Americké ministerstvo obchodu dokončilo financování v rámci CHIPS Act a získalo menšinové podíly v Rigetti a D-Wave. Akcie Rigetti rostou o 6 % a D-Wave o 5 % v ranním obchodování.
The Commerce Department just took equity stakes in two quantum computing companies, and the fine print on that government ownership may matter more to long-term investors than today's share price pops.
Quantum computing stocks are rallying this morning after the U.S. Commerce Department finalized CHIPS Act funding awards that hand the government minority, non-controlling equity stakes in each recipient. The catalyst applies to multiple funded names, but the wider quantum-computing sector is barely participating.
The Defiance Quantum ETF (NASDAQ:QTUM) is up 1%. Meanwhile, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is down 0.12%, so the sector fund and the broad tape both sit close to flat while the two recipients jump.
Rigetti Computing (NASDAQ:RGTI) stock is up 6% to $16.13 in early trading. Also, D-Wave Quantum (NYSE:QBTS) stock is climbing 5% to $17.46 on matching terms. Peer quantum stocks IonQ (NYSE:IONQ | IONQ Price Prediction) and Quantum Computing Inc. (NASDAQ:QUBT) are trading higher alongside these names.
Commerce Locks In Equity Stakes Rigetti signed a definitive agreement with the Commerce Department for $100 million to accelerate superconducting quantum research and development, allocated under the CHIPS Act. The funding covers three specific projects: miniaturized readout electronics, a new cryostat architecture to expand cryogenic capacity, and fabrication for high-connectivity chip architectures.
D-Wave finalized an award on the same $100 million terms, also carrying a minority, non-controlling government equity stake, according to Rigetti. The structure builds on the letters of intent Commerce outlined in May, when it announced $2.013 billion across nine quantum companies including two foundries and seven system developers. On the Q2 2026 call, Rigetti CEO Subodh Kulkarni stated, “The overall goal of this $100 million is to accelerate our roadmap.”
Two Quantum-Computing Stocks Outpace the Others The awards fund research runway against the scaling problem, and the equity condition attaches dilution to the validation. That trade-off helps explain why the Defiance Quantum ETF is barely budging even as the recipients jump. Rigetti’s superconducting roadmap targets roughly 1,000-qubit systems with 99.9% two-qubit gate fidelity over about three years, while D-Wave’s annealing roadmap targets 20,000 qubits by 2029 and 100,000 qubits by 2031.
IonQ stock is rising on its own catalyst. The company raised its full-year 2026 revenue guidance to $280 million to $290 million after closing its SkyWater Technology acquisition, and it hosts an investor day at the New York Stock Exchange later today. Quantum Computing Inc., a photonics-focused peer with a $42.5 million contract backlog as of June 30, received no Commerce award.
Year-to-Date Scorecard Ticker Session Move Year to Date RGTI up 6% down 26% QBTS up 5% down 33% The year-to-date figures show the market has been discounting both funded names all year. Rigetti stock is down 26% year to date, and D-Wave stock is down 33%, so today’s pop restores only a fraction of the ground lost since December. Both companies still carry heavy cash cushions, with Rigetti at roughly $541 million and D-Wave at about $546 million at the end of Q2 2026.
What to Watch Next Shareholders can watch for the milestone schedule tied to Rigetti’s disbursement and any equivalent detail on D-Wave’s award. Both determine how quickly the government capital converts into hardware progress against Rigetti’s 1,000-qubit target and D-Wave’s 20,000-qubit annealing target.
Traders may want to check for headlines out of IonQ’s investor day this afternoon, which could shift how the cluster trades into the close. Investors sizing their positions should weigh the dilution attached to the government stake against the multi-year research runway it funds. Keeping their exposure moderate makes sense given how volatile these names have been all year.
Contact [email protected] for any questions or corrections.
The tail end of the summer may be giving investors in quantum computing a bit of whiplash. On the one hand, D-Wave Quantum Inc. NASDAQ: QBTS delivered one of the more underwhelming Q2 2026 earnings reports, missing on both earnings and revenue, with sales growth seemingly grinding to a halt while competitors saw healthy acceleration.
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On the other hand, shares of QBTS are up about 20% in the last month, perhaps the first sign of a recovery after a multi-month decline that has been ongoing since May. Short interest in the stock is up, but only to about 1.3% of the float over the past month.
