D-Wave Quantum Inc. (NASDAQ: QBTS) shares fell 2.75% to $18.97 in premarket trading Tuesday as investors booked profits following a nearly 20% surge on Monday. The pullback occurred despite the company’s recent agreement with AT&T Inc. (NYSE: T) to expand quantum computing across network operations, which had previously driven the stock up 8.01% to $17.50 in premarket action. The broader market also weighed on sentiment, with Nasdaq futures down 0.92% and S&P 500 futures off 0.03%. Investors are now assessing whether D-Wave can sustain momentum ahead of its second-quarter earnings report scheduled for August 6, 2026.

Partnership Impact and Peer Reaction

The AT&T agreement leverages D-Wave’s annealing quantum computing technology to solve complex optimization challenges, building on earlier testing that reduced specific workload processing time from approximately one hour to less than 15 seconds. This commercial validation lifted not only D-Wave but also peers IonQ Inc. (NYSE: IONQ), Rigetti Computing Inc. (NASDAQ: RGTI), and Quantum Computing Inc. (NASDAQ: QUBT). Quantum stocks rose on Monday even as the Nasdaq Composite fell 1.09% and the technology sector declined 2.18%, highlighting the sector’s momentum-driven trading dynamics.

Technical Levels and Market Context

From a trend perspective, QBTS remains below key moving averages, trading 3.3% below its 20-day simple moving average (SMA) of $19.68 and 16.2% below its 50-day SMA of $22.71. The longer-term backdrop is bearish, with the 50-day SMA below the 200-day SMA—a death cross that formed in March—suggesting rallies may face supply until price reclaims these averages. Momentum indicators appear neutral rather than overextended; the Relative Strength Index (RSI) sits at 48.66, indicating a bounce attempt rather than an overbought breakout.

Key levels to watch include:

• Support: $16.00 — a prior buyer-defense zone if momentum fades.
• Resistance: $22.00 — a round-number area near the 50-day SMA where rebounds often stall.

Earnings Outlook and Analyst Consensus

Attention shifts to D-Wave’s Q2 earnings report on August 6. Analysts estimate a loss of 10 cents per share, widening from an 8-cent loss year-over-year, while revenue is projected to rise to $4.04 million from $3.10 million. The consensus average price forecast stands at $39.00, with a high target of $43.00 and a low of $30.00 across 18 analysts.

Recent analyst actions include:

• Benchmark: Initiated coverage with a Buy rating and a $30.00 forecast on July 27.
• Mizuho: Maintained Outperform rating, raising its target to $35.00 on June 15.

What the Numbers Show

The divergence between D-Wave’s operational metrics and its stock performance highlights the speculative nature of current valuations. While the AT&T deal demonstrates tangible efficiency gains—reducing processing time by roughly 240x for specific workloads—the company’s financials remain under pressure, with projected losses widening. The recent rally appears driven more by sector momentum and partnership announcements than by immediate earnings power, as evidenced by the quick profit-taking in premarket trading. Until QBTS reclaims its 50-day SMA, technical resistance may limit upside potential despite positive fundamental developments in commercial adoption.

D-Wave Quantum Inc will voluntarily transfer the listing of its common stock from the New York Stock Exchange to The Nasdaq Stock Market LLC, effective after market close on July 24, 2026. The transition marks a strategic shift for the quantum computing company, which currently trades under the ticker symbol QBTS. D-Wave expects its shares to begin trading on Nasdaq on July 27, 2026, under the same symbol.

The company has confirmed it has met all listing requirements for Nasdaq and anticipates a smooth transition without any disruption to trading activities. The par value of the common stock remains $0.0001 per share. This move aligns with D-Wave's positioning as a technology innovator, according to its leadership.

"Nasdaq is the marketplace for companies shaping the future of technology," said Dr. Alan Baratz, CEO of D-Wave. He emphasized that as the first commercial quantum computing company, D-Wave is well-aligned with the innovation Nasdaq represents. The CEO noted that the company is accelerating the adoption of quantum solutions globally.

Key Listing Details

D-Wave Quantum Inc is a developer and provider of quantum computing systems, software, and services. It is recognized as the world's first commercial supplier of quantum computers and the only company offering dual-platform quantum computing products that span both annealing and gate-model technologies. The company serves more than 100 organizations across commercial, government, and research sectors.