D-Wave bookings jumped 1,120% in the first half of 2026, but the stock dropped after earnings. Is quantum computing still mostly hype?

D-Wave reported first-half bookings of $35.5M, up more than 1,100%, but Q2 revenue was only around $3.1M and losses widened. The stock sold off after the report.
Quantum stocks have had some insane valuations relative to their current revenue. Curious whether people here think the bookings growth is evidence that commercial quantum computing is finally starting to arrive, or whether these companies are still priced years ahead of reality.