D-Wave Quantum had a massive run in 2025, rallying 211% and beating the S&P 500. They focus on quantum annealing for optimization tasks like logistics and supply chain management. Despite the stock hitting $28, the valuation looks stretched with a price-to-sales ratio of 342. The article compares this to the dot-com bubble, suggesting the company lacks the commercial scale to justify the premium. The prediction here is a sharp reversal by the end of 2026, with the stock potentially dropping back to penny stock levels.