NYSE · 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· 1 recurring
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).
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 |
|---|---|---|---|---|---|---|---|
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +89.4 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +76.9 |
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +59.7 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +45 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +19.2 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| NextEra Energy | lead2 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +11.1 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +9.5 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | -7.8 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -8 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -8.8 |
| NRG Energy | lead2 | +18.5 | -23.5 | +69.4 | +78.6 | +78.9 | -11.3 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -15.3 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -20.3 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -21.7 |
| GE Vernova | lead1 | · | · | · | · | +99 | +67.3 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| D-Wave Quantum | node | · | -85.3 | -38.9 | +854.5 | +211.3 | -23.2 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $39 · Price $20.139 (07-11) · Upside +94%
| 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.