D-Wave Quantum Inc. engages in the development and delivery of quantum computing systems, software, and services worldwide. It provides Advantage and Advantage 2 quantum computers; Ocean, a suite of open-source tools; and Leap quantum cloud service, a cloud-based service that provides real-time access to quantum computers and quantum hybrid solvers; and secure access and data protection services, as well as Ocean software development kit (SDK), a Python-based SDK for developers to learn and build applications on company's server. The company also provides Leap hybrid solver service that offers a combination of quantum and classical computation resources and advanced algorithms to solve problems of enterprise scale; and D-Wave Launch, a phased approach to identify and build in-production quantum hybrid applications, including training sessions and quantum computing access. In addition, the company offers D-Wave Advantage annealing quantum computing systems; and Ocean developer tools. Its quantum solutions are used in allocation, resource scheduling, factory scheduling, vehicle routing, logistics optimization, drug discovery, industrial construction design, portfolio optimization and maintenance, repair, and overhaul optimization. D-Wave Quantum Inc. was founded in 1999 and is based in Palo Alto, California.
Country
Sector
Themes
Also in
Price· split & dividend adjusted
No price history for this asset yet.
News & notes movingQBTS
Quantum Computing▼
D-Wave CFO Retirement Sends Stock Down 8%
D-Wave Quantum shares fell 8% to $17.79 in midday trading Wednesday after the company disclosed that CFO John Markovich will retire effective September 2, with Greg Golkov stepping in as acting CFO. The decline dragged IonQ down 3% to $40.68, while Rigetti Computing slid 5% to $16.12 and Quantum Computing Inc. slipped 1% to $8.35, though the Defiance Quantum ETF barely moved at $148.27, confirming the selloff as name-specific. D-Wave, which has a market cap of $6.57 billion and is pre-profit, reported Q2 revenue of $3.08 million, missing the $4.03 million estimate, while remaining performance obligations reached $40.7 million, up 668% year over year. The company stated the resignation was not due to any disagreement, and CEO Alan Baratz credited Markovich with raising over $900 million in capital and taking the company public in 2022.
D-Wave Quantum's stock has dropped about 21% over the past three months even as its contracted backlog grew nearly eightfold to $40.7 million by the end of June. First-half 2026 bookings reached $35.5 million, six times the $5.9 million of revenue recognized in the same period, with revenue down from $18.1 million a year earlier largely because $13.7 million of that came from a single annealing system sale. Management expects to ship two annealing quantum computers in the fourth quarter, including a $20 million machine for Florida Atlantic University, and says the fourth quarter should carry most of the year's revenue. Six customer applications are now in production, supplying over 37% of first-half subscription revenue compared with 9.8% a year earlier, with AT&T cutting a network task from about an hour to under 15 seconds and NTT DOCOMO reducing location registration signals by roughly 65%. The company posted a first-half adjusted EBITDA loss of $69.9 million against $546.2 million of cash and marketable securities, and the stock trades at more than 600 times trailing sales.
Quantum Stocks Face Reality Check as QUBT and QNT Stand Out
Quantum computing stocks are entering a more demanding phase in the second half of 2026 as investors shift focus from qubit milestones to revenue visibility and commercialization. Quantum Computing Inc. reported second-quarter revenue of $5.6 million, up from $61,000 a year earlier, with a contract backlog of approximately $42.5 million, while Quantinuum's second-quarter revenue rose 279% year over year and it raised its 2026 revenue outlook to $28-$32 million. IonQ posted a 287% year-over-year revenue increase and raised its 2026 outlook to $280-$290 million, but carries a Zacks Rank #4, while D-Wave's first-half bookings surged 1,120% yet second-quarter revenue was only $3.1 million, essentially flat. Analysts' average price targets imply upside of 125.2% for Quantum Computing Inc. and 77% for Quantinuum.
Quantum stocks surge after Q2 results show significant improvement
Quantum computing stocks surged on Friday after second-quarter earnings reports showed significant revenue gains across the sector. D-Wave climbed 7% after BMO Capital Markets initiated coverage with an Outperform rating and a $35 price target, citing an addressable market opportunity of $450 billion to $850 billion. Rigetti jumped 9% as system and component sales reached $4.1 million, up from zero a year earlier, while Quantum Computing leaped 8% after revenue rose to $5.6 million from $65,000. IQM Quantum Computers popped 7% after second-quarter revenue increased 27% year over year to $7.8 million and it guided full-year revenue of $49 million to $55 million, and Infleqtion surged 9% on a 112% year-over-year revenue jump. IonQ increased 7.5% after announcing a partnership with the Canadian Microelectronics Corporation to expand quantum computing access to Canada-based researchers and businesses.
