QBTS Quantum Momentum Surges Amid High Short Interest
D-Wave Quantum (QBTS) breaks out with APAC bookings and fresh highs; risks loom large
QBTS, the ticker for D-Wave Quantum Inc. (traded on the NYSE, sector: Technology / Quantum Computing), is capturing intense attention as momentum builds around its performance in the Asia-Pacific (APAC) region, new partnerships, and its recent breakout to fresh 52-week highs. Traders and analysts alike are asking: is this a rally built on fundamentals or just speculation?
D-Wave reported ~83% year-over-year booking growth in the APAC region during its Qubits Japan 2025 conference in Tokyo. That jump in orders is seen as a strong signal that demand for quantum computing infrastructure is becoming global and not just centered in North America. The company also pointed to successful projects with major regional players — for example, a quantum AI drug discovery collaboration with Japan Tobacco and a network optimization initiative with NTT DOCOMO, which reportedly improved mobile network performance by reducing congestion. These wins are adding to the perception that QBTS is executing and gaining traction.
At the same time, QBTS has broken out to new 52-week highs, riding that APAC strength and broader optimism in quantum tech. The upside runs have been spectacular: year-to-date, the stock is up over 200-250%, depending on the source, and even more over the past year, as investors pile in expecting quantum computing to play a crucial role in AI, optimization, logistics, and industrial applications.
But with surge comes risk. There’s currently about 18% of QBTS’s float sold short, which raises the possibility of a short squeeze if buying pressure intensifies. The short interest is around 59.84 million shares, with a float over 330 million, and the “days to cover” ratio (how long it would take short sellers to close positions) sits between 1.2 to 2.1 days, depending on trading volume. That’s relatively tight, which could make price moves much more volatile.
Financially, though, QBTS is not yet profitable. The company still reports net losses every quarter, and while revenue is growing, it remains modest compared to the lofty expectations already priced into its current valuation. Market cap today is in the ballpark of $5.2-5.3 billion USD, depending on share price fluctuations. Some analysts warn that much of QBTS’s upside is already reflected in the stock price; if bookings slow, costs rise, or competition intensifies, there could be meaningful downside risk.
What makes QBTS fascinating is the mix: compelling growth in APAC and partnerships providing validation, coupled with high short interest and technical breakouts that attract momentum traders. If all goes well, this could continue to be a powerful rally; but the margin for error is razor-thin. For anyone following QBTS, the quantum computing sector, or comparing names like IONQ or RGTI, this is a critical moment to watch. The question is whether fundamentals can keep pace with expectations — or whether the stock’s sharp ascent turns into an equally sharp correction.