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Despite missing expectations and appearing to fall behind the pack in its last earnings, there is nonetheless a compelling bull case for D-Wave going forward—based on the company's strong potential to convert contracted projects into realized revenue, its capacity to build bookings, its rising backlog, and more.
All of these factors could combine to justify Wall Street's continued enthusiasm and the impressive 90% predicted upside for QBTS stock.
Looking Beyond the Sales SlumpD-Wave's Q2 sales slump is, on the surface, discouraging—particularly given that rivals like IonQ Inc. NYSE: IONQ posted strong growth in this area in their recent reports. However, there are signs beyond revenue that D-Wave's commercial adoption may be poised to take off.
Commercial revenues represented some 62% of revenue for the quarter, an increase of 45% compared to the prior-year quarter. The company is also generating its revenue from more customers—over 100 in the first half of the year—which is an important development for a firm and industry that has traditionally relied heavily on a small number of lucrative contracts to fuel bottom lines.
Crucially, customers are moving beyond experimentation with quantum tech. Production applications accounted for more than 37% of D-Wave's quantum computing as a service (QCaaS) revenue in the first half of 2026, nearly quadruple their share of those sales in the first half of 2025. This could be an indication that clients are more thoroughly integrating quantum computing into their day-to-day operations.
Bookings and Backlog May Be a Hidden Measure of SuccessPerhaps the strongest argument that investors should not write D-Wave off just yet is the company's strong customer demand, as evidenced by its bookings. While much of this demand has not yet translated to realized revenue, the firm noted 59% year over year (YOY) improvement in its quarterly bookings. Looking at the entire first half of the year, bookings were up a stratospheric 1,120% to $35.5 million.
Yes, more than half of that latter figure is due to a single annealing system sale to Florida Atlantic University—though a good portion of that contract has not yet been recognized as revenue in a quarterly earnings report owing to the lengthy delivery, installation, and testing process. This, however, gives investors a glimpse of future earnings, with the anticipation that the majority of that contract—and others—will show up in future revenue figures.
Looking at D-Wave's backlog also gives the impression that momentum is building in key areas. The firm's remaining performance obligations (RPO) suggest that future revenue could be much higher than recent results would indicate. As of the end of June 2026, D-Wave's RPO stood at $40.7 million, a massive 668% up from the same figure one year earlier. If the expected 57% of that backlog converts to revenue in the coming year, investors may look ahead to a major sales boost.
A Reminder of the RisksThe quantum race is continuing at breakneck speed, and despite the potential suggested by some details in D-Wave's recent earnings report, investors should keep in mind the risks. The industry may be stratifying into top performers, middling firms, and up-and-coming stars, and there is always the threat posed by major legacy tech companies as well.
D-Wave's earnings were a disappointment, with revenue coming in below expectations, losses appearing wider than analysts had predicted, and investors reminded that quarterly results are lumpy and unpredictable. Beyond that, quantum as an industry remains speculative, as none of the firms has achieved widespread commercial adoption yet.
D-Wave's technology is compelling, and its poor revenue performance may not reflect the real momentum that is building among customers. However, the company still very much faces an uphill battle if it is to lead the quantum industry in its efforts to revolutionize computing across the board.
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IonQ, Rigetti Computing a D-Wave Quantum hlásí prudký růst tržeb a nové vládní zakázky, ale zároveň dál vykazují hluboké ztráty. Všechny tři tituly zůstávají extrémně volatilní.
Three US-listed quantum pure-plays are posting explosive revenue growth and landing government contracts, yet all three bleed hundreds of millions in losses and swing violently in either direction. Separating the genuine moats from the accounting noise is the only way…
Quantum computing is the most speculative corner of public tech markets right now, and September 2026 offers a fresh chance to size up the three US-listed pure-plays that dominate the conversation. All three trade at nosebleed multiples relative to revenue, all three post enormous operating losses, and all three have delivered violent multi-hundred-percent swings in either direction over the past year. This is a category for risk-tolerant investors willing to underwrite pre-commercial technology in exchange for optionality on a computing paradigm shift.
Sentiment has cooled from last autumn’s mania, but the fundamental story is arguably stronger. Backlogs are exploding, government contracts are landing, and hardware roadmaps are advancing in months instead of years. Here is where the three leading names stand heading into September, with the bull case, one verified data point, and one risk for each.
