{"slug":"d-wave","name":"D-Wave Quantum","name_en":"D-Wave Quantum","ticker":"QBTS","updated_at":"2026-07-12T03:42:38.678341+00:00","canonical":"https://valuechain.wiki/d-wave","same_as":["https://finance.yahoo.com/quote/QBTS","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1907982"],"citable":"밸류체인 그래프 기준 D-Wave Quantum의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 19곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, D-Wave Quantum is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 19 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"뉴욕증시 · 양자컴퓨팅 · 어닐링 상업화(QCaaS)","kicker_en":"NYSE · quantum computing · annealing commercialization (QCaaS)","lead":"게이트형이 아니라 양자 어닐링으로 상업화를 먼저 밀어붙이는 양자컴퓨팅 기업이다. 2025년 매출 $24.6M(+179%)로 양자 기업 중 상업 매출 성장이 가장 빠르고, 4분기 수주 $13.4M(+471%)에 현금 $588M을 확보했다. 최적화 문제에 특화돼 정부·기업(이탈리아 롬바르디아 등)에 Advantage2 시스템·QCaaS를 파는 방식이 게이트형보다 상업 적용이 이른 축이다 — 다만 절대 매출은 작고 여전히 사전이익 단계라, 관건은 수주 모멘텀과 현금 소진 대 희석의 균형이다.","lead_en":"A quantum-computing company pushing commercialization through quantum annealing rather than the gate model. 2025 revenue of $24.6M (+179%) is the fastest commercial-revenue growth among quantum firms, with Q4 bookings of $13.4M (+471%) and $588M cash. Specialized in optimization, it sells Advantage2 systems and QCaaS to governments and enterprises (Lombardy, Italy) — an axis where commercial adoption comes earlier than gate-model peers. But absolute revenue is small and it remains pre-profit, so the swing factors are booking momentum and the balance of cash burn versus dilution.","segments":{"fy":2025,"parts":[{"desc":"클라우드로 어닐링 접근권을 파는 반복형 매출 축 — AWS 등 채널 포함, 상업 저변 확대의 핵심.","name":"QCaaS(클라우드)"},{"desc":"Advantage2 어닐링 시스템 직판(정부·기업) — 롬바르디아 등 대형 수주가 실적 변동성을 만든다.","name":"시스템 판매"},{"desc":"최적화 문제 컨설팅·구축 — 어닐링의 실사용처를 넓혀 QCaaS 채택으로 잇는 축.","name":"전문 서비스"}],"total":"2025 매출 $24.6M (+179%)","concentration":"어닐링 상업화. 현금 $588M."},"segments_en":{"fy":2025,"parts":[{"desc":"Recurring-style revenue selling cloud access to annealing — includes channels like AWS, central to widening the commercial base.","name":"QCaaS (cloud)"},{"desc":"Direct sales of Advantage2 annealing systems to governments/enterprises — large deals like Lombardy drive earnings volatility.","name":"System sales"},{"desc":"Optimization consulting and implementation — broadening real annealing use-cases that feed into QCaaS adoption.","name":"Professional 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게이트형 범용 양자컴퓨터가 아직 연구 단계인 사이, 최적화 문제에 특화한 어닐링은 정부·기업 실사용으로 먼저 넘어가 2025년 매출 $24.6M(+179%)·4분기 수주 $13.4M(+471%)을 만들었다. 절대 규모는 작지만 현금 $588M이 장기 실험을 버티는 활주로다 — 이건 실적주가 아니라 옵션·스토리주다. 재평가 축은 수주 모멘텀의 지속과 현금 소진 대 주식 희석의 균형이며, 장기 리스크는 게이트형이 최적화 영역까지 넘어오는 시점이다. 수요단은 롬바르디아 같은 정부와 AWS 등 클라우드 채널로 갈라진다.","analysis_en":"D-Wave's thesis rests on a timing edge — commercializing through annealing first. While general-purpose gate-model machines remain in research, optimization-specialized annealing has moved into real government and enterprise use, producing 2025 revenue of $24.6M (+179%) and Q4 bookings of $13.4M (+471%). Absolute scale is small, but $588M cash is the runway to sustain a long experiment — this is an option/story stock, not an earnings stock. The re-rating axis is sustained booking momentum versus the balance of cash burn and equity dilution, and the long-term risk is when the gate model reaches into the optimization domain. Demand splits between governments like Lombardy and cloud channels such as AWS.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"정부·기업 (QCaaS·Advantage2)","counterparty_slug":null,"confidence":"high","metric":null,"note":"정부·기업에 어닐링 QCaaS·Advantage2 시스템 공급(롬바르디아 등) — 2025년 +179% 성장의 본체이자 대형 수주가 실적을 좌우하는 축.","note_en":"Annealing QCaaS and Advantage2 systems to governments/enterprises (Lombardy) — the core of 2025's +179% growth, where large deals swing results.","sources":[{"stance":"confirms","publisher":"StockTitan","publisher_en":"StockTitan","kind":"research","lang":"en","published_at":"2026-05-01","url":"https://www.stocktitan.net/sec-filings/QBTS/8-k-d-wave-quantum-inc-reports-material-event-5f77f08d8327.html","title":"D-Wave 수주 $33.4M·현금 $588M","title_en":"D-Wave $33.4M bookings, $588M cash","excerpt":"정부·기업에 어닐링 QCaaS·시스템(롬바르디아 등, +179%).","excerpt_en":"Annealing QCaaS and systems to government and enterprise (Lombardy, +179%)."