This Billionaire Was Right on D-Wave Quantum, but Look at the Wild Ride

Millennium Management, led by billionaire Israel Englander, purchased 2.27 million shares of D-Wave Quantum (NYSE: QBTS) in late 2024 for approximately $16.4 million. The stock has since delivered dramatic returns, rising 99.7% over the trailing 12 months and reaching a 30.2% gain from its entry price to May 14, 2026, despite a volatile ride. D-Wave’s stock has fluctuated wildly, with a 52-week range of $11.32 to $46.75 and a beta of 2.69, more than double the broader market’s volatility. Year-to-date returns in 2026 are negative 15.4%, though the stock rebounded 30.4% in the last 30 days. Reddit sentiment data shows extreme shifts, with WallStreetBets activity swinging from bullish to bearish within 48 hours. The company’s fundamentals have improved, with full-year 2025 revenue hitting $24.59 million, a 179% increase, and Q1 2026 bookings surging nearly 2,000% year over year. CEO Alan Baratz emphasized D-Wave’s unique position in quantum computing, combining annealing and gate-model systems. The company also acquired Quantum Circuits in January 2026 to accelerate its gate-model roadmap and plans to host an Investor Day at the NYSE on June 1, 2026. Wall Street remains largely bullish, with a $35.17 average price target and 87% of analysts issuing Buy or Strong Buy ratings. However, Q1 2026 saw a net loss of $18.36 million and a cash burn of $44.96 million, despite $588.4 million in cash reserves. The stock’s speculative nature and revenue volatility highlight its high-risk profile. Englander’s investment proved prescient, but the stock’s extreme swings underscore the importance of timing and risk management. Retail investors who bought at peak levels in early 2026 are now underwater, while those who held patiently have seen gains. The trade illustrates how even strong theses can lead to volatile outcomes in high-beta stocks.