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D-Wave Quantum
(NYSE:QBTS)
D-Wave Quantum (QBTS) vs. SPDR S&P 500 ETF (SPY)
D-Wave Quantum Business Overview & Revenue Model
D-Wave Quantum Earnings Call Summary
D-Wave Quantum Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 24.59M | 8.83M | 8.76M | 7.17M | 6.28M |
| Gross Profit | 20.31M | 5.56M | 4.62M | 4.25M | 4.53M |
| EBITDA | -348.74M | -138.05M | -80.83M | -49.03M | -34.36M |
| Net Income | -355.06M | -143.88M | -82.72M | -53.70M | -40.97M |
Balance Sheet | |||||
| Total Assets | 915.81M | 199.85M | 59.36M | 26.95M | 29.47M |
| Cash, Cash Equivalents and Short-Term Investments | 884.48M | 177.98M | 41.31M | 7.07M | 9.48M |
| Total Debt | 7.63M | 38.38M | 72.65M | 42.28M | 39.42M |
| Total Liabilities | 63.58M | 137.21M | 83.84M | 56.41M | 47.82M |
| Stockholders Equity | 852.23M | 62.65M | -24.48M | -29.46M | -18.36M |
Cash Flow | |||||
| Free Cash Flow | -75.84M | -44.75M | -61.28M | -45.72M | -36.80M |
| Operating Cash Flow | -71.98M | -42.64M | -60.65M | -45.23M | -34.80M |
| Investing Cash Flow | -251.13M | -3.14M | -630.00K | -498.00K | -2.00M |
| Financing Cash Flow | 779.15M | 182.45M | 95.64M | 43.27M | 24.91M |
D-Wave Quantum Technical Analysis
D-Wave Quantum Risk Analysis
D-Wave Quantum Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
53 Neutral | $14.07B | -16.09 | -24.40% | ― | 113.07% | -555.52% | |
48 Neutral | $6.95B | -17.05 | -77.62% | ― | 156.20% | -218.56% | |
46 Neutral | $1.88B | -13.91 | -14.49% | ― | 41.51% | -111.74% | |
45 Neutral | $5.75B | -13.40 | -141.90% | ― | -36.98% | -238.63% |
D-Wave Quantum Corporate Events
On February 26, 2026, D-Wave Quantum reported that 2025 revenue rose 179% year over year to $24.6 million and GAAP gross profit jumped 265% to $20.3 million, supported by high-margin system sales and strong gross margins above 80%. The company ended 2025 with record liquidity, more than 135 revenue-generating customers, and accelerating 2026 bookings, including a $20 million system sale to Florida Atlantic University and a $10 million QCaaS deal with a Fortune 100 firm.
D-Wave completed its acquisition of Quantum Circuits, strengthened its gate-model roadmap with high-fidelity, error-detecting qubits and scalable cryogenic control, and advanced its annealing platform via new Stride solver features, multicolor annealing, and fast-reverse anneal. It expanded its U.S. presence with a new government-focused business unit, collaborations on missile defense planning, a record Qubits 2026 conference, and plans to relocate its corporate headquarters and key R&D operations to Boca Raton, Florida by the end of 2026.
The most recent analyst rating on (QBTS) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On February 19, 2026, D-Wave Quantum Inc. announced that it had joined the newly formed Southeastern Quantum Collaborative as an inaugural member alongside the University of Alabama in Huntsville, Davidson Technologies, IBM and Alabama A&M University. The collaborative aims to unite academia, industry and government across the U.S. Southeast to accelerate quantum information science, advance practical applications, and build a quantum-ready workforce.
D-Wave’s existing Advantage2 system hosted at Davidson’s Huntsville, Alabama headquarters gives the company a central role in supporting workforce development and operational use cases for regional partners. Executives from D-Wave, UAH and Davidson emphasized that leveraging the Southeast’s concentration of cleared defense infrastructure and prime contractors could turn the region into a global quantum computing hub, speeding deployment of quantum capabilities for mission planning, complex operations optimization and national security.
The most recent analyst rating on (QBTS) stock is a Hold with a $22.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On January 27, 2026, D-Wave Quantum Inc. announced a $10 million, two-year enterprise Quantum Computing as a Service agreement with a leading Fortune 100 company to co-develop and deploy several quantum-powered applications. The deal, described by CEO Alan Baratz as a major milestone for the enterprise adoption and impact of D-Wave’s annealing quantum technology, underscores the company’s claim to have the only production-grade quantum systems currently in the market and represents a significant endorsement of its QCaaS offering by a top-tier global customer, reinforcing its position in the competitive quantum computing landscape.
The most recent analyst rating on (QBTS) stock is a Buy with a $26.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On January 27, 2026, D-Wave Quantum announced a series of moves designed to deepen its U.S. footprint and sharpen its technological edge, anchored by a $20 million agreement with Florida Atlantic University to purchase and deploy an Advantage2 annealing quantum computer at FAU’s Boca Raton campus later in 2026. The FAU deal is intended to accelerate Florida’s emergence as a quantum-computing hub by underpinning new education, research and workforce-development initiatives, potentially including a D-Wave Quantum Applications Academy, with state and city incentives aimed at building a talent pipeline for in-production quantum systems and government-related work. D-Wave also disclosed a collaboration with Davidson Technologies and Anduril Industries to build quantum-classical hybrid applications for complex U.S. air and missile defense planning, where initial tests showed its Stride hybrid solver on the Advantage2 system delivering materially faster solutions and better threat mitigation than classical-only approaches as problem sizes scaled, highlighting quantum’s growing relevance in defense optimization. Complementing these commercial wins, the company unveiled technical advances in its annealing platform—such as Stride support for surrogate modeling and new control features like fast-reverse and multicolor annealing—and emphasized progress toward a superconducting gate-model system enabled in part by its acquisition of Quantum Circuits, reinforcing a dual-platform roadmap aimed at scalable, error-corrected quantum computing. Strategically, D-Wave said it will relocate its corporate headquarters from Palo Alto to Boca Raton by the end of 2026, establishing a key U.S. R&D hub at the Boca Raton Innovation Center and adding to its North American network of facilities, a move intended to support its annealing system roadmap, enhance operational resilience through bicoastal redundancy, and align the company more closely with Florida’s emerging quantum ecosystem.