Quantum Computing Stocks Show Strong Analyst Upside in August
Wall Street analysts see significant upside in three quantum computing stocks—Rigetti Computing, IonQ, and D-Wave Quantum—despite their speculative nature and recent volatility. Rigetti leads with an implied upside of about 81.4% based on a $28.81 target versus its $18.67 close, supported by a letter of intent for up to $100 million in CHIPS Act funding and a 185.3% year-over-year revenue jump to $5.14 million. IonQ posted record Q2 revenue of $80.05 million, up 286.8% year over year, raised full-year 2026 guidance to $280–$290 million, and carries a 68.19% implied upside from its $46.84 close. D-Wave's first-half bookings surged to $35.5 million from $2.9 million a year earlier, with AT&T integrating its annealing platform to cut processing time from one hour to under 15 seconds, though its implied upside is the smallest at 19.7%.
IonQ and Quantinuum Pull Ahead in Quantum Computing Race
IonQ and Quantinuum are emerging as leaders in the quantum computing sector, driven by superior accuracy and strong second-quarter results. IonQ's revenue surged 287% to $80.1 million, beating estimates, with 60% from commercial customers and a backlog of $485 million. Quantinuum's revenue jumped 279% to $8 million, and its partnership with Oracle to integrate its Helios system into Oracle's cloud infrastructure is seen as a game changer. Both companies use trapped-ion technology, achieving over 99.9% two-qubit gate fidelity, far ahead of rivals like D-Wave and Rigetti, whose accuracy lags significantly.
Rigetti's commercial quantum sales expand as peers report mixed results
Rigetti Computing reported that its first two 9-qubit systems delivered in 2026 went to commercial customers, marking a notable shift from a year or two ago when commercial demand was largely absent. Management attributed a significant portion of first-half revenue growth to commercial organizations purchasing on-premises quantum systems, while the broader pipeline now spans commercial enterprises, universities, and governments. The company's $8.4 million C-DAC order for a 108-qubit system remains on track for fourth-quarter revenue recognition, and the HPE-Pittsburgh Supercomputing Center collaboration is expected to place a full 9-qubit Rigetti system into an HPC environment in 2027. D-Wave Quantum posted $3.1 million in second-quarter 2026 revenues, essentially flat year over year, with commercial enterprises accounting for roughly 62.4% of revenues, up from 45.1% a year earlier. IonQ completed its acquisition of SkyWater Technology, creating a U.S.-based quantum foundry and strengthening its control over semiconductor manufacturing, advanced packaging, and supply-chain capabilities.
D-Wave Quantum Partners With Nasdaq Verafin on Financial Crime Detection
D-Wave Quantum has entered a partnership with Nasdaq Verafin to apply quantum computing to financial crime detection. The collaboration focuses on using D-Wave's quantum solutions to address complex financial crime analytics in the banking and financial services sector. The agreement marks an expansion of D-Wave Quantum's commercial work into real-world risk and compliance workflows beyond research settings. The partnership places D-Wave's quantum tools directly inside financial crime and compliance workflows in the banking sector, though it remains a proof-of-concept amid sizeable net losses and forecasts that do not yet point to profitability over the next three years.
D-Wave Quantum Secures NRC Funding and Publishes Nature Gate Breakthrough
D-Wave Quantum announced in August 2026 that it secured up to C$300,000 in funding from Canada's National Research Council and published peer-reviewed Nature research on a high-fidelity, hardware-level error-correcting two-qubit gate already integrated into its dual-rail gate-model systems. The government-backed software project and fault-tolerant gate-model breakthrough underscore D-Wave's effort to commercialize both annealing and gate-model quantum platforms for complex, real-world optimization and simulation workloads. The Nature paper directly reinforces D-Wave's dual-platform story and its long-term gate-model roadmap, connecting the near-term push to make Advantage2 more useful through better software with a tangible hardware step toward fault tolerance. However, the modest NRC grant and gate breakthrough do not materially change the near-term picture, where the key catalyst remains scaling real-world deployments and the biggest risk is persistent heavy losses if rising R&D and go-to-market spend fail to translate into larger, recurring contracts.
