Evercore Sees D-Wave as a Key Winner in the Coming Quantum Computing Era

D-Wave Quantum (QBTS) received an Outperform rating and a $44 price target from Evercore ISI, with analyst Mark Lipacis highlighting the company’s leadership in commercial quantum computing and its strong positioning ahead of what he calls a “tectonic shift” in the industry.

Why Evercore Is Bullish on D-Wave

Lipacis outlined three major reasons investors could win with QBTS:

First quantum company with commercial revenues
Full-stack ecosystem, including hardware, software, cloud services, and proprietary solvers
Strong balance sheet, with $800M+ in cash to support development across multiple quantum modalities

Annealing Leadership & Ecosystem Strength

D-Wave has delivered six generations of annealing quantum processing units (QPUs) over the last 15 years.
Its full-stack ecosystem includes the Leap quantum cloud service and proprietary solvers, which Evercore compared to Nvidia’s CUDA model.
Evercore believes D-Wave has become the “ecosystem of choice” for the annealing quantum approach, the first to deliver true commercial revenue.

Market Share Opportunity

Evercore sees a path for D-Wave to capture up to 12% of the quantum computing market, assuming it maintains strong share of a 15–25% market segment where alternative quantum approaches are less effective.

Broader Industry View: A Coming “Tectonic Shift”

Lipacis noted that past tectonic shifts in computing created 100x–1,000x stock winners, particularly among full-stack leaders.
He also warned that with 40+ companies competing, the sector faces a likely shakeout — but entering early is historically key to capturing long-term upside.

Market Reaction

Shares of D-Wave Quantum rose 4.6% premarket after the bullish initiation.