A wave of investor enthusiasm for quantum computing across 2024 and 2025 lifted QBTS, and by 2026 it became one of the best-capitalized names in the quantum field. Q1 2026 bookings reached $33.4M, up 1,994% year-over-year, reflecting strong customer demand and expanded go-to-market organization.
Cyborg Score Rationale
FY 2025 revenue increased 179% year-over-year and gross profit increased 265% year-over-year, with D-Wave ending 2025 with the highest liquidity position in company's history at over $884 million. Researchers recently executed highly complex spin-glass physics simulations on D-Wave's processor, solving massive combinatorial instances in mere moments; achieving this on the world's most powerful classical supercomputer, Frontier, would require millions of years.
Top Insights
FY 2025 revenue grew 179% YoY with gross profit up 265%, ending with $884M+ liquidity—the highest in company history (February 2026).
Q1 2026 bookings surged to $33.4M, a 1,994% year-over-year increase, signaling explosive commercial adoption (May 2026).
The acquisition of Quantum Circuits is expected to meaningfully accelerate delivery of a scalable, error-corrected gate model system; D-Wave secured a record-setting $10 million quantum computing as a service agreement with a major customer (Q1 2026).
Total addressable market estimated at $850B, with optimization alone projected at $100B–$220B and gate-model systems expected to address approximately 75% of total market (June 2026).
Quantinuum — Trapped-ion and software quantum computing
IBM Quantum — Superconducting qubit quantum systems and cloud access
Recent Developments
(February 2026) D-Wave reported FY 2025 results with 179% revenue growth and 265% gross profit growth; ended with $884M+ in liquidity.
(May 2026) Q1 2026 bookings reached $33.4M, up 1,994% YoY; announced Quantum Circuits acquisition and record $10M QCaaS agreement.
(June 2026) D-Wave held investor day at NYSE, outlining dual-platform strategy, 5+ year roadmap to error-corrected gate systems, and $850B TAM opportunity.
Open the full interactive D-Wave Quantum Inc. report
Strategic research, analyst-debate audio, full Cyborg Score breakdown across 11 dimensions, and saved-company audio playlists.