IonQ (IONQ): The Vertically Integrated Bet IonQ (NYSE:IONQ | IONQ Price Prediction) is the largest quantum pure-play by market cap, sitting at roughly $17 billion after closing at $42.05 on August 25. The stock has ripped 28.05% over the past month but remains down 6.28% year to date, illustrating why this is a name for investors who can stomach whipsaw action.
The bull case tightened materially in August. Q2 revenue hit $80.05 million, up 286.83% year over year, and management raised full-year 2026 guidance to $280 million to $290 million. Remaining performance obligations grew 297% year over year. CEO Niccolo de Masi called it "the fifth consecutive quarter of record results and the strongest quarter in our company’s history." The closed SkyWater acquisition makes IonQ, in management’s own words, "the only vertically integrated, full-stack quantum platform and the largest merchant supplier to the US and allied quantum ecosystem." Analyst consensus is 85% bullish with a $67.68 target price.
The risk is the GAAP picture. Q2 net income was -$1.87 billion, distorted by $1.6 billion in warrant-liability fair-value changes and $141.8 million in stock-based compensation. Beta sits at 3.3. Any speed bump in the SkyWater integration or the 256-qubit roadmap gets punished hard.
Rigetti Computing (RGTI): The Superconducting Wildcard Rigetti Computing (NASDAQ:RGTI) is the smallest of the three by revenue, but the balance sheet is arguably the cleanest. Shares closed at $16.94 on August 25, up 19.72% over one month yet still down 23.52% year to date. The 52-week range of $12.53 to $58.15 tells you everything about the volatility profile.
The bull case is strategic. Rigetti has a letter of intent with the U.S. Department of Commerce for up to $100 million in potential CHIPS Act funding over three years, sits on $541.29 million in cash and investments with no debt, and posted Q2 revenue of $5.14 million, up 185.29% year over year. CEO Subodh Kulkarni pointed to Rigetti’s "open modular approach, superconducting gate-based architecture, and chiplet-based scaling strategy" as competitive differentiators. The consensus model flags 101.53% upside to a base-case price of $34.14.
The risk is scale. R&D burn was $20.73 million in Q2 against tiny revenue, and Rigetti remains heavily dependent on government and academic orders. The Commerce Department funding, if consummated, likely brings dilution. Retail sentiment on Reddit is described as "Bearish retail sentiment."
D-Wave Quantum (QBTS): The Only Commercial Annealer D-Wave Quantum (NYSE:QBTS) closed at $19.35 on August 25, up 28.83% over one year but down 26% year to date. It carries the most bullish analyst posture of the trio, with a 94% bullish sentiment split and a $35.24 analyst target.
The bull case is commercial traction ahead of reported revenue. Q2 revenue was $3.076 million, down 0.61% year over year, missing consensus, yet first-half 2026 bookings surged to $35.50 million from $2.90 million, and remaining performance obligations grew 668% year over year to $40.70 million. Commercial customers now represent 62.4% of Q2 revenue, up from 45.1%. New engagements with AT&T, Nasdaq Verafin, Oki Electric, Shionogi, and Unisys broaden the customer base. CEO Alan Baratz stated that "D-Wave is translating technical leadership into commercial progress."
The risk is the disconnect between bookings and recognized revenue. Adjusted EBITDA loss widened 85% to $37.1 million, cash and investment securities fell to $546.2 million from $819.3 million, and the gate-model roadmap does not target 100 logical qubits until 2032. Beta is 2.16.
Positioning Into September These three stocks share the same speculative DNA: negative forward EPS, warrant-driven GAAP volatility, and roadmaps that stretch years into the future. IonQ offers scale and a vertically integrated moat. Rigetti offers a clean balance sheet and CHIPS Act optionality. D-Wave offers the only commercially deployed annealing business and rapidly accelerating bookings. What happens next depends on execution. If the roadmaps hit, the upside cases the models flag look plausible. If they slip, the drawdowns will be brutal. The risk/reward asymmetry is stark, which is exactly why a name like this belongs inside a fenced-off speculation sleeve with real position-sizing rules (we wrote a free playbook on speculating with just 5% of a portfolio that spells out the sizing and the exit discipline).
Contact [email protected] for any questions or corrections.
D-Wave Quantum klesá o 8 % poté, co oznámila odchod CFO Johna Markoviche. IonQ ztrácí 3 % a Rigetti 5 % v souvislosti se slabší náladou kolem kvantových titulů.
