quantum computing · annealing commercialization (QCaaS)
D-Wave Quantum
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.
QBTS Updated Jul 12, 2026 3 AI consumers· 3 recurring
Per the valuechain.wiki graph, D-Wave Quantum is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 35 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · 2025 revenue $24.6M (+179%)
- Customer concentration · Annealing commercialization; $588M cash.
- Segments · QCaaS (cloud) · System sales · Professional services
Revenue from
- Government · enterprises (QCaaS · Advantage2) High confidence
Annealing QCaaS and Advantage2 systems to governments/enterprises (Lombardy) — the core of 2025's +179% growth, where large deals swing results.Confirms EN D-Wave Quantum Published Feb 26, 2026: D-Wave Reports Fourth Quarter and Year-End 2025 ResultsConfirms EN The Quantum Insider Published Feb 26, 2026: D-Wave 179% revenue jump as bookings accelerate - Amazon Medium confidence
Offers annealing QCaaS via cloud channels like AWS — a distribution path widening the commercial base beyond direct sales.Confirms EN The Quantum Insider Published Feb 26, 2026: D-Wave 179% revenue jump as bookings accelerate - GE Vernova Medium confidence
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.
Pays to
- Superconductors · control · materials (undisclosed) Low confidence
Superconducting annealer, control and materials — the source of hardware performance and a capital-intensive cost axis (undisclosed). - R&D · operations (undisclosed) Low confidence
R&D and cloud operations — the main cash-burn item at a pre-profit stage, the axis determining dilution (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +81.8 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +80.9 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +66.4 |
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +56.6 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +53.7 |
| Schlumberger | lead2 | +39.6 | +81.2 | -0.8 | -24.5 | +3.3 | +52.3 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +34.1 |
| Corteva, Inc. | lead2 | +23.6 | +25.6 | -17.5 | +20.2 | +18.9 | +32 |
| Becton, Dickinson and Company | lead2 | +1.9 | +5.1 | -2.7 | -5.4 | -12.6 | +22.7 |
| Live Nation Entertainment, Inc. | lead2 | +62.9 | -41.7 | +34.2 | +38.4 | +10 | +21.8 |
| Carrier Global Corporation | lead2 | +45.3 | -22.7 | +41.5 | +20.3 | -21.8 | +14.3 |
| Rockwell Automation, Inc. | lead2 | +41.2 | -24.8 | +22.6 | -6.2 | +38.4 | +12.6 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | +12.4 |
| Agilent Technologies, Inc. | lead2 | +35.5 | -5.5 | -6.4 | -2.7 | +1.9 | +11.5 |
| Automatic Data Processing, Inc. | lead2 | +42.6 | -1.3 | -0.2 | +28.4 | -10.2 | +9.6 |
| Hilton Worldwide Holdings Inc. | lead2 | +40.2 | -18.7 | +44.7 | +36.1 | +16.5 | +8.5 |
| Waters Corporation | lead2 | +50.6 | -8.1 | -3.9 | +12.7 | +2.4 | +7.8 |
| 3M Company | lead2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| Salesforce, Inc. | lead2 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -1.6 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -1.8 |
| Comcast Corporation | lead2 | -2.2 | -28.7 | +29.1 | -11.8 | -17.3 | -1.9 |
| DoorDash, Inc. | lead2 | · | -67.2 | +102.6 | +69.6 | +35 | -6.5 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -6.7 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| Workday, Inc. | lead2 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -13.3 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -16.5 |
| IDEXX Laboratories, Inc. | lead2 | +31.7 | -38 | +36.1 | -25.5 | +63.6 | -20.9 |
| Adobe Inc. | lead2 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Autodesk, Inc. | lead2 | -7.9 | -33.5 | +30.3 | +21.4 | +0.1 | -26.4 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -35.2 |
| Intuit Inc. | lead2 | +70.3 | -39.1 | +61.8 | +1.2 | +6.1 | -49.3 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| D-Wave Quantum | node | · | -85.3 | -38.9 | +854.5 | +211.3 | -36.6 |
YTD as of 2026-09-04 · source: Yahoo Finance
D-Wave Quantum operates across NYSE, quantum computing, annealing commercialization (QCaaS). After +211.3% in 2025, it gave back -36.6% in 2026. The demand side (avg +28.2%) leads the stock (-36.6%), so customer moves come first here. Among connected nodes the furthest ahead is GE Vernova (+44.4%) and the furthest behind is Amazon (+12%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. 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.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $39 · Price $16.607 (09-05) · Upside +135%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Roth MKM (Roth Capital Partners) · Suji Desilva | Buy | $40 | Jun 22, 2026 | Report ↗ |
| Mizuho Securities · Vijay Rakesh | Outperform | $35 | Jun 15, 2026 | Report ↗ |
| Rosenblatt Securities | Buy | $43 | Jun 11, 2026 | Report ↗ |
After the June 2, 2026 inaugural analyst day, every covering analyst rates it Buy (targets $35-43), catalyzed by the gate-model roadmap and the U.S. government's $100M investment.