D-Wave Quantum reports Q2 revenue flat at $3.1 million
D-Wave Quantum reported second-quarter 2026 revenue of $3.1 million, essentially flat compared to the prior year, while bookings jumped 59% to $2.1 million. The company's first-half revenue fell 67% to $5.9 million due to a non-recurring $13.7 million system sale in 2025, but first-half bookings surged 1,120% to $35.5 million, driven by a $20 million system contract with Florida Atlantic University. Remaining performance obligations reached $40.7 million, up 668% year over year, with 57% expected to be recognized as revenue within 12 months. Commercial customers accounted for 62.4% of second-quarter revenue, up from 45.1% a year earlier, and Forbes Global 2000 customers represented 47.7% of total revenue versus 20.4% in the prior-year quarter. The company maintained guidance for two system deliveries in 2026 and expects fourth-quarter revenue to comprise the majority of annual revenue.
D-Wave Awarded Up to CAD $300,000 from National Research Council of Canada for Annealing Quantum Computing Software
D-Wave Quantum Inc. has been awarded up to CAD $300,000 in funding from the National Research Council of Canada's Applied Quantum Computing Challenge program to advance annealing quantum computing software for commercial applications. In collaboration with the NRC, D-Wave's team in Burnaby, British Columbia, will develop next-generation graph minor-embedding algorithms for the Zephyr topology and integrate them into the open-source Ocean software development kit. These algorithms are expected to expand the scale and complexity of computations that D-Wave's Advantage2 systems can address across use cases including logistics, manufacturing, scheduling, resource allocation, machine learning, and quantum and materials simulation. The project aims to help organizations solve larger and more complex optimization problems on D-Wave's Advantage2 annealing quantum computers.
D-Wave's first-half bookings jump over 1,100% to $35.5 million
D-Wave Quantum reported first-half bookings of $35.5 million, up more than 1,100% from $2.9 million a year earlier, even as trailing-12-month revenue fell 44% to $12.4 million. The bookings surge includes a $20 million system sale whose revenue will be recognized in future quarters, while remaining performance obligations reached $40.7 million, up 668%. The company's market value climbed 38% to $7.5 billion, roughly 600 times trailing revenue and about 190 times its remaining performance obligations. D-Wave's net loss for the second quarter of 2026 was $48 million, and adjusted operating expenses rose 76% year over year.
US Lawmakers Seek 68% Boost in Military Quantum Funding to $567 Million
US lawmakers from both parties are seeking to increase annual military spending on quantum computing by 68% to $567 million as part of defense funding legislation expected to be debated in the House later this year. A similar effort is underway in the Senate, building on Trump administration moves including a May announcement of more than $2 billion in direct federal investments and a June executive order to advance quantum research and protect federal IT systems from quantum-based cyberattacks. The push comes as China has established a $10 billion National Laboratory for Quantum Information Sciences, while Europe and the UK combined have committed nearly three times as much public money as the US, according to industry consultancy QBN. Despite recent breakthroughs, investor skepticism persists, with shares of pure-play quantum firms like D-Wave Quantum Inc., Infleqtion Inc., and Rigetti Computing Inc. falling sharply this year, though IonQ Inc. raised its full-year revenue forecast and recouped most losses after closing its $1.8 billion acquisition of SkyWater Technology Inc. The four pure-play quantum companies slated for Commerce Department grants have doubled their annual lobbying spending to $2.2 million, and the White House in July hosted a quantum tech summit with industry leaders.
D-Wave Quantum reports flat Q2 revenue but backlog surges 668%
D-Wave Quantum reported second-quarter 2026 revenue of $3.1 million, essentially flat year over year, while its backlog surged 668% to $40.7 million. QCaaS subscription revenue rose 50% to $1.9 million, and bookings increased 59% to $2.1 million. Net loss narrowed to $48 million from $167.3 million, primarily due to lower non-cash warrant-related charges, but adjusted EBITDA loss widened to $37.1 million as the company invested in product development and sales. Commercial adoption expanded, with production applications generating 37% of first-half QCaaS revenue, including deployments at AT&T, Optum, and NTT Docomo. The company expects modest third-quarter revenue growth and a significantly stronger fourth quarter driven by system shipments.
