12.4 million. Despite those figures, the stock traded at more than 68 times forward sales, touched a 52-week low between $10.23 and $10.65, and was down 55% to 60% year to date.
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