D-Wave Quantum (QBTS) reported second-quarter 2026 revenue of $3.1 million, essentially flat on a year earlier. The stock carries a $5.4 billion valuation, or 434.9 times sales. Systems revenue was only about $300,000, as each annealing system, priced at $20 million to $40 million, takes time to site, build, install, and calibrate. Cloud subscriptions rose 50% and professional services climbed more than 18%. Adjusted EBITDA loss widened 85%, and gross margin fell to 55.4% from 63.8%. Backlog reached $40.7 million on June 30, up 668%, and management expects about 57% of it to become revenue within twelve months. It plans to ship two systems in 2026, probably in the fourth quarter. D-Wave held $546.2 million in cash and marketable securities at the end of June.

Law firm Kessler Topaz Meltzer & Check (KTMC) is investigating D-Wave Quantum (NASDAQ: QBTS) for potential violations of federal securities laws. It is seeking investors who bought or acquired D-Wave securities and suffered significant losses. On August 6, 2026, D-Wave reported second-quarter revenue of $3.08 million, below analyst expectations of $4.03 million to $4.08 million. Its stock fell more than 9%. On August 25, 2026, the company announced its chief financial officer would resign, effective September 2, 2026. The stock fell more than 9% again on August 26, 2026. KTMC says affected investors may have legal rights, and that speaking with an attorney carries no cost or obligation.

Alphabet is positioned as the best quantum computing investment for long-term investors, according to a new analysis, despite IonQ and D-Wave Quantum gaining attention in the space. While IonQ and D-Wave show impressive growth — IonQ's Q2 revenue jumped 287% to $80 million — both remain unprofitable and require heavy spending on research and development. IonQ posted a $120 million adjusted EBITDA loss in the quarter. Alphabet's Google Quantum AI recently achieved a breakthrough with its Willow chip, which completed a computation in under five minutes that would take current supercomputers 10 septillion years. The chip also demonstrated declining error rates as qubits increase, a critical step toward scalable quantum computing. Unlike pure-play quantum companies, Alphabet doesn't depend on quantum computing for its valuation. The company trades at a forward price-to-earnings ratio around 29 and could integrate quantum capabilities into its existing cloud and AI infrastructure.