D-Wave Quantum (QBTS) shares surged on Monday, driven by a trifecta of catalysts: an expanded partnership with AT&T, the company's listing transfer to the Nasdaq, and a bullish initiation from Benchmark analysts. The stock was on track to test its 20-day moving average, with a break above $19.66 expected to fuel further near-term momentum.
Despite today's rally, D-Wave shares remain down more than 35% year-to-date, reflecting the volatility inherent in the quantum computing sector.
AT&T Partnership Validates Real-World Use
AT&T has expanded its use of D-Wave's annealing quantum technology across its network operations. The telecom giant reported that the technology compressed a critical network optimization workload from approximately one hour to under 15 seconds. AT&T is now embedding D-Wave's quantum computing directly into the tools powering its agentic AI solutions.
In its press release, AT&T also indicated it is evaluating D-Wave's upcoming gate-model quantum systems for future applications in quantum security and communications. This expanded partnership moves beyond a limited pilot, validating D-Wave's technology in a real-world, enterprise-scale deployment. The broader adoption creates opportunities for recurring commercial sales, strengthens D-Wave's credibility with other large customers, and hints at future growth as AT&T explores next-generation systems.
Nasdaq Listing Boosts Visibility
Part of Monday's rally stems from D-Wave's decision to shift its stock listing from the NYSE to the Nasdaq. CEO Dr. Alan Baratz and the leadership team rang the Opening Bell to celebrate the transition, which gives the stock heightened visibility among tech-focused institutional investors. This move improves QBTS's profile among investors focused on high-growth, innovation-driven stocks, potentially attracting additional institutional and retail investors who primarily track Nasdaq-listed firms.
For context, other tech companies have seen similar boosts from listing changes, such as Penguin Solutions' surge on AI demand.
Benchmark Initiates with Buy Rating
Benchmark analysts initiated coverage on D-Wave with a Buy rating and a $30 price target, implying potential upside of more than 65% from current levels. The firm's constructive thesis centers on D-Wave's unique position as a commercial dual-platform leader. Unlike pure-play rivals that remain years away from monetization, D-Wave's quantum annealing technology is already generating real-world revenue by solving complex enterprise optimization problems, from logistics routing to AI workforce scheduling.
Benchmark also highlighted D-Wave's strategic execution on its fault-tolerant, gate-model roadmap, which expands its addressable market to broader scientific and universal compute applications. Coupled with expanding corporate integrations—such as AT&T's network optimization push—and growing government funding initiatives, Benchmark views D-Wave as a prime vehicle for investors seeking near-term enterprise traction alongside long-term upside in quantum supremacy.
The consensus rating on QBTS currently sits at Strong Buy.
Other recent partnerships in the tech space, such as Charter Communications' SpaceX mobile talks, highlight the market's appetite for strategic collaborations.
This article is for informational purposes only and does not constitute financial advice.
