D-Wave Stock Is Soaring on a New Quantum Computer Launch

D-Wave Quantum (QBTS) shares surged Tuesday after the company unveiled its newest quantum computer, which it claims is capable of solving problems beyond the capabilities of a classical GPU-based supercomputer.

D-Wave shares popped close to 30% in recent trading. With Tuesday’s gains, the stock has doubled in value since the start of the year, and is up more than 1,200% over the past 12 months.

Other quantum stocks briefly rallied as well, with shares of Quantum Computing (QUBT), Rigetti Computing (RGTI), and IonQ (IONQ) jumping earlier in the session, before paring back much of their gains. 

CEO Alan Baratz said D-Wave’s computer, known as Advantage2, “marks a significant milestone not just for D-Wave, but for the quantum computing industry as a whole.”