D-Wave Quantum
Builds annealing quantum systems while developing error-corrected gate-model computing.
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Profile
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
Key statistics
Year to date −39.5% · Average volume (30d) 17.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 20, 2026 | BMO Capital | Initiate | Outperform | $35 | |
| Aug 7, 2026 | Jefferies | Target | $45 | $40 | |
| Aug 6, 2026 | Roth Capital | Reiterate | Buy | $40 | $30 |
| Aug 6, 2026 | Canaccord Genuity | Target | $41 | $35 | |
| Jul 28, 2026 | Rosenblatt Securities | Target | $43 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$0.08 | −$0.10 | −18.1% | $4.0M | $3.1M | −23.6% | −9.26% |
| May 12, 2026Q1 FY26 | −$0.08 | −$0.05 | +37.5% | $4.2M | $2.9M | −31.9% | −4.07% |
| Feb 26, 2026Q4 FY25 | −$0.05 | −$0.12 | −140.0% | $3.7M | $2.8M | −26.5% | −6.75% |
| Nov 6, 2025Q3 FY25 | −$0.07 | −$0.41 | −525.1% | $3.0M | $3.7M | +23.3% | +3.91% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $15.0M | $3.1M | $3.7M | $2.8M | $2.9M | $3.1M | |
| Gross profit | $13.9M | $2.0M | $2.7M | $1.8M | $1.8M | $1.7M | |
| Operating income | −$11.3M | −$26.5M | −$27.7M | −$34.8M | −$54.7M | −$53.3M | |
| Net income | −$5.4M | −$167.3M | −$140.0M | −$42.3M | −$18.4M | −$48.0M | |
| Diluted EPS | −$0.02 | −$0.57 | −$0.41 | −$0.12 | −$0.05 | −$0.13 | |
| Gross margin | 92.5% | 63.8% | 71.4% | 64.8% | 63.6% | 55.4% | |
| Operating margin | -75.3% | -856.3% | -741.8% | -1,266.0% | -1,914.9% | -1,732.1% |
Fiscal years (4-quarter sums)FY21 $6.3M · FY22 $7.2M · FY23 $8.8M · FY24 $8.8M · FY25 $24.6M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $546.2M · Total debt $13.1M · Total assets $1.16B · Shareholders' equity $1.08B
Dividends
No dividends on record.
Ownership
Shares outstanding 367.27M · Float 358.62M · 97.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 33.15M | 9.03% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 22.02M | 6.00% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 15.94M | 4.34% | 13F | Aug 13, 2026 |
| UBS Group AG | 11.65M | 3.17% | 13F | Aug 13, 2026 |
| Geode Capital Management, LLC | 9.27M | 2.52% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| 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 |
| Jun 9, 2026 | John M. Markovich | officer: Chief Financial Officer | −70 | $26.54 |
Peers
- 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.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| D-Wave Quantum | $17.01 | +0.03% | $6.25B | — | — | 502.6 | −0.6% |
| IBM | $235.80 | +0.10% | $221.96B | 20.8 | 18.4 | 3.2 | +1.1% |
| Alphabet Class A | $346.00 | −0.14% | $4.19T | 17.4 | 25.8 | 9.4 | +24.2% |
| IonQ | $39.41 | +0.56% | $14.63B | — | — | 59.4 | +286.8% |
| Microsoft | $513.06 | −0.06% | $3.81T | 28.6 | 26.2 | 11.5 | +17.8% |
| Rigetti Computing | $15.68 | +0.51% | $5.18B | — | — | 388.1 | +185.3% |
| Quantum Computing | $8.18 | +0.25% | $1.83B | — | — | 186.3 | +9,000.0% |
| Median | 20.8 | 25.8 | 35.4 | +104.8% |