A retiring CFO sent D-Wave Quantum shares tumbling while peers like IonQ and Rigetti got caught in the crossfire, raising a bigger question about whether a routine leadership change reveals something deeper about the risks of owning pre-profit quantum names.
D-Wave Quantum (NYSE:QBTS) stock is down 8% to $17.79 in midday trading Wednesday after the company disclosed its chief financial officer will retire next week. Also, IonQ (NYSE:IONQ | IONQ Price Prediction) shares are down 3% to $40.68, tracking the D-Wave headline as sentiment seems to sour on certain quantum-computing names.
The Defiance Quantum ETF (NASDAQ:QTUM) is down 0.4% to $148.27, barely reacting to the D-Wave move. Meanwhile, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is unchanged at $765.57. That gap between the cluster fund and its noisiest member frames today’s decline as a name-specific event.
D-Wave Quantum stock was down 26% year to date through Tuesday’s close, so today’s reaction lands on a name already under pressure this year. IonQ shares are also lower year-to-date, providing context for today’s sympathy move. D-Wave Quantum’s market capitalization sits at $6.57 billion, while IonQ’s market cap sits at $16.48 billion.
Catalyst: Markovich Retires Effective September 2 D-Wave Quantum announced on August 25 that CFO John Markovich is retiring and stepping down effective September 2. Greg Golkov, senior vice president of finance since May 2023, becomes acting chief financial officer and principal financial and accounting officer.
Golkov brings more than 25 years of finance and accounting experience, previously serving as vice president and controller at Butterfly Network and senior vice president of finance at Kaseya. His current remit at D-Wave Quantum already covers accounting, SEC reporting, financial planning and analysis, treasury and tax, so the internal handoff is coming from a familiar seat. Prior operating roles at technology and IT services businesses give Golkov experience relevant to D-Wave Quantum’s cloud-first commercial model.
D-Wave Quantum’s release stated explicitly that the resignation was not the result of any disagreement with the company on any matter relating to its business, operations, accounting policies, practices, financial statements, disclosure controls and procedures, or internal control over financial reporting. CEO Alan Baratz credited Markovich with a pivotal role in taking the company public in 2022, raising over $900 million in capital, and developing a path to profitability.
Why an Orderly CFO Change Is Sinking QBTS The company is a pre-profit business with a $6.57 billion market capitalization built on future capital raises and future revenue conversion. The company is the only company offering both annealing and gate-model quantum computing systems, sells through the Leap quantum cloud service, professional services, and on-premises systems, and serves more than 100 organizations while holding over 290 U.S. granted patents.
At companies at this stage, the finance seat carries more weight than at a mature operator, because credibility around the path to profitability and the ability to execute additional financings run through it. D-Wave Quantum has stated there was no accounting or controls issue behind the change, so today’s response reads as sentiment around an unexpected leadership shift at a speculative name.
D-Wave Quantum’s Q2 2026 results underline why finance leadership matters at this stage. The company reported Q2 revenue of $3.08 million (missing the $4.03 million estimate), while remaining performance obligations reached $40.7 million, up 668% year over year.
IonQ’s own most recent quarter provides useful contrast on why the market reacts differently to different quantum names. IonQ reported Q2 2026 revenue of $80.05 million (beating the $66.42 million estimate) and raised its full-year 2026 outlook to $280 million to $290 million. That stronger fundamental profile helps explain why the sympathy move in IonQ stock is smaller than the primary reaction in D-Wave Quantum stock today.
Peer Reaction and Position Sizing Other quantum names frequently trade alongside D-Wave and IonQ shares on quantum headlines, and remain part of the same speculative basket. The 3% slide in IonQ stock today, alongside a barely-moved Defiance Quantum ETF, is a reminder of how correlated the group remains, even when the trigger belongs to one company.
Rigetti Computing (NASDAQ:RGTI) stock is trading at $16.12, down 5%. Quantum Computing Inc. (NASDAQ:QUBT) stock is down only 1% to $8.35. Both names are lower on the session, but as you can see, the damage isn’t evenly spread.
For position sizing, investors holding D-Wave Quantum stock into this transition may want to keep their exposure modest until Golkov’s tenure produces a full quarterly close and an earnings call. D-Wave Quantum stock carries a beta of 2.16 and a 52-week range of $12.75 to $46.75, which argues for smaller position sizes than a mature technology name would warrant (we wrote a free playbook on sizing speculative bets to no more than 5% of a portfolio, here).