},{"stance":"confirms","publisher":"D-Wave Quantum","publisher_en":null,"kind":"news","lang":"en","published_at":"2026-02-26","url":"https://www.dwavequantum.com/company/newsroom/press-release/d-wave-reports-fourth-quarter-and-year-end-2025-results/","title":"D-Wave Reports Fourth Quarter and Year-End 2025 Results","title_en":null,"excerpt":"D-Wave Reports Fourth Quarter and Year-End 2025 Results","excerpt_en":""},{"stance":"confirms","publisher":"The Quantum Insider","publisher_en":"The Quantum Insider","kind":"news","lang":"en","published_at":"2026-02-26","url":"https://thequantuminsider.com/2026/02/26/d-wave-reports-179-revenue-jump-in-2025-as-bookings-accelerate/","title":"D-Wave 매출 +179%·수주 가속","title_en":"D-Wave 179% revenue jump as bookings accelerate","excerpt":"D-Wave Reports 179% Revenue Jump in 2025 as Bookings Accelerate","excerpt_en":""},{"stance":"confirms","publisher":"D-Wave","publisher_en":"D-Wave","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://ir.dwavequantum.com/news/news-details/2026/D-Wave-Reports-Fourth-Quarter-and-Year-End-2025-Results/default.aspx","title":"D-Wave FY2025 실적($24.6M·+179%)","title_en":"D-Wave FY2025 results ($24.6M, +179%)","excerpt":"정부·기업에 어닐링 QCaaS·시스템(롬바르디아 등, +179%).","excerpt_en":"Annealing QCaaS and systems to government and enterprise (Lombardy, +179%)."},{"stance":"confirms","publisher":"양자신문","publisher_en":"Quantum News","kind":"news","lang":"ko","published_at":"2025-08-08","url":"https://www.quantumtimes.net/news/articleView.html?idxno=55345","title":"디웨이브, 매출 성장 속에 확대된 손실","title_en":"D-Wave posts wider loss amid revenue growth","excerpt":"디웨이브, 매출 성장 속에 확대된 손실","excerpt_en":""}]},{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"mid","metric":null,"note":"AWS 등 클라우드 채널로 어닐링 QCaaS 제공 — 직접 영업 밖에서 상업 저변을 넓히는 유통 경로.","note_en":"Offers annealing QCaaS via cloud channels like AWS — a distribution path widening the commercial base beyond direct sales.","sources":[{"stance":"confirms","publisher":"The Quantum Insider","publisher_en":"The Quantum Insider","kind":"news","lang":"en","published_at":"2026-02-26","url":"https://thequantuminsider.com/2026/02/26/d-wave-reports-179-revenue-jump-in-2025-as-bookings-accelerate/","title":"D-Wave 매출 +179%·수주 가속","title_en":"D-Wave 179% revenue jump as bookings accelerate","excerpt":"AWS 등 클라우드 채널로 어닐링 QCaaS 제공.","excerpt_en":"Offers annealing QCaaS via cloud channels like AWS."}]},{"direction":"revenue","counterparty":"GE Vernova","counterparty_slug":"ge-vernova","confidence":"mid","metric":null,"note":"GE 베르노바가 신규·갱신 상용 고객(QCaaS/연구)으로 명시(2025 2Q, 규모 비공개) — 대형 산업 고객의 실채택 사례라 레퍼런스 가치가 크다.","note_en":"GE Vernova named a new/renewing commercial customer (QCaaS/research) in Q2 2025 (value undisclosed) — a real adoption by a large industrial, high in reference value.","sources":[{"stance":"confirms","publisher":"양자신문","publisher_en":"Quantum News","kind":"news","lang":"ko","published_at":"2025-08-08","url":"https://www.quantumtimes.net/news/articleView.html?idxno=55345","title":"디웨이브, 매출 성장 속에 확대된 손실","title_en":"D-Wave posts wider loss amid revenue growth","excerpt":"디웨이브, 매출 성장 속에 확대된 손실","excerpt_en":""},{"stance":"confirms","publisher":"D-Wave Quantum","publisher_en":null,"kind":"news","lang":"en","published_at":"2025-08-07","url":"https://www.dwavequantum.com/company/newsroom/press-release/d-wave-reports-second-quarter-2025-results/","title":"D-Wave Reports Second Quarter 2025 Results","title_en":null,"excerpt":"D-Wave Reports Second Quarter 2025 Results","excerpt_en":""}]},{"direction":"cost","counterparty":"초전도·제어·소재 (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"초전도 어닐러·제어·소재 — 하드웨어 성능의 원천이자 자본집약 원가 축(비공개).","note_en":"Superconducting annealer, control and materials — the source of hardware performance and a capital-intensive cost axis (undisclosed).","sources":[{"stance":"confirms","publisher":"D-Wave","publisher_en":"D-Wave","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://ir.dwavequantum.com/news/news-details/2026/D-Wave-Reports-Fourth-Quarter-and-Year-End-2025-Results/default.aspx","title":"D-Wave FY2025 실적($24.6M·+179%)","title_en":"D-Wave FY2025 results ($24.6M, +179%)","excerpt":"초전도 어닐러·제어·소재.","excerpt_en":"Superconducting annealer, control and materials."}]},{"direction":"cost","counterparty":"R&D·운영 (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"R&D·클라우드 운영 — 사전이익 단계에서 현금 소진의 주된 항목으로, 희석 여부를 가르는 축(비공개).","note_en":"R&D and cloud operations — the main cash-burn item at a pre-profit stage, the axis determining dilution (undisclosed).","sources":[{"stance":"confirms","publisher":"D-Wave","publisher_en":"D-Wave","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://ir.dwavequantum.com/news/news-details/2026/D-Wave-Reports-Fourth-Quarter-and-Year-End-2025-Results/default.aspx","title":"D-Wave FY2025 실적($24.6M·+179%)","title_en":"D-Wave FY2025 results ($24.6M, +179%)","excerpt":"R&D·클라우드 운영.","excerpt_en":"R&D and cloud operations."}]}]}