AT&T Expands D-Wave Quantum Computing Deal for Network Operations
AT&T has agreed to expand its use of D-Wave Quantum's computing technology across its network operations, moving from proof-of-concept testing to broad operational deployment. The telecom giant plans to apply D-Wave's platform to additional workloads including outage detection, technician routing, and traffic management after early testing cut an optimization workload's processing time from one hour to under 15 seconds. D-Wave ended the second quarter with approximately $546.2 million in cash and marketable securities, while hedge fund ownership rose to 26 funds in the first quarter from 22 in the prior quarter. The expanded deal provides important validation for D-Wave's quantum computing platform, which targets optimization problems such as routing and scheduling.
D-Wave Surges 11% on Nasdaq Verafin Deal, IonQ Gains 9% After SkyWater Buyout
Quantum computing stocks rallied sharply on Monday, led by D-Wave Quantum's 11% surge to $20.08 after announcing a collaboration with Nasdaq Verafin to develop quantum-hybrid applications for fraud detection, and IonQ's 9% jump to $39.62 following the close of its approximately $1.8 billion acquisition of SkyWater Technology. The broader NASDAQ 100 rose 1.52% amid easing Middle East tensions, amplifying the sector's deal-driven gains. Rigetti Computing and Quantum Computing rose 9% and 8% respectively, riding the risk-on sentiment despite no company-specific news, though both remain unprofitable. The Defiance Quantum ETF, which offers diversified exposure with a holdings-weighted P/E ratio of 28.34x, gained a more restrained 3% to $145.45 and is up 31% year to date.
IonQ Outpaces D-Wave Quantum on Revenue Growth, Making It the Better Buy in 2026
IonQ emerges as the preferred quantum computing stock over D-Wave Quantum for 2026, driven by far stronger revenue growth and a broader technology portfolio. IonQ reported fiscal 2025 revenue of $130.0 million, a 201.9% year-over-year increase, while D-Wave posted $24.6 million, up 178.5%. IonQ’s first-quarter 2026 sales reached $64.7 million, representing 755% year-over-year growth, compared to D-Wave’s $2.9 million, an 81% decline from the prior year. IonQ’s acquisition of SkyWater Technology provides end-to-end quantum chip capabilities, and its solutions span networking, cybersecurity, and space applications. D-Wave’s acquisition of Quantum Circuits expands its technology into gate-model quantum computers, and it secured a $100 million U.S. government award in May, but its revenue trajectory and narrower focus make IonQ the stronger pick.
AT&T expands use of D-Wave's quantum annealing, cutting network optimization from one hour to under 15 seconds
AT&T is expanding its use of D-Wave Quantum's annealing-based quantum computing technology across multiple network operations workflows, reporting that a key network optimization workload was reduced from about one hour to less than 15 seconds. The expansion follows D-Wave's addition to the NASDAQ Composite Index and could support the investment narrative that annealing quantum systems are moving from proofs of concept to repeatable commercial workloads. However, D-Wave still faces risks including reliance on a few large contracts and widening operating losses, with the company projecting $173.5 million in revenue and a $21.0 million profit by 2029, requiring 140.7% annual revenue growth and a $389.0 million earnings swing from a current loss of $368.0 million.
AT&T Stock May Still Be a Bargain as $23 Billion Spectrum Deal Closes
AT&T stock may still be undervalued after nearly doubling investors' money over three years, with valuation checks leaning toward cheap at a recent price of $23.94. The company has completed a $23 billion spectrum purchase and expanded its partnership with D-Wave Quantum, moves that could support future network quality and efficiency. AT&T trades at a price-to-earnings ratio of about 7.6 times, well below the telecom industry average of 17.0 times and a peer group average of 11.2 times, and also below Simply Wall St's fair P/E estimate of 12.6 times. Broader valuation checks assess AT&T as undervalued in five of six areas, suggesting the stock screens as a bargain on most core metrics. The key question is whether heavy spectrum and quantum-related investment can translate into resilient earnings and cash flow without unexpected capital strain.
D-Wave CEO Warns Quantum Computing Will Break Bitcoin’s Proof-of-Work
D-Wave CEO Alan Baratz warned that quantum computing will eventually be capable of breaking Bitcoin’s proof-of-work protocol. He made the statement during a Wednesday interview with Yahoo Finance. Baratz leads D-Wave, a prominent quantum computing company. His warning highlights a long-term security concern for the Bitcoin network.
