D-Wave Quantum Inc. (QBTS) has been thrashed with the quantum sell-off as some sanity returned to the market. Investors were warned that the stock was disconnected from the quantum computing reality, and now large losses D-Wave Quantum: Sanity Returns Summary - D-Wave Quantum remains richly valued despite a sharp correction and ongoing quantum sector skepticism. - QBTS's Q4'25 revenue was only $2.8 million, with bookings down year-over-year and future sales targets appearing ambitious. - Recent large bookings, including a $20 million system sale, are heavily reliant on government incentives and do not guarantee sustainable growth. - With a current market cap over $6 billion and trading at 43x 2028 sales, QBTS must deliver substantial commercial orders to justify its valuation. - Looking for a portfolio of ideas like this one? Members of Out Fox The Street get exclusive access to our subscriber-only portfolios. Learn More » Analystâs Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. The information contained herein is for informational purposes only. Nothing in this article should be taken as a solicitation to purchase or sell securities. Before buying or selling any stock, you should do your own research and reach your own conclusion or consult a financial advisor. Investing includes risks, including loss of principal. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions