D-Wave Quantum Inc.

D-Wave Quantum Inc. (NYSE: QBTS) is a pioneer in quantum computing with more than 25 years of industry experience. The company operates at www.dwavesys.com and serves as the world's first and only dual-platform quantum computing company, offering both annealing and gate-model quantum computing systems, software, and services to enterprise customers worldwide.

D-Wave's core business centers on providing quantum computing solutions through three primary revenue streams: quantum computing as a service (QCaaS) delivered via its Leap cloud platform, professional services that help customers identify and implement quantum applications, and sales of on-premises quantum computer systems. The Leap service, launched in 2018 and available in 42 countries, offers customers secure access to D-Wave's quantum processors and hybrid solvers with 99.9 percent uptime and SOC 2 Type 2 compliance. The company's flagship annealing systems include the Advantage and Advantage2 quantum computers, featuring quantum processing units with thousands of qubits capable of solving complex optimization problems in industries including manufacturing, logistics, retail, financial services, life sciences, energy, and telecommunications.

In January 2026, D-Wave completed its acquisition of Quantum Circuits, Inc., a developer of error-corrected superconducting gate-model quantum computing systems. This acquisition strengthened D-Wave's position by combining its annealing expertise with advanced gate-model technology, including dual-rail qubits, local cryogenic control, and commercial-grade cryogenic platforms. The company's customer base includes major enterprises such as Mastercard, BASF, Pfizer, Ford Otosan, NTT DOCOMO, and ArcelorMittal, with thousands of developers globally building applications on D-Wave systems.

D-Wave's competitive advantages include its first-mover advantage in commercial quantum systems, demonstrated quantum supremacy on real-world problems published in Science magazine, production-grade quantum applications already deployed by customers, and proprietary hybrid quantum-classical solvers capable of handling problems with up to two million variables. The company maintains a history of net losses and negative operating cash flows as it continues investing heavily in research and development to advance quantum technology and expand its addressable market.