Quantum Stocks Pull Back Amid AI Infrastructure Sell-Off
Quantum computing stocks have retreated sharply in July as a broader sell-off in AI infrastructure names spilled into the sector. Shares of Rigetti Computing, IonQ, D-Wave Quantum, and Quantum Computing Inc. all declined month to date, even though the sector's long-term commercialization outlook remains intact. The pullback was triggered by investor concerns over the sustainability of hyperscaler capital spending after Alphabet raised its 2026 capex guidance to between $195 billion and $205 billion, and reports that NVIDIA is considering financing guarantees for OpenAI's data center project. Despite the sell-off, quantum fundamentals remain strong, with companies expanding commercial bookings and securing government contracts. D-Wave Quantum reported first-quarter bookings of $33.4 million and ended the quarter with $588.4 million in cash, while Rigetti Computing posted nearly 199% year-over-year revenue growth and holds approximately $569 million in cash and investments.
Axe Compute Secures $1.5 Billion AI Infrastructure Deal
Axe Compute Inc. has announced a five-year customer agreement valued at over $1.5 billion for a dedicated AI infrastructure cluster based on NVIDIA Blackwell GPUs. The deal, secured through the company's Build program, is part of a larger effort that brings Axe Compute's total signed contract value for 2026 to over $3 billion. The cluster will be deployed in the United States for high-demand AI workloads and is expected to substantially boost the company's annual run rate. In other trading, D-Wave Quantum rose 20.4% to close at $19.51 after AT&T expanded its use of D-Wave's quantum computing technology, while Z.AI fell 18.7% to close at HK$1,042.00.
Cyberspace Administration of China Launches Special Initiative to Boost IPv6 Capabilities of AI Large Models
The Cyberspace Administration of China, together with its counterparts in Beijing, Shanghai, Zhejiang, and Shenzhen, and five leading large model enterprises, jointly launched the "Special Initiative to Boost IPv6 Capabilities of AI Large Models" in Xiong'an New Area. The year-long initiative aims to promote full IPv6 support in generative large model applications. AT&T announced an expansion of its collaboration with D-Wave, using quantum computing technology to reduce network optimization workloads from about one hour to 15 seconds, a 240-fold speed increase. The world's largest single-batch export of green ammonia departed from Da'an, Jilin, arrived at Lianyungang, Jiangsu, and was loaded onto ships bound for South Korea, totaling 3,750 tonnes, marking a new stage of large-scale green energy exports for China. Apple's stock price hit a record high, with its market value surpassing 5 trillion US dollars, making it the second listed company globally after Nvidia to reach this milestone.
D-Wave Soars on AT&T Quantum Computing Deal and NYSE Uplisting
D-Wave Quantum shares surged as much as 19.6 percent to $19.39 on Monday after the company announced a commercial collaboration with AT&T and uplisted to the New York Stock Exchange. AT&T will apply D-Wave's annealing quantum computing technology to its agentic AI tools, which reduced network downtime by 12 million hours last year, and an early application cut a network optimization workload from one hour to under 15 seconds. The telecom giant plans to expand use across outage detection, technician routing, and traffic management, while also evaluating D-Wave's forthcoming gate-model systems for quantum security and communications. The NYSE listing under ticker QBTS is expected to improve liquidity and institutional visibility, though hedge fund holdings fell 67.4 percent to $55.7 million in the first quarter from $170.8 million in the prior quarter.
ASML slides on China chip tool report, Forte Bio surges on Argenx buyout
ASML dropped 8% after The Information reported China began mass production of domestically made deep ultraviolet chipmaking tools. Memory chip stocks were mixed as CXMT soared more than 466% in its Shanghai debut, while SK Hynix fell over 8%, SanDisk slid 11%, and Micron Technology lost 5%. SAP jumped more than 7% after announcing the second part of a 10 billion-euro stock buyback. Forte Biosciences rallied about 40% on a $2.2 billion cash acquisition by Argenx at $77 per share, a 40% premium to Friday's close. Brown-Forman climbed almost 4% after rejecting a $15 billion unsolicited takeover offer from Sazerac at $32 per share. Baker Hughes gained 6% on better-than-expected second-quarter earnings and revenue, while Amkor Technology fell 7% ahead of its quarterly report. D-Wave Quantum added 5% on a partnership with AT&T to use annealing quantum computers for AI, and MapLight Therapeutics plunged 68% after a Phase 2 schizophrenia trial missed its primary endpoint.
D-Wave Quantum Rises 7% on Expanded AT&T Deal, Lifting IonQ, Rigetti, Quantum Computing Inc.
D-Wave Quantum shares rose 7% to $19.29 after announcing an expanded agreement with AT&T to deploy its annealing quantum systems across network operations. An early application cut a network optimization workload from about one hour to under 15 seconds, a 240x speedup, and AT&T plans to extend the work to outage detection, technician routing, network build planning, and traffic management. Benchmark initiated D-Wave at Buy with a $30 price target. Sympathy moves lifted IonQ 12% to $36.67, Rigetti Computing 12% to $15.88, and Quantum Computing Inc. 8% to $8.06, while the Defiance Quantum ETF rose 1% to $141.12. Rigetti also announced an expanded collaboration with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center to build TangleLab, a hybrid quantum-classical supercomputing testbed funded by a $5 million National Science Foundation grant, with full operations expected in 2027. Despite the rally, D-Wave trades at a price-to-sales ratio of 482.56 against trailing revenue of $12.44 million, and the pure-play quantum names remain down 16% to 29% year to date.
Micron, energy, and biotech stocks move premarket on chip debut, oil dip, and Forte buyout
Memory stocks rose broadly after Chinese chipmaker CXMT debuted on the Shanghai public market with its stock surging more than 466%, lifting U.S.-listed peers including Micron Technology which advanced 2.5%. Energy stocks followed oil prices lower after the U.S. and Iran agreed to pause attacks, with Chevron down 2.7%, ExxonMobil down 3.2%, and APA, Devon Energy, and Diamondback Energy each falling around 4%. Forte Biosciences rallied more than 39% on news it will be acquired by Netherlands-headquartered Argenx for $2.2 billion in cash, or $77 per share, a 40% premium to Friday's close. Baker Hughes gained nearly 2.2% after reporting better-than-expected second-quarter earnings and revenue, with the CEO citing favorable fundamentals and reaffirming full-year guidance. D-Wave Quantum rose more than 7% after announcing a partnership with AT&T to use its annealing quantum computers for AI, while IonQ gained nearly 4.5% and Rigetti Computing added 3.8%.
D-Wave to Ring Nasdaq Opening Bell on July 27 to Mark Listing Debut
D-Wave Quantum Inc. will ring the Nasdaq Opening Bell on July 27, 2026, to mark its listing debut on the exchange following a voluntary transfer of its common stock listing. CEO Dr. Alan Baratz and the management team will participate in the ceremony at the Nasdaq MarketSite in Times Square, broadcast live at 9:15 a.m. ET. The company, which describes itself as the only dual-platform quantum computing provider offering both annealing and gate-model systems, says the move to Nasdaq begins a new chapter as it accelerates commercial momentum. D-Wave serves more than 100 enterprise, government, and research customers through on-premises systems and its Leap quantum cloud service.
IonQ and D-Wave slump while Nvidia quietly builds quantum infrastructure
Shares of quantum computing pure plays IonQ and D-Wave Quantum have tumbled over the past month, with IonQ down 37% and D-Wave off 28%, even as Nvidia positions itself as an essential supplier to the entire sector. IonQ reported first-quarter 2026 revenue of $64.7 million, up 755% year over year, and raised its full-year guidance to between $260 million and $270 million, while D-Wave’s quarterly revenue fell 81% to $2.9 million, though its bookings jumped to $33.4 million. Both companies remain heavily reliant on government contracts and proposed Chips Act funding, with IonQ holding $3.1 billion in cash and equivalents versus D-Wave’s $588 million. Nvidia, which generated $81.6 billion in total revenue in its fiscal first quarter of 2027, launched NVQLink in October 2025 to connect quantum processors to its GPUs, and its CUDA-Q platform has been adopted by 17 quantum hardware developers including IonQ. Because every major quantum program now requires Nvidia’s Blackwell GPUs, the company stands to benefit regardless of which quantum computing firm ultimately succeeds, making it a lower-risk way to gain exposure to the emerging technology.
Connecticut Innovations Generates Record $66.5 Million in Proceeds in FY2026
Connecticut Innovations generated a record $66.5 million in cash proceeds from portfolio exits in fiscal year 2026, part of a combined $76.1 million from all investment activities. The state's strategic venture capital arm invested $59.3 million in 75 early-stage companies and venture funds, leveraging an additional $1.2 billion in outside capital. Key exits included Halda Therapeutics acquired by Johnson & Johnson for $3.05 billion, Quantum Circuits Inc. acquired by D-Wave Quantum for $550 million, and Veradermics raising $256.3 million in a NYSE IPO. CEO Matt McCooe highlighted Halda Therapeutics as the largest private biotech M&A transaction and Veradermics as the best-performing biotech IPO at the time. CI also launched its AI/Q Fund targeting commercial AI and quantum ventures, with director Gwen Cheni noting the Quantum Circuits acquisition as a milestone for the state's quantum ecosystem.
D-Wave Quantum Inc. announced it will voluntarily transfer its common stock listing to The Nasdaq Stock Market LLC from the New York Stock Exchange, effective after market close on July 24, 2026. The company expects its common stock to begin trading on Nasdaq on July 27, 2026, under its current ticker symbol QBTS. D-Wave has met all Nasdaq listing requirements and anticipates a smooth transition with no disruption to trading activities. CEO Dr. Alan Baratz stated that Nasdaq is the marketplace for companies shaping the future of technology and that D-Wave is well aligned with the innovation Nasdaq represents.
IonQ Tumbles 8%, D-Wave, Rigetti, Quantum Computing Drop 6% as Risk-Off Ripple Effects Hit Speculative Quantum Stocks
IonQ stock tumbled 8% while D-Wave, Rigetti, and Quantum Computing each declined 6% as Strait of Hormuz tensions and an oil spike triggered broad risk-off selling across quantum stocks. IonQ shares fell to $39.52, D-Wave to $18.85, Rigetti to $15.60, and Quantum Computing to $8.18, with no company-specific news driving the moves. The NASDAQ 100 tracking QQQ ETF was down 1.48%, and the Defiance Quantum ETF limited its drop to 2.42%, far less than the 6% to 8% losses in pure-play names. IonQ carries a beta of 3.23 and a trailing P/E ratio of 103x, amplifying losses despite a 755% year-over-year revenue surge in Q1.
D-Wave Quantum Stock Surges 42.9% in a Year, Outpacing Industry
D-Wave Quantum shares have surged 42.9% over the past year, significantly outperforming the industry's 14.2% decline and the S&P 500's 23.1% gain. The company's commercial momentum carried into the first quarter of 2026, with bookings up 1,994% from the year-ago period, and over two dozen commercial customers represented more than 31% of bookings. The largest order was a $20 million system sale to Florida Atlantic University, and remaining performance obligations stood at $42.4 million as of March 31, 2026. D-Wave is extending its product set into gate-model computing following the Quantum Circuits acquisition in January 2026, targeting roughly 175 physical qubits by the end of 2028 and 10 logical qubits by 2030. First-quarter 2026 revenues fell to $2.9 million from $15.0 million in the prior-year quarter due to the absence of a comparable system sale, though deferred revenues increased to $11.6 million. The Zacks Consensus Estimate projects 2026 revenues of $40.16 million, up 63.3%, and 2027 revenues of $91.76 million, up 128.5%.
D-Wave Quantum vs. Rigetti Computing: Which Quantum Computing Stock Is a Better Buy in 2026?
D-Wave Quantum and Rigetti Computing are compared as quantum computing investments for 2026. D-Wave reported fiscal 2025 revenue of $24.6 million, a 178.5% increase, with a net loss of $355.1 million, while Rigetti posted revenue of $7.1 million, a 34.3% decline, and a net loss of $216.2 million. D-Wave recently acquired Quantum Circuits Inc. to add gate-model computing to its annealing technology, and it received $100 million in U.S. government funding, whereas Rigetti focuses on modular superconducting processors and faces high customer concentration from government contracts. The author favors D-Wave due to its broader technology platform and government backing, though both companies carry significant risks from ongoing losses and competition.
