Roth Capital Markets analyst Suji Desilva raised his price target on D-Wave Quantum (D-Wave Stock Quote, Chart, News, Analysts, Financials NYSE:QBTS) to US$50 from US$20 and maintained a “Buy” rating in an Oct. 15 company update, citing growing commercial traction and hardware adoption in Europe.
“We are encouraged by QBTS’ signing of an additional European customer, which includes a pathway to an eventual hardware sale,” Desilva said. “The securing of additional customers leveraging the company’s quantum annealing technology supports our constructive thesis.”
D-Wave Quantum, based near Vancouver with U.S. operations in Palo Alto, develops and supplies quantum computing systems, specializing in annealing and gate-model architectures. Its technologies support real-world optimization problems across logistics, AI, and materials science. Founded in 1999, D-Wave serves clients including Volkswagen, Lockheed Martin, and NEC, with about 200 employees, roughly 70% of whom are in R&D.
Desilva said Swiss Quantum Tech (SQT) signed a five-year, €10-million quantum cloud service (QCaaS Leap) agreement, under which D-Wave will install its fifth field-deployed Advantage quantum annealing system.
“We are encouraged that QBTS is seeing demand for its next-generation Advantage2 platform with 4,400 qubits,” he said, noting that the SQT system is the company’s first European-installed Advantage machine. “We believe this provides a foundation for securing additional QCaaS customers in the region.”
He added that over time, SQT could transition from a service customer to a system owner as its usage scales.
“We believe system sale ASPs remain in the US$20–40-million range,” Desilva said, emphasizing the expanding hardware opportunity beyond the initial cloud-service contract.
“Longer-term, QBTS’ commercial progress in Europe, combined with growing demand for high-performance annealing systems, reinforces our bullish view,” he said. “We raise our price target from US$20.00 to US$50.00 and maintain our Buy rating.”
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