Escalating Middle East Conflict and surging oil prices can lead to broader economic uncertainty and inflation, potentially challenging D-Wave's ability to secure new contracts and investment due to increased risk aversion.

High inflation and central bank responses (e.g., interest rate hikes) can increase the cost of capital, making it more expensive for D-Wave to fund its operations and R&D, and can dampen overall economic growth affecting customer budgets for new technologies.

Changes in US Q4 GDP and general economic sentiment significantly impact speculative growth stocks. Weaker economic indicators or recession fears could lead to a pullback in investments in emerging technologies like quantum computing, particularly for companies with high valuations such as D-Wave (215x FY2025 revenue).