D-Wave Quantum Inc. (NYSE: QBTS) is a commercial quantum computing company founded in 1999 and headquartered in Burnaby, British Columbia, with operations now centered in Boca Raton, Florida. The company is the only commercial provider of quantum annealing technology, a specialized form of quantum computing designed to solve large-scale optimization problems in areas such as logistics, workforce scheduling, financial portfolio management, and supply chain routing. D-Wave sells access to its hardware through a cloud subscription service called Leap, offers physical quantum computing systems for on-premises installation at research institutions and government facilities, and deploys professional services teams to help enterprise clients develop and implement quantum applications. The company went public via a SPAC merger in 2022 and has since positioned itself as the world's only commercially viable quantum computing business, distinguishing itself from gate-model competitors such as IBM, Google, IonQ, and Quantinuum by pointing to revenue generated from real customers today rather than hardware that remains years from commercial deployment. In 2025, D-Wave reported nine-month revenue of $21.8 million, a tripling year-over-year, and ended the third quarter with a cash position of $836 million following a series of equity raises. In January 2026, the company acquired Quantum Circuits Inc. for $550 million, announcing an entry into gate-model quantum computing and formally declaring itself a dual-platform quantum company. Our research examines whether the commercial progress underlying these headlines is as substantive as the company's investor communications suggest.
All three reports are published here at no charge and without registration. We make this research freely available as part of our commitment to full public disclosure and compliance with applicable securities laws. Anyone with an interest in D-Wave Quantum is welcome to read, share, and cite these documents.
Coherence Reports is an independent research publisher founded by Josh Speyer. Our mission is to produce rigorous, transparent investment analysis accessible to retail and institutional readers alike. We believe individual investors deserve the same quality of critical research that has historically been reserved for institutional funds and professional short-sellers.
This website and the reports hosted here exist specifically to satisfy our obligation of full public disclosure under applicable securities laws and regulations. Publishing our research freely, without paywalls, registration requirements, or restricted distribution, ensures that our analysis is equally available to all market participants, including the company we are writing about, its management, its current shareholders, and any regulator with an interest in reviewing our work. We have nothing to hide and every incentive to be accurate.
In that spirit, we make the following material disclosures: the authors of the QBTS reports hold short positions in D-Wave Quantum Inc. (NYSE: QBTS) and stand to benefit financially if the stock price declines. This conflict of interest is disclosed prominently on the cover of every report and should be weighed carefully by all readers when evaluating our conclusions. We encourage independent verification of every factual claim we make.
We do not accept payment from any company to produce coverage of their securities. We do not carry advertising. Our only financial interest in any covered security is through positions we disclose explicitly. We believe this structure produces more honest research than models that separate analyst compensation from analytical accuracy.
Nothing published on this site constitutes financial advice, a solicitation, or a recommendation to buy or sell any security. All research is provided for informational purposes only. Readers should conduct their own independent due diligence and consult a qualified financial advisor before making any investment decision.