D-Wave Quantum Inc.
Information Technology · Systems Software
First publicly-traded quantum pure play and the only vendor shipping a commercial annealing machine at scale. 4k+ qubits) is differentiated against $IBM / $GOOGL / $IONQ gate-based roadmaps - annealing is narrower (optimization) but already in paid production.
Calendar 2025 saw the first $20M+ on-prem system sale (Jülich) and a Science cover validating quantum advantage on a magnetic-materials sim, both rerating catalysts that lifted the float into momentum territory.
- Only public name with shipped commercial annealing hardware (no peer competition in annealing)
- Jülich Supercomputing Centre on-prem deal: first $20M+ system sale, validates capex-class revenue path beyond QCaaS subscriptions
- March 2025 Science cover: peer-reviewed quantum advantage claim on materials sim, used as enterprise sales anchor
- Hybrid gate-based roadmap announced (Phase 1: 7-qubit Advantage2 fluxonium prototype) widens TAM beyond optimization
- Float dynamics: ~305M shares, retail-heavy register, high beta to quantum bubble news
- FY24 revenue ~$8.8M against $9B market cap - multiple is pricing 2030+ adoption
- Annealing utility outside narrow optimization niches is contested; gate-based ($IBM $GOOGL $IONQ $RGTI) wins general-purpose narrative
- Cash burn requires recurring ATM raises; share count up 80%+ over 2 years dilutes the float story
- Customer concentration: government labs + a handful of paid enterprises, not a recurring SaaS base
- Quantum-bubble correlation means QBTS prints drawdowns on $IONQ / $RGTI / $QUBT bad tape regardless of own fundamentals
No major news in the last 7 days for QBTS - only listicles and opinion pieces, which we filter out by default. See everything anyway.
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