The most recent analyst rating on (QBTS) stock is a Buy with a $26.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On January 20, 2026, D-Wave Quantum Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission under its existing shelf registration, enabling certain selling stockholders to resell a total of 10,430,444 shares of the company’s common stock. The filing, which included a supporting legal opinion incorporated into the registration statement, facilitates secondary market liquidity for existing investors without directly raising new capital for the company, potentially affecting the stock’s trading dynamics and ownership structure.
The most recent analyst rating on (QBTS) stock is a Hold with a $29.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On January 20, 2026, D-Wave Quantum Inc. completed its previously announced acquisition of Quantum Circuits Inc., a developer of error-corrected superconducting gate-model quantum computing systems, in a cash-and-stock deal comprising $250 million and 10,430,444 D-Wave shares, alongside a registration rights agreement for the Quantum Circuits securityholders. The transaction is intended to cement D-Wave’s status as the world’s first and only dual-platform quantum computing company, combining its commercially deployed Advantage2 annealing systems with Quantum Circuits’ high-fidelity dual-rail gate-model qubit technology, but the company cautioned that integration challenges, potential cost overruns and the risk that anticipated technological synergies and financial benefits do not materialize could weigh on operations and its share price.
The most recent analyst rating on (QBTS) stock is a Buy with a $46.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On January 7, 2026, D-Wave Quantum Inc. held a press conference to discuss its previously announced agreement to acquire Quantum Circuits, Inc., highlighting the deal as a transformational step that consolidates what it describes as world-leading capabilities in both annealing and gate-model quantum computing. Management emphasized that the combination of D-Wave’s experience in operating production-grade superconducting systems and Quantum Circuits’ high-fidelity dual-rail qubit technology with built-in error detection is intended to secure D-Wave’s dual-platform strategy, expand its addressable market, and accelerate development of large-scale, error-corrected superconducting gate-model processors, with an initial dual-rail system already in alpha use and a staged three-year roadmap to increasingly larger systems through 2028.
The most recent analyst rating on (QBTS) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On January 6, 2026, D-Wave Quantum Inc. signed a merger agreement to acquire Quantum Circuits Inc. in a $550 million transaction, to be paid in $300 million of D-Wave common stock and $250 million in cash, with the stock component priced using a volume-weighted average subject to collar limits and the securities to be issued under registration exemptions. The deal, which is expected to close in late January 2026 pending customary regulatory approvals, antitrust clearance and NYSE listing authorization, will see D-Wave assume Quantum Circuits’ unvested options, establish a New Haven R&D center led by Quantum Circuits’ co-founder and Yale professor Rob Schoelkopf, and subject key employees to multi-year lock-ups on a portion of their stock. By combining D-Wave’s commercial annealing systems and cloud infrastructure with Quantum Circuits’ error-corrected dual-rail gate-model technology, the acquisition is intended to consolidate D-Wave’s position in superconducting quantum computing and significantly broaden its addressable market by advancing a dual-platform strategy spanning both annealing and gate-model architectures.
The most recent analyst rating on (QBTS) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On January 6, 2026, D-Wave Quantum Inc. announced it had achieved an industry-first breakthrough in gate-model quantum computing by successfully demonstrating scalable on-chip cryogenic control of qubits, a key step toward commercially viable, large-scale gate-model quantum processors. By adapting the multiplexed cryogenic control technology originally developed for its annealing quantum processing units to gate-model architectures, and integrating high-coherence fluxonium qubits with multilayer control chips using superconducting bump bonding and advanced cryogenic packaging, the company sharply reduces wiring complexity without sacrificing qubit fidelity, potentially enabling larger, more practical gate-model systems and reinforcing its positioning as a frontrunner in superconducting quantum computing.
The most recent analyst rating on (QBTS) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On December 8, 2025, D-Wave Quantum Inc. announced its Qubits 2026 quantum computing user conference scheduled for January 27-28, 2026, in Boca Raton, Florida. The event will feature talks from executives, customers, and industry leaders, highlighting the impact of D-Wave’s energy-efficient annealing quantum computers and hybrid-quantum solvers. The conference will also unveil D-Wave’s latest technology roadmap, emphasizing its leadership in commercial-grade superconducting quantum technology and its strategic vision for the future. The event aims to showcase real-world customer success stories and discuss advancements in quantum computing, including its applications in various industries and its potential as an energy-efficient accelerator for AI workflows.
The most recent analyst rating on (QBTS) stock is a Hold with a $27.00 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.
On December 2, 2025, D-Wave Quantum Inc. announced the formation of a new business unit focused on promoting its quantum computing products and services to the U.S. government. Led by Jack Sears Jr., a seasoned executive with extensive experience in government contracting, the unit aims to address the growing demand for quantum applications in national security, defense, and infrastructure. Sears will oversee the development of secure systems that meet federal requirements and will support D-Wave’s initiatives with the U.S. government. The company also revealed that its Advantage2TM quantum computer is operational at Davidson Technologies in Alabama, expected to address mission-critical government problems and eventually run sensitive applications.
The most recent analyst rating on (QBTS) stock is a Hold with a $22.50 price target. To see the full list of analyst forecasts on D-Wave Quantum stock, see the QBTS Stock Forecast page.