D-Wave Quantum Inc.

What they do

D-Wave develops and delivers quantum computing systems, software, and services, with superconducting quantum computers that can be deployed on-premises or accessed via its Leap quantum cloud service. Its sixth-generation annealing system, Advantage2, features 4,500 qubits with sub-second response times, and the company is also developing gate-model technology based on dual-rail qubits. Revenue comes from providing quantum computing as a service (QCaaS), professional services, and system sales.

Revenue drivers

• QCaaS (Quantum Computing as a Service) — Cloud-based access to D-Wave's quantum systems generates recurring revenue, with production applications comprising 37.3% of total QCaaS revenue in the first half of 2026.
• Professional services — D-Wave assists customers in identifying and implementing quantum computing applications, generating services revenue.
• System sales — D-Wave sells on-premises quantum computer systems to customers, contributing to revenue though less recurring than QCaaS.

Recent performance

For the first half of 2026, D-Wave generated $5.9 million in revenue, down from $18.1 million in the first half of 2025. Bookings for the first half of 2026 were $35.5 million, up 1,120% year over year. Remaining performance obligations were $40.7 million, up 668% year over year. The company reported net losses of $66.4 million for the first half of 2026, with an accumulated deficit of $1.0 billion as of June 30, 2026.

Strategy

D-Wave is executing a dual-platform strategy, advancing both annealing and gate-model quantum computing. It plans to scale its annealing architecture to 100,000 qubits by 2031 via multi-chip fabrics, with an intermediate 20,000-qubit system in 2029. For gate-model, it targets a 17-physical-qubit system in 2026, a 49-qubit system in 2027, and a 100-logical-qubit system by 2032. The company completed the acquisition of Quantum Circuits, Inc. in January 2026 for $250 million in cash and 10.4 million shares to accelerate its gate-model roadmap.

Risks

• Early-stage growth and uncertain revenue — D-Wave is in its growth stage, making forecasting difficult, and its ability to generate revenue depends on scaling annealing systems, commercializing gate-model computers, and accelerating sales cycles.
• Significant operating losses — The company has incurred substantial losses, with a net loss of $66.4 million in the first half of 2026 and an accumulated deficit of $1.0 billion, and expects continued losses.
• Technology development risk — D-Wave's product roadmap for achieving scaled, fault-tolerant gate-model systems by 2032 may not be realized as quickly as hoped or at all.
• Customer adoption and upsell challenges — Scaling the business requires building referenceable quantum-hybrid applications and moving customers into production, which may take longer than expected.

Outlook

Management expects to continue incurring significant losses as it invests in research and development and go-to-market initiatives. The company anticipates making an initial gate-model quantum computer generally available in 2026 and plans to transition its headquarters to Boca Raton, Florida, opening a key U.S. R&D facility there before the end of 2026. D-Wave's stated roadmaps target a 20,000-qubit annealing system in 2029 and a 100-logical-qubit gate-model system by 2032.