D-Wave Quantum (NYSE: QBTS) shares surged more than 20% on Monday after the company announced it will showcase its quantum computing technology at CES 2026 in Las Vegas. The stock closed at $30.68, extending a remarkable rally that has delivered 267% gains year-to-date.

The quantum computing pioneer will sponsor the CES Foundry, a two-day event at the Fontainebleau Las Vegas on January 7-8, 2026, where it will demonstrate how its systems are solving real-world problems in manufacturing, supply chain, materials science, and telecommunications.

Why CES Matters

CES is the world's largest consumer electronics trade show, drawing over 100,000 attendees and generating massive media coverage. For D-Wave, appearing at CES signals a push to move quantum computing from the research lab into mainstream commercial consciousness.

Murray Thom, D-Wave's VP of quantum technology evangelism, will present a masterclass demonstrating how the company's energy-efficient quantum computers deliver practical value today—not in some distant future. The session will also explore synergies between quantum, AI, and blockchain technologies.

The Valuation Question

D-Wave's stock surge has pushed its market capitalization to over $11 billion—a remarkable figure for a company generating barely $24 million in annual revenue. That works out to a price-to-sales ratio of roughly 400x.

The company has no earnings to speak of, and analysts don't expect profitability before 2030. To achieve breakeven, Wall Street estimates D-Wave needs to reach annual revenue exceeding $590 million—a massive leap from current levels.

Yet investors continue to pay up. The quantum computing thesis isn't about today's numbers; it's about the potential for these machines to solve problems that classical computers cannot.

Real-World Traction

D-Wave points to tangible progress: over 200 million problems have been submitted to its quantum systems, with more than 100 organizations applying the technology to optimization and AI challenges.

The company recently secured a 10 million euro commitment from Swiss Quantum Technology, which is leasing 50% capacity of a D-Wave Advantage2 system for five years. Deployments like this suggest commercial demand is real, even if revenue remains modest.

Analyst Sentiment

Wall Street remains bullish despite the stretched valuation. D-Wave carries a Strong Buy consensus rating based on 13 analyst recommendations, with an average price target of $38.75—implying roughly 26% upside from current levels.

The Bottom Line

D-Wave's CES 2026 showcase is a coming-out party for commercial quantum computing. Whether the stock's valuation makes sense depends entirely on whether you believe quantum will transform industries the way classical computing did. For believers, the 20% pop is just the beginning. For skeptics, it's a warning sign of euphoria outpacing fundamentals.