D-Wave Quantum and Quantinuum are experiencing significant share price declines as investor appetite for speculative quantum computing stocks wanes. QBTS has fallen 27.7% over three months, whilst QNT dropped 25.1%. The Federal Reserve raised its benchmark rate by 25 basis points to 3.75%-4.00% on 16 September, its first increase since July 2023. Combined with Brent crude exceeding $100 per barrel and 10-year Treasury yields nearing 5%, the macro environment has turned hostile for high-duration technology stocks. D-Wave reported second-quarter revenues of $3.1 million, flat year over year, though bookings rose 59%. Its adjusted EBITDA loss widened 85% as development spending increased. Quantinuum's second-quarter revenues jumped 279%, with projected 2026 revenues of $28-$32 million. However, its adjusted EBITDA loss reached $68 million. Management does not expect positive free cash flow until later this decade.

CoreWeave and D-Wave Quantum represent contrasting computing infrastructure bets for investors. CoreWeave provides GPU-accelerated cloud services for AI infrastructure, whilst D-Wave focuses on quantum annealing and gate-model systems. CoreWeave achieved $5.1 billion revenue in fiscal 2025, up 168% year-over-year, but posted a $1.2 billion net loss. Microsoft accounts for approximately 67% of total revenue, creating significant customer concentration risk. The company's debt-to-equity ratio stands at 8.9x, with negative free cash flow of $7.3 billion. D-Wave Quantum reported $24.6 million revenue in fiscal 2025, representing 179% growth, alongside a $355.1 million net loss. The company serves enterprise and government clients including Mastercard, Pfizer, and BASF through its Leap cloud service. Both companies present high-growth, high-risk opportunities in evolving computing markets.

D-Wave Quantum faces multiple legal investigations following its CFO's resignation and a revenue miss. Several shareholder rights law firms have opened probes into potential securities law violations and possible misstatements to investors. The company develops and sells quantum computing hardware, software, and related services globally. The legal scrutiny centres on disclosure and governance issues in a young sector that relies heavily on technical credibility and long-term enterprise contracts. Despite strong gross margins, D-Wave continues to see widening adjusted EBITDA and net losses due to rising operating expenses and increased R&D investment. The investigations challenge investor confidence in the company's execution and communication, particularly around its government partnerships and early deployments. The company still benefits from CHIPS funding and federal equity support for its quantum computing roadmap.