This Billionaire Was Right on D-Wave Quantum, but Look at the Wild Ride

"Israel Englander's Millennium Management bought roughly 2.27 million shares of D-Wave Quantum ( NYSE: QBTS) in late 2024 for approximately $16.4 million, according to a 24/7 Wall St. article published May 28, 2025. One year later, the verdict is clear: the billionaire was right on the thesis, but the stock chart since then resembles a rollercoaster missing a few safety bars."

"From the original article's publication to May 14, 2026, shares rose from $17.00 to $22.13, a gain of 30.2%. Stretch the window slightly and the math gets more dramatic: the trailing 12 months show a 99.7% return. Englander's reported entry price is well below current levels, so his firm's late-2024 buy looks prescient."

"The 52-week range stretches from $11.32 to $46.75, an enormous trading band for a name with an $8.2 billion market cap. The stock's beta is 2.69, more than double the broader market's volatility. Year-to-date 2026 returns are negative 15.4% even after a 30.4% surge over the past 30 days, and on May 12, 2026, the stock dropped 9.59% in a single session to $20.88."

"Full-year 2025 revenue reached $24.59 million, up 179% year over year, and Q1 2026 bookings hit $33.40 million, up nearly 2,000% year over year, anchored by a $20 million Florida Atlantic University system deal and a $10 million Fortune 100 QCaaS agreement. CEO Alan Baratz framed the strategic position bluntly: "As the only quantum computing company pursuing both annealing and gate-model quantum computing systems, we believe that D-Wav"

Israel Englander’s firm bought about 2.27 million D-Wave Quantum shares in late 2024 for roughly $16.4 million. Since then, shares increased from $17.00 to $22.13 by May 14, 2026, and trailing 12-month performance reached about 99.7%. The stock’s trading behavior has been erratic, with a 52-week range from $11.32 to $46.75 and a beta of 2.69. Year-to-date 2026 returns are negative 15.4% despite a 30.4% rally over the prior 30 days, including a 9.59% one-day drop on May 12, 2026. Revenue and bookings surged, with full-year 2025 revenue up 179% and Q1 2026 bookings up nearly 2,000%, supported by major customer deals.

Read at 24/7 Wall St.