D-Wave Systems provides quantum computing hardware, software, and cloud services for real-world business use. It develops practical quantum applications for manufacturing, logistics, biotech, and pharmaceuticals to solve optimization tasks like scheduling, resource allocation, and routing, as well as drug discovery and medical imaging. Access is via its Advantage2 quantum annealing processor (1,200 qubits, 10,000 couplers) delivered through cloud and hybrid workflows that blend quantum and classical computing. The company differentiates itself with an industry-focused portfolio, a mix of hardware, software, consulting, and a developer community, aiming to make quantum computing usable for businesses and to expand its hardware capabilities.
Company Size
201-500
Company Stage
IPO
Headquarters
Boca Raton, Florida
Founded
1999
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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.
D-Wave Quantum and QuantumScape represent high-risk bets on emerging technologies, with D-Wave focused on quantum computing and QuantumScape developing solid-state batteries for electric vehicles. D-Wave generates revenue from clients including Mastercard, Pfizer, and Siemens Healthineers through quantum computing systems and cloud services. The company reported revenue of $24.6 million in FY 2025, up 178.5% year-over-year, though it posted a net loss of $355.1 million. QuantumScape remains pre-revenue as it develops lithium-metal battery technology. The firm is working with Volkswagen and recently signed a multi-year agreement with Honda for battery evaluation. It reported a net loss of $435.1 million in FY 2025. Both companies face significant commercialisation challenges despite partnerships with major industry players.
D-Wave Quantum (QBTS) trades near $17.50, down 61% from its yearly high, despite the S&P 500 returning 18% over the same period. The quantum computing company reported second-quarter 2026 revenue of $3.1 million, flat year-over-year, whilst its adjusted EBITDA loss widened 85% to $37.1 million due to accelerated product development spending. The company's market value stands at approximately $6.5 billion, with cash and marketable securities of $546.2 million at end-June 2026. Recent wins include an expanded AT&T partnership and a $20 million computer sale to Florida Atlantic University. Historically, QBTS has fallen an average of 51% during market shocks whilst the S&P 500 declined 13%, with its worst drawdown reaching 73%. Management doesn't expect significant revenue from gate-model systems until around 2032.