On Tuesday morning, traders who were watching the premarket tape likely gave it a quick second look. After gradually losing value for the majority of the year, D-Wave Quantum abruptly saw a nearly 16% increase in value. IonQ came next. IonQ was followed by Rigetti. With a ticker symbol, the entire quantum computing complex—a sector that most portfolio managers consider science fiction—was moving as if it had been plugged into a wall.
Nvidia was a major factor, as is becoming more and more the case in 2026. The company unveiled Nvidia Ising, a new line of open-source AI models, early on Tuesday. These models are specifically made to handle quantum workloads, such as error correction and the functioning of quantum processors. No one had been loudly demanding the product. However, Nvidia seldom ships something by accident, despite being at the center of almost every fascinating computing story over the last three years. The announcement was interpreted by the market as a sign that the biggest brand in AI hardware believes quantum is close enough to be significant.
| D-Wave Quantum (QBTS) — Key Facts | Details |
|---|---|
| Ticker | NYSE: QBTS |
| Headquarters | Burnaby, British Columbia, Canada |
| Core Technology | Quantum annealing on superconducting qubits |
| 2025 Revenue Growth | +179% year-over-year |
| 2025 Bookings | $33 million |
| Share Move on April 14, 2026 | Up nearly 16% in a single session |
| Year-to-Date Performance (mid-April 2026) | Down roughly 35% |
| Recent Catalyst | Nvidia Ising AI model release for quantum workloads |
| CEO | Alan Baratz |
| Notable Research Partners | Harvard SEAS, U.K. National Physical Laboratory |
| Founder | Geordie Rose (left company in earlier years) |
This is the point at which the science truly becomes fascinating, and it is worthwhile to slow down. Unlike the systems from IBM or Google, D-Wave is not a general-purpose quantum computer. Being an annealer, it is designed to find the lowest-energy solution within a large combinatorial space. Consider scheduling, materials science, logistics, and portfolio optimization.
These issues are described by a mathematical framework called the Ising model, which is the source of the name of Nvidia’s latest software. For the past 20 years, D-Wave’s machines, which operate on superconducting loops that are cooled to almost absolute zero in a facility in Burnaby, British Columbia, have effectively been pursuing the Ising problem. The commercial boundaries between the two industries start to blur in ways that investors noticed right away if Nvidia is now developing AI tools around that same framework.
But there’s still a lot of uncertainty about the fundamentals. Despite starting from a modest base, D-Wave’s revenue increased by 179 percent last year—a truly remarkable figure. In 2025, bookings reached $33 million, which is significant but not very high. Before the rally, the stock was down about 35% for the year, and even after the 16% increase, the gap remained. The University of Texas computer scientist Scott Aaronson has long maintained that the company’s initial claims exceeded what its hardware could truly accomplish. Aaronson has spent years writing cautious, careful posts about D-Wave on his blog Shtetl-Optimized. There is still some of that skepticism. He has acknowledged that some of it is beginning to deteriorate.
Observing the trading of quantum stocks gives the impression that the market is based more on faith than on analysis. When Microsoft advised companies in January to become “quantum-ready,” the industry took off. The sector leaps when Jensen Huang makes a casual remark. The industry surges once more when Nvidia releases an open-source model.
From within the news cycle, paradigm shifts might actually feel like this—a sequence of minor triggers that only appear as a pattern in hindsight. It’s also possible that many people are purchasing technology that they wouldn’t be able to defend under oath. In all honesty, the answer is probably both. In Burnaby, the machines are actually doing something. Even the company’s executives would likely give a thoughtful response, if they responded at all, to the question of whether that item is worth the current valuations.
