QBTS Rockets Higher: From $8 to $25, One of Our Biggest Winners of 2025

Quantum computing may still feel like science fiction to some investors, but D-Wave Quantum Inc. (QBTS) is proving the future is arriving faster than expected. As one of GAR Capital’s Top 10 Stocks of 2025, QBTS has surged from our $8 entry earlier this year to over $25 per share—more than a 200% gain year-to-date.

For perspective, the S&P 500 (SPX) is up roughly 18% YTD, meaning QBTS has outperformed the benchmark by more than tenfold. This outsized performance has made QBTS one of our standout picks of the year and a shining example of why diversifying into next-generation tech matters.

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What QBTS Does

D-Wave Quantum is a pioneer in quantum computing systems, software, and services. Unlike traditional computing, which relies on binary bits (0s and 1s), quantum computing uses qubits—allowing it to process exponentially more complex problems.

D-Wave focuses on quantum annealing technology, a specialized approach well-suited for optimization problems such as logistics, machine learning, drug discovery, and financial modeling. With governments, research institutions, and enterprises increasingly exploring quantum solutions, QBTS sits at the forefront of this transformational shift.

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Why QBTS Is Up So Much

Several catalysts have powered QBTS higher this year:

• Strong industry momentum: Investors are betting big on quantum computing as the “next AI-like boom.”
• High-profile partnerships: D-Wave has expanded collaborations with corporate and government clients, showcasing real-world use cases.
• AI tailwinds: As artificial intelligence scales, the demand for faster, more efficient computing solutions plays directly into QBTS’s strengths.
• Speculative capital flows: With growth stocks in vogue again in 2025, small-cap innovators like QBTS are attracting significant inflows.

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The Bigger Picture

QBTS is a high-volatility, high-potential growth name—exactly the kind of asymmetric bet we look for in our Top 10 portfolio. Our thesis was simple: if quantum computing gains traction, QBTS could deliver exponential upside. At more than triple our cost basis, that thesis has played out better than expected.

While risks remain (competition, commercialization timelines, and execution), the risk/reward remains compelling as long as quantum adoption accelerates.

For long-term investors, QBTS highlights the power of getting in early on disruptive technologies. For our team and members, it’s proof that disciplined conviction can lead to outsized rewards.