Jan. 9 at 9:23 PM
$QBTS fair value PPS.
P/S Scenarios
🔹 1️⃣ Bear Case (Execution slips, hype fades)
• P/S: 5×
• Market cap: ~
$45M
• Fair value: ~
$0.25/share
👉 This is where traditional valuation lands.
⸻
🔹 2️⃣ Base Case (Quantum optionality, no breakout)
• P/S: 10×
• Market cap: ~
$90M
• Fair value: ~
$0.50/share
👉 Still generous for a company with single-digit revenue and dilution risk.
⸻
🔹 3️⃣ Bull Case (Best realistic fundamental case)
• P/S: 20×
• Market cap: ~
$180M
• Fair value: ~
$0.95/share
👉 Requires:
• Revenue growth
• No major dilution
• Clear enterprise traction
