D-Wave Quantum (QBTS)
Builds annealing quantum systems while developing error-corrected gate-model computing.
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Sells on-premises annealing quantum computers and access to processors and hybrid solvers through Leap, alongside application-development services. Revenue combines system sales, cloud usage and professional services, while acquired dual-rail qubit technology supports a gate-model platform still under development.
Builds and sells Advantage2 annealing quantum computers for on-premises use, and provides real-time access to annealing processors and quantum-classical hybrid solvers through Leap. Professional services help enterprises, governments and researchers develop applications for scheduling, routing, resource allocation and manufacturing.
Combines in-house superconducting circuit design and testing with third-party wafer fabrication. Development and manufacturing operations in Canada and the United States support successive annealing platforms and reliable cloud service. The Quantum Circuits acquisition added dual-rail qubit technology to a gate-model program whose systems remain under development.
Revenue comes from system sales, cloud access and professional services. Near-term growth depends on broader customer adoption and successful commercialization of the gate-model roadmap, while wafer manufacturing relies on SkyWater.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 20, 2026 | BMO Capital | Initiate | Rating: —Target: — | Target: $35 |
| Aug 7, 2026 | Jefferies | Target | Target: $45 | Target: $40 |
| Aug 6, 2026 | Roth Capital | Reiterate | Rating: —Target: $40 | Target: $30 |
| Aug 6, 2026 | Canaccord Genuity | Target | Target: $41 | Target: $35 |
| Jul 28, 2026 | Rosenblatt Securities | Target | Target: — | Target: $43 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $546.2M · Total debt $13.1M · Total assets $1.16B · Shareholders' equity $1.08B
- Revenue
- $3.1M
- Operating income
- −$53.3M
- Net income
- −$48.0M
No dividends on record.
| Institutions | 54.74% | 200.75M shares | |
|---|---|---|---|
| 608 holders · as of Jun 30, 2026 | |||
| Insiders | 5.97% | 21.89M shares | |
| 10 holders · as of Sep 16, 2026 | |||
| Other | 39.29% | 144.10M shares | |
| remainder | |||
366.74M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 9.04% | 33.15M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 6.00% | 22.02M | as of Jun 30, 2026 |
Sector Pension Investment Board Public1Insider10 percent owner | 5.56% | 20.38M | filed Jan 14, 2025 |
Vanguard Capital Management LLCInstitution | 4.35% | 15.94M | as of Jun 30, 2026 |
UBS Group AGInstitution | 3.18% | 11.65M | as of Jun 30, 2026 |
- Reported at 2.00% on Jan 23, 2025, under the 5% line, so no further filing is required.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 8, 2026 | John D. DiLullo | director | −1,100 | $18.00 |
| Jul 20, 2026 | Sophie C. Ames | officer: Exec. Vice President & CHRO | −3,070 | $16.95 |
| Jun 15, 2026 | John M. Markovich | officer: Chief Financial Officer | −200,000 | $25.72 |
| Jun 12, 2026 | John M. Markovich | officer: Chief Financial Officer | −46,043 | $24.01 |
| Jun 15, 2026 | Rohit Ghai | director | −13,518 | $26.41 |
- IBM
Dominant quantum-cloud ecosystem rival, ahead on enterprise revenue and scale.
- Alphabet Class A
Google Quantum AI's Willow chip directly contests D-Wave's supremacy claims.
- IonQ
Pure-play revenue leader; trapped-ion fidelity outpaces D-Wave annealing.
- Microsoft
Azure Quantum aggregates rival hardware; Majorana 1 bets on topological qubits.
- Rigetti Computing
Superconducting SPAC-era peer; Cepheus-1 108-qubit system in GA since Q1 2026.
- Quantum Computing
Photonic optimization peer; Dirac-3 rivals annealing for discrete optimization.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| D-Wave Quantum | $17.36 | −1.92% | $6.50B | — | — | 523.2 | −0.6% |
| IBM | $233.96 | +0.87% | $218.51B | 20.5 | 18.3 | 3.2 | +1.1% |
| Alphabet Class A | $360.85 | +1.66% | $4.30T | 17.8 | 26.9 | 9.6 | +24.2% |
| IonQ | $40.32 | −0.47% | $15.12B | — | — | 61.3 | +286.8% |
| Microsoft | $499.28 | −0.47% | $3.72T | 27.9 | 25.5 | 11.2 | +17.8% |
| Rigetti Computing | $16.29 | −1.45% | $5.49B | — | — | 411.5 | +185.3% |
| Quantum Computing | $8.99 | +0.28% | $2.01B | — | — | 204.8 | +9,000.0% |
| Median | 20.5 | 25.5 | 36.3 | +104.8% |