Jefferies Financial Group has initiated coverage on D-Wave Quantum Inc. (QBTS), issuing a Buy rating and setting a price target of US$45.00, signaling strong confidence in the company’s long-term prospects within the rapidly evolving quantum computing sector.
As of December 24, 2025, D-Wave Quantum shares were trading at US$27.52, implying a potential upside of more than 76% relative to Jefferies’ target. The stock closed the session down 5.49%, reflecting broader market volatility rather than company-specific news.
Jefferies’ bullish thesis is anchored on D-Wave’s technological and commercial positioning. Analysts highlighted the commercial availability of the company’s Advantage2 quantum computer as a key inflection point, noting that it differentiates D-Wave from many peers still operating largely in research or pilot phases. The firm also pointed to D-Wave’s two-pronged roadmap, which balances near-term commercial applications with longer-term advances in quantum hardware and software.
The initiation comes amid growing optimism around the quantum computing industry as a whole. Jefferies projects that the global quantum computing market could expand to approximately US$198 billion by 2040, driven by demand from sectors such as finance, logistics, pharmaceuticals, energy, and national security. Within that landscape, D-Wave’s focus on quantum annealing and enterprise use cases is viewed as a strategic advantage.
Broader analyst sentiment toward QBTS remains constructive. The stock currently carries a Moderate Buy consensus rating, based on coverage from 16 analysts, with 14 recommending a Buy. The average one-year price target stands at about US$33.67, suggesting more modest upside relative to Jefferies’ outlook. However, the range of estimates is wide, with high-end targets reaching US$48.00 and low-end forecasts dipping to US$10.00, underscoring both the opportunity and risk inherent in early-stage quantum technologies.
Jefferies is not alone in its optimism. Several other major firms have recently initiated coverage or raised their targets on D-Wave Quantum. Mizuho has set a US$46.00 target, Evercore ISI sees shares reaching $44.00, and Cantor Fitzgerald has assigned a US$40.00 price objective. The cluster of high targets reflects increasing institutional confidence in D-Wave’s execution and the maturation of the quantum computing market.
Despite the positive outlook, analysts continue to caution that quantum computing remains a long-duration investment theme. Revenue visibility, customer adoption at scale, and continued technological breakthroughs will be critical in determining whether companies like D-Wave can justify premium valuations over time.
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