D-Wave Quantum’s $33.4 Million Order Milestone Can’t Halt the Slide

It was a week that should have been a triumph for D-Wave Quantum. A $20 million system sale to Florida Atlantic University. A $10 million cloud computing contract with a Fortune-100 company—already live in daily production. A preliminary nod from the U.S. Commerce Department for $100 million in CHIPS Act funding. And yet, by Friday’s close, the stock had shed 13.21% to land at €20.69, almost exactly on its 200-day moving average of €20.70. For the week, the shares lost nearly a fifth of their value.

The trigger for the rout came from outside the quantum computing specialist. Broadcom’s latest earnings forecast poured cold water on the broader tech sector’s growth narrative, sparking a wave of selling across high-volatility names. D-Wave, with an annualized 30-day volatility of 138%, is among the most speculative growth stocks on the market—and the first to get dumped when risk appetite turns. The selloff pushed the stock roughly 46% below its 52-week high of €38.48, though it still shows a 44% gain over the past twelve months.

The operational picture tells a different story. Management posted a record order intake of $33.4 million in the first quarter, a year-over-year surge of nearly 2,000%. Beyond the FAU hardware deal and the Fortune-100 cloud agreement, the company also used its first-ever Investor Day on June 1 at the New York Stock Exchange to lay out a dual-track strategy: maintaining its quantum annealing business while developing gate-model systems aimed at delivering 100 logical qubits with error correction by 2032.

The Commerce Department’s preliminary funding indication, under the CHIPS and Science Act, is particularly significant. It provides non-dilutive capital—a rare benefit for a company that remains unprofitable, with first-quarter revenue of $2.9 million and a net loss of $18.4 million. The loss widened partly due to the absence of a large contract that had boosted results in the prior-year period. Still, D-Wave beat Wall Street’s expectations for the quarter.

Should investors sell immediately? Or is it worth buying D-Wave Quantum?

Analysts have kept the faith despite the stock’s decline. The consensus price target sits at €31.30, implying upside of more than 51% from current levels. B. Riley Securities, after attending the Investor Day, specifically highlighted the commercial progress and reiterated its buy rating. The average recommendation across covering firms remains a buy.

The technical picture now hinges on the 200-day line. This level often acts as a medium-term sentiment gauge: a hold could signal stabilization, while a break lower would likely invite further selling. The relative strength index at 48.4 suggests the stock is not yet oversold, and momentum is clearly pointing downward.

What makes this selloff frustrating for long-term believers is that the fundamental narrative remains intact. D-Wave has secured enterprise revenue, federal backing, and a concrete product roadmap. The $100 million CHIPS Act grant, if finalized, would strengthen the balance sheet without dilution. The cloud deal with a Fortune-100 company is not a pilot—the customer is already running the first application in daily operations, a milestone the quantum industry has been chasing for years.

But none of that shields D-Wave from the volatility that comes with a near-$8.8 billion market capitalization and no profits. The risk appetite of the broader market, not the company’s operational trajectory, will decide whether the 200-day moving average holds or gives way. If it does hold, the current price could become an attractive entry point. If it breaks, the same forces that pushed the stock down this week could accelerate the slide. Either way, the week’s developments are a reminder that in highly speculative sectors, a record order book offers little protection when the tide turns.