Quantum computing is getting more attention lately. D-Wave Quantum (QBTS) has seen a big run, up around 1,460% since the start of 2024. Unlike companies building general-purpose machines, D-Wave focuses on quantum annealing. This is mainly used for optimization problems like logistics and AI inference. Their Q4 numbers show they are still in the early stages. Revenue was $2.7 million while operating expenses were nearly $37 million. They are burning cash, but they have $600 million in reserves to sustain operations. Q4 bookings came in at $12.4 million, which is up significantly from Q3. The market cap is sitting around $5.5 billion, giving it a price-to-sales ratio of 185. A lot of future growth is already priced into the stock. It is a high-risk play, so it is probably best not to risk more than you are willing to lose.