D-Wave named a Leader in IDC MarketScape quantum computing assessment
D-Wave Quantum has been named a Leader in the IDC MarketScape: Worldwide Quantum Computing 2026 Vendor Assessment, becoming one of only two companies placed in the Leaders Category. The recognition highlights D-Wave’s commercial deployments across manufacturing, telecom, logistics, and defense. The company reported that more than 200 million problems have been submitted to its systems, with usage of its Advantage2 system increasing 314% year-over-year and its Stride hybrid solver growing 114% over six months as of early 2026. CEO Alan Baratz said the IDC recognition validates the company's execution, commercial traction, and long-term strategy, emphasizing a focus on delivering real-world quantum solutions today. D-Wave is also expanding its dual-platform technology covering both quantum annealing and gate-model quantum computing.
Kalshi traders see low odds for OpenAI government stake deal this year
Kalshi contract traders remain highly skeptical that a deal will materialize before the end of the year for the U.S. government to take a stake in OpenAI or Anthropic, despite recent reports that OpenAI proposed granting a 5% stake to the Trump administration. Traders see odds of less than 30% for such a stake, according to a CNBC report. In contrast, odds are well over 60% that the government could take a stake this year in quantum computing companies Rigetti Computing or D-Wave Quantum, as well as in semiconductor manufacturer GlobalFoundries.
D-Wave Quantum not a buy now due to steep valuation and early-stage business
D-Wave Quantum is not a buy at the moment, according to an analysis by The Motley Fool. The quantum computing company has a market cap of $8.4 billion but trailing-12-month revenue of just $12.4 million, and its stock trades at roughly 200 times Wall Street's revenue estimates for this fiscal year. While D-Wave Quantum recently secured a $20 million computer system sale to Florida Atlantic University and a $10 million cloud-access deal with a Fortune 100 customer, analysts still project only $42.5 million in revenue this fiscal year and $86.1 million next year. The analysis notes that the company's growth is coming from a very small base and that the competitive landscape remains uncertain, with other pure-play quantum firms and large tech giants developing their own systems. Investors buying now would be betting on a best-case scenario, and there is far more room for the stock to decline than to rise.
Quantum computing stocks have rallied sharply, but investors still need to weigh valuations against current revenue, profitability, commercial demand and cash burn. D-Wave Quantum and Rigetti Computing both trade at extremely high sales multiples, with D-Wave above 700 times sales and Rigetti even higher, while Rigetti's revenue decline makes future contract wins especially important. IonQ shows stronger revenue growth and commercial traction, but high R&D spending and potential dilution remain key risks across the sector. Cash reserves provide some runway, but external threats from larger tech firms like Intel and IBM loom over smaller pure-play companies.
QUBT vs. QBTS: Which Quantum Computing Stock Is the Better Pick Now?
Quantum Computing Inc. and D-Wave Quantum have outperformed the industry over the past year, with shares down 3.4% and 8.9% respectively against a 16.3% industry decline. Quantum Computing Inc. reported first-quarter revenues of $3.7 million, up from $39,000 a year earlier, while D-Wave's bookings surged 1,994% year over year. Quantum Computing Inc. holds a strong balance sheet with about $1.4 billion in cash and investments, total assets of about $1.6 billion, and stockholders' equity of approximately $1.6 billion, while D-Wave ended the quarter with $338.2 million in cash and $250.2 million in marketable securities. Based on short-term price targets, Quantum Computing Inc.'s average target of $18.33 implies a 99.67% upside, compared to D-Wave's average target of $38.31 implying a 68.32% increase. Quantum Computing Inc. carries a Zacks Rank #2, or Buy, and D-Wave holds a Zacks Rank #3, or Hold.
D-Wave and Rigetti Compete for Quantum Leadership in H2 2026
D-Wave Quantum and Rigetti Computing are vying for investor attention as the second half of 2026 begins, with both stocks down year to date amid cautious sentiment. D-Wave enters the period with record bookings and a strong enterprise pipeline, while its acquisition of Quantum Circuits expands its technology into gate-model computing. Rigetti launched general availability of its 108-qubit Cepheus-1 system and reported nearly 199% year-over-year revenue growth, reaffirming its goal of achieving quantum advantage in roughly three years. Analysts have turned cautious on D-Wave's near-term earnings, while Rigetti has seen smaller downward estimate revisions. Zacks Investment Research rates D-Wave a Hold and Rigetti a Sell, favoring D-Wave's commercial traction in the near term.