Investors can watch for signs that the acting CFO tag becomes permanent, which would remove one layer of uncertainty from this story. D-Wave Quantum’s next scheduled information point is the Q3 2026 earnings report, where management can address capital planning, the pace of bookings-to-revenue conversion, and the path to profitability under new finance leadership.
Contact [email protected] for any questions or corrections.
D-Wave Quantum oznámila, že RPO dosáhlo na konci června 40,7 milionu USD, což je meziročně o 668 % více. Více než polovina této zakázkové knihy by se měla proměnit v tržby během příštího roku.
D-Wave Quantum (QBTS -5.08%) is a genuine rarity. It's a pure-play quantum computing company with actual paying customers, and its systems are already running production workloads.
Real customers, real results AT&T cut a complex network optimization task from roughly an hour to under 15 seconds using D-Wave's annealing technology. That's not a demo. That's a useful business tool.
Management discussed the AT&T project among several other deals on the recent Q2 2026 earnings call. Remaining performance obligations (RPO) hit $40.7 million at the end of June, up 668% year over year. More than half of this backlog should convert into revenue over the next year.
The business is also broadening. D-Wave's January acquisition of Quantum Circuits added a gate-model program to its established annealing platform. A peer-reviewed Nature paper published this summer validated key architectural claims about the resulting dual-rail approach. Management is targeting 100 logical qubits and over 1 million reliable gate operations by 2032 -- thresholds often seen as the minimum for large-scale commercial operations.
Image source: The Motley Fool.
Growing pains But this year brought some turbulence alongside the progress. CFO John Markovich announced his retirement this week, effective Sept. 2. His interim replacement is a capable finance veteran, but leadership continuity matters. D-Wave's stock fell 9.5% on the day of that announcement.
The company is burning cash fast and spending heavily to build out a brand-new gate-model business. Is that the right time to install new financial leadership?
Early production deployments are not the same thing as a profitable business. Free cash flow was -$119 million over the last four quarters, up from -$76 million in fiscal year 2025 and -$45 million in 2024. The lights are staying on (and D-Wave was able to spend $250 million of cash plus $300 million in stock on the Quantum Circuits buyout) because the company isn't shy about asking shareholders for more money. The share count has doubled in two years, diluting the value of existing shares.
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The safer quantum trade Investors who want quantum exposure without massive financial and execution risks should look at tech giants like IBM (IBM -1.34%) or Alphabet (GOOG +1.53%) (GOOGL +1.74%) instead. These titans can afford to outspend specialists like D-Wave for years. Neither is engaged in annealing technology yet, but that could change in a heartbeat.
If pure-play quantum is nonnegotiable for a portfolio, D-Wave is probably the most defensible choice in that category -- it has real customers and a dual-platform strategy its peers lack. Just size it accordingly, because the valuation assumes everything goes right, and the CFO transition is a reminder that things don't always go right. Personally, I'm not comfortable with the 500x price-to-sales ratio.
Anders Bylund has positions in Alphabet and International Business Machines. The Motley Fool has positions in and recommends Alphabet and International Business Machines. The Motley Fool has a disclosure policy.
D-Wave Quantum vykázala ve 2. čtvrtletí tržby téměř beze změny, ale bookings spadly na 2,1 mil. USD z 33,4 mil. USD v 1. čtvrtletí. Analytici přesto vidí u QBTS 71,49% růstový potenciál.
Key Takeaways D-Wave trails peers after Q2 as revenues fell short and bookings dropped sharply from the prior quarter.D-Wave has $40.7M in RPO, planned 2026 system deliveries and growing production applications.QBTS carries a lofty valuation, while analysts see 71% upside if bookings convert into revenue growth. D-Wave Quantum (QBTS - Free Report) has gained just 0.6% since its Aug. 6 second-quarter earnings report, trailing IonQ (IONQ - Free Report) , Rigetti (RGTI - Free Report) and the S&P 500, as investors appear to be prioritizing near-term financial execution over D-Wave’s long-term technology milestones. The disconnect is evident in the company’s second-quarter revenues, essentially flat year over year and 19.5% below the Zacks Consensus Estimate, while adjusted EBITDA loss widened to $37.1 million.
More importantly, second-quarter bookings were only $2.1 million after a $33.4 million first-quarter haul, indicating the lumpiness of demand despite first-half bookings surging 1,120% to $35.5 million.
Stock Comparison Since QBTS’ Q2 Earnings Announcement
Image Source: Zacks Investment Research
Still, the outlook is improving with $40.7 million of RPO, 57% expected to convert within 12 months, two system deliveries planned for 2026, and production applications already generating 37.3% of first-half QCaaS revenues, providing potential catalysts.
Meanwhile, stronger U.S. policy support for quantum commercialization and domestic supply chains adds a favorable backdrop. The key near-term test is whether bookings convert into revenue and commercial deployments fast enough to justify elevated spending.
Q3 & 2026 Revenue, EPS EstimatesThe Zacks Consensus Estimate for the third quarter of 2026 is pegged at $3.95 million, a 5.7% improvement over the year-ago reported number, with a loss per share expectation of 7 cents (narrower than the year-ago 41 cents of loss), suggesting that the impact of D-Wave’s strong bookings is unlikely to be fully reflected in the near-term results.
For full-year 2026, the Zacks Consensus Estimate for revenue is pegged at $38.63 million, a 57.1% improvement over the 2025 reported number. The projected EPS loss narrows to 28 cents from $1.11 in 2025. The estimates therefore place considerable weight on second-half execution, particularly the conversion of bookings, RPO and planned system deliveries into recognized revenue.
Image Source: Zacks Investment Research
Technical AnalysisGoing by the technical picture, QBTS trades below both its 50-day and 200-day simple moving averages (SMAs). Moreover, the 50-day average remains below the 200-day average, offering no strong technical confirmation of a potential trend reversal. The chart indicates that the market remains cautious despite D-Wave’s improving bookings, RPO and commercial pipeline.
50-200-Day SMAs
Image Source: Zacks Investment Research
Lofty ValuationDespite its commercial momentum, QBTS continues to trade at a lofty valuation relative to its current revenue base. The stock is currently trading at a 12-month Price/Sales ratio of 110.17X, compared with approximately 5X for the S&P 500. Its three-year median P/S ratio stands at 87.89X, also well below the current multiple. This implies that the stock already carries substantial growth expectations, leaving limited room for execution disappointments.
Image Source: Zacks Investment Research
But Price Target is HighWith the short-term average price target of $35.79 implying 71.49% upside from the last close of $20.87, the consensus suggests that, despite the stock’s recent weakness and elevated valuation, analysts see substantial room for appreciation as D-Wave converts its strong bookings and commercial pipeline into revenue growth.
Image Source: Zacks Investment Research
Why Hold QBTS NowInvestors may prefer to hold QBTS rather than book profits or initiate fresh positions, as the stock’s strong commercial pipeline and 71% analyst-implied upside offer meaningful potential, while its lofty valuation and weak technical setup warrant caution. The company’s ability to convert bookings into revenue remains the key catalyst. Accordingly, Zacks Rank #3 (Hold) supports a wait-and-watch approach until execution improves. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
IonQ a Quantinuum se v kvantovém závodě odtrhávají díky vyšší přesnosti; IonQ ve 2. čtvrtletí zvýšil výnosy o 287 % na 80,1 mil. USD a Quantinuum o 279 % na 8 mil. USD.
With second-quarter earnings now in the books for quantum computing stocks, it appears that two are starting to pull away from the pack: IonQ (IONQ +1.25%) and Quantinuum (QNT +3.81%). This perhaps should not be surprising, as these are the two companies using a trapped-ion approach, which has thus far proven to be the most accurate. IonQ has reached 99.99% two-qubit gate fidelity, while Quantinuum has achieved 99.92%, putting them both far ahead of the pack in this metric.
This edge in accuracy is also starting to show up in their earnings results.
Image source: Getty Images.
IonQ: Surging revenue
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IonQ's Q2 revenue soared 287% to $80.1 million, which was well ahead of the $66.4 million average estimate. Importantly, 60% of its revenue came from commercial, non-government customers, showing its solutions are moving beyond lab experiments. Multi-product sales, meanwhile, jumped 40% and accounted for about a quarter of its revenue.
Its order backlog rose to $485 million, up from $122 million a year ago, and it raised its full-year revenue forecast to $280 million to $290 million, excluding its recently closed SkyWater acquisition. The acquisition of the foundry is expected to accelerate its quantum roadmap, as it looks to eventually develop 10,000-qubit chips by 2027. The company also highlighted its move from lasers to its proprietary Electronic Qubit Control (EQC) technology, which uses microwave antennas built directly on its chips. This will help it scale as it lowers costs and reduces energy consumption.
Quantinuum: Oracle partnership is a game changer
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Quantinuum's Q2 revenue surged 279% to $8 million, driven by growth in its cloud business, but the highlight of its earnings report was its strategic partnership with Oracle. Its Helios system will be integrated with Oracle's cloud infrastructure to give customers a quantum-artificial intelligence framework.
The company's order backlog, meanwhile, climbed to $74 million and is projected to reach at least $120 million by year-end. Meanwhile, Quantinuum is looking for its new Sol in 2027 to reach 99.999% logical fidelity. It projects 2026 revenue between $28 million and $32 million, and more than doubling in 2027.
The other quantum names largely reported mixed results. Infleqtion's (INFQ +4.28%) revenue jumped 116% to $12.6 million, and it raised its full-year outlook to $43 million. However, its backlog was up only slightly sequentially at about $21 million. The company has a more mature quantum sensing business, while its neutral-atom technology, which is similar to trapped-ion but with the charge removed, holds promise. It is looking to demonstrate 30 logical qubits on its system by the end of 2026.
D-Wave Quantum (QBTS -1.42%), known for its annealing systems, reported revenue of $3.1 million for the quarter, little changed. It expects Q3 revenue to be similar to Q2, before seeing a big jump in Q4. Importantly, the company is getting into full-fledged gate-based quantum computers, and it said its superconducting dual-rail qubit architecture hit 99.9% two-qubit fidelity. While it showed great speed, in the world of computing, that's a very wide accuracy gap compared to IonQ and Quantinuum.
Rigetti Computing (RGTI -0.80%) reported revenue growth of 185% year over year to $5.1 million. However, like D-Wave, its system also trails significantly in accuracy. Its Cepheus-1-108Q currently operates at a median two-qubit gate fidelity of about 99.1%, while its nine-qubit system has achieved 99.8%. While its systems are fast, it really needs to make big strides in accuracy to be considered a serious contender in the quantum race.
Accuracy is winning Based on their backlogs and revenue, IonQ and Quantinuum are showing that in the race to quantum supremacy, accuracy is more important than speed. IonQ is the leader, while Quantinuum looks poised to make a big leap. That makes these two the stocks to own in the segment right now.
IonQ ve 2. čtvrtletí zvýšila tržby na 80,05 milionu USD, což představuje meziroční nárůst o 286,8 %, a zvedla celoroční výhled na 280 až 290 milionů USD.
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Quantum computing remains one of the market’s most speculative corners, and August has delivered exactly the kind of setup aggressive investors watch for: monster revenue growth, fresh White House policy tailwinds, and stocks that still trade well below their late-2025 highs. Valuations are extreme, losses are widening, and every name on this list carries binary technology risk. These are speculative bets on a still-pre-commercial industry, not core portfolio holdings.
That said, the operating momentum inside the sector has become impossible to ignore. Bookings are compounding, government funding is flowing, and analyst consensus across the three US-listed pure-plays is overwhelmingly bullish. Here are three quantum computing stocks aggressive, risk-tolerant investors are debating this month.
IonQ (NYSE: IONQ): The Revenue Leader Among Pure-Plays
IonQ (NYSE:IONQ | IONQ Price Prediction) trades at $46.26 with a market cap near $18.31 billion, sitting 20% below its 52-week high of $84.64. The recent tape shows the volatility this name demands: shares are up 23.33% over the past month yet only 3.1% year to date.
The bull case starts with the fundamentals. Q2 FY26 revenue hit $80.05 million, up 286.8% year over year, beating consensus by 20.52%. Management raised full-year guidance to $280 million to $290 million, and remaining performance obligations expanded 297% year over year. CEO Niccolo de Masi called Q2 "the strongest quarter in our company’s history". The SkyWater Technology acquisition closed July 31, 2026, giving IonQ a vertically integrated full-stack quantum platform. Analyst sentiment is 85% bullish with 10 buy ratings and zero sells, and the average analyst target sits at $67.68.
