Acquisition Breakthrough: D-Wave, First Hydrogen, and Plug Power in focus

D-Wave – A takeover deal to start the year

A brilliant start to the year for D-Wave. The quantum computing specialist has taken a strategically significant step toward strengthening its market position in the quantum sector with the announced acquisition of Quantum Circuits for around USD 550 million at the beginning of 2026. The transaction marks the first major deal to be realized with the recent cash inflows in the billions. Strategically, the transaction aims to expand D-Wave's previous focus on quantum annealing to include gate model technology, thereby significantly increasing the range of addressable applications. Quantum Circuits brings many years of experience in building gate-based systems to the table. This technology promises higher-quality qubits with lower hardware costs and could enable D-Wave to offer competitive gate model systems for the first time, starting in 2026. The purchase consists of cash and new shares, as D-Wave still has no significant revenue and is dependent on shareholder contributions. At least D-Wave has been able to strengthen its international presence through partnerships in Europe and the Asia-Pacific region. The stock celebrated with a rise from USD 25 to almost USD 33 at its peak. Of course, the old high of around USD 46.7 is still a long way off. Only trade with tight stops; in this case, USD 25 makes perfect sense.

First Hydrogen – An innovator in the clean energy sector

Positive news also from First Hydrogen. The Canadian clean energy company is increasingly positioning itself as an integrated provider with a focus on hydrogen, zero-emission mobility, and baseload energy sources. A key strategic component is a research program launched in 2025 with the University of Alberta that focuses on molten salt fuels for small modular reactors (SMRs). In this early phase, non-radioactive substitute materials are being investigated that replicate the physical properties of real nuclear fuel salts as closely as possible. This approach allows the Company to reduce technological risks at an early stage and to advance laboratory and prototype work without regulatory complexity. The results will form the basis for further development decisions, such as building in-house laboratory capacities and collaborating with material suppliers.

In the long term, First Hydrogen's vision is to couple stable SMR-based energy with electrolysis to provide green hydrogen for industry, data centers, and AI infrastructure. This is a broadly welcome field of activity that has attracted international attention. Molten salt reactors in particular are considered an attractive alternative because they offer safety advantages, high efficiency, and a constant energy supply. Financially, First Hydrogen announced a private placement of up to CAD 3 million at the end of 2025, providing additional resources for research. First Hydrogen (FHYD) shares have rebounded to the CAD 0.44 to 0.48 range, valuing the innovative company at CAD 30 million. From a technical perspective, the stock could quickly rise back toward CAD 1.50 if it breaks through the CAD 0.60 mark. Risk-aware investors are stocking up and going with the trend!

Plug Power – This could backfire

Plug Power, likely the best-known hydrogen stock, is struggling with the technical breakout in the USD 2.25 to 2.50 zone. After a sell-off to USD 0.75 last year, the US company was able to announce several large orders for electrolysers. Unfortunately, issues with building permits are repeatedly leading to cancellations, which is making strategic planning even more difficult. The Company, which is still operating at a loss, has had to postpone its turnaround into profitability several times. Analysts now expect the Company to break even in 2029. The 2025 annual figures are expected to be published on February 26. Experts on the LSEG platform estimate the loss per share at USD 0.81. The 25 analysts agree on an average price target of USD 2.65 over a 12-month period. BMO Capital stands out from the crowd. They recently lowered their rating to "Underperform" and see a target of USD 1.30. That takes a lot of courage!

The start of 2026 is proving very volatile. In addition to sought-after commodity stocks, alternative energy remains key. Even beyond the "Drill Baby Drill" statement from the US Trump administration, governments are giving a lot of thought to how energy demand can be met in the coming decades. First Hydrogen and Plug Power are accompanying this trend, while D-Wave is more of a consumer when it comes to electrical computing power.