The risk is the accounting. GAAP net loss widened to -$1.87 billion in Q2, largely from $1.6 billion in warrant liability fair-value adjustments, and stock-based compensation ran $141.8 million in a single quarter. Beta of 3.3 means every macro tremor gets amplified here.
Rigetti Computing (NASDAQ: RGTI): The Government-Funded Roadmap Play
Rigetti Computing (NASDAQ:RGTI) has been the ugliest chart of the three, down 15.03% year to date to $18.82, but it snapped back 23.41% over the past month. Market cap sits near $6.21 billion against Q2 revenue of just $5.14 million. That ratio alone tells you this is a speculative bet on the roadmap, not the P&L.
What tilts the odds for aggressive buyers is government funding. Rigetti signed a letter of intent with the U.S. Department of Commerce for up to $100 million in potential CHIPS Act funding over three years and holds $541.29 million in cash and investments with zero debt. The Cepheus-1-108Q system achieved 99.9% median single-qubit gate fidelity and 99.1% median two-qubit gate fidelity. Q2 revenue grew 185.3% year over year. Analyst consensus is 69% bullish with a target of $28.81.
The caveat: Q2 adjusted EPS of -$0.05 missed estimates, R&D spend of $20.73 million outpaced revenue several times over, and CHIPS Act funding could bring equity dilution. This remains pre-commercial technology.
D-Wave Quantum (NYSE: QBTS): The Bookings Story
D-Wave Quantum (NYSE:QBTS) closed at $20.725, off 19.04% year to date despite a 15.87% bounce over the past month. Market cap sits at $7.88 billion.
The reported quarter looked ugly on the surface. Q2 revenue of $3.076 million missed consensus by 23.63% and GAAP EPS of -$0.13 missed as well. Look under the hood, though, and the bookings picture is different: H1 2026 bookings surged to $35.50 million from $2.90 million a year earlier, and remaining performance obligations reached $40.70 million, up 668% year over year. Commercial customer revenue mix climbed to 62.4% from 45.1%. D-Wave is the only company pursuing both annealing and gate-model quantum computing, and its AT&T deployment reduced network optimization processing from one hour to under 15 seconds. Analyst consensus is 94% bullish with a target of $35.25.
The risk is timing. Revenue is essentially flat year over year while operating expenses nearly doubled to $54.98 million, adjusted EBITDA loss widened 85%, and cash dropped to $296.6 million from $819.3 million a year prior. RPO conversion has to hit for the thesis to hold.
What to Watch Next
The sector’s next catalyst window centers on execution against the technology roadmaps: IonQ’s 256-qubit demonstration and quantum error correction results, Rigetti’s path toward 1,000-qubit systems with 99.9% two-qubit fidelity over a three-year horizon, and D-Wave’s 17-physical-qubit gate-model system in 2026. Layered on top: White House quantum executive orders reinforcing the sector as a national priority. If the sector keeps its policy tailwind and any single milestone lands cleanly, these names have the beta to move fast in both directions.
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D-Wave Quantum po zveřejnění výsledků za 2. čtvrtletí klesla, i když bookings vyskočily o 1 120 % na 35,5 milionu USD. Tržby byly jen 3 miliony USD a firma dál vykazuje ztrátu.
Investors hope that quantum computing could be the next big investing trend after artificial intelligence, and one of the most talked-about names among quantum computing stocks right now is D-Wave Quantum (QBTS -0.25%).
The company recently reported its second quarter results, and D-Wave stock immediately nosedived, even after a 1,120% increase in bookings.
So, is it time to pick up some of the company's shares after the recent decline? The data suggests you should avoid D-Wave stock for now.
Image source: The Motley Fool.
D-Wave shares are beyond expensive, and revenue is negligible D-Wave's Q2 sales were just $3 million, slightly below sales from the year-ago quarter and missing Wall Street's consensus estimate of over $4 million. The company's loss per share of $0.13 improved from a loss of $0.42 in the year-ago quarter but fell short of the consensus estimate of a loss of $0.09.
While narrowing losses are a positive sign, D-Wave's inconsistent revenue growth is part of the reason why it's difficult to invest in the company right now. Its sales are choppy, often coming in cycles as D-Wave gains a new customer. This makes it hard to gauge the company's growth.
Most importantly, D-Wave's shares are very expensive at a time when the commercial viability of quantum computing is still in question. The stock has a price-to-sales (P/S) ratio of 496, which is beyond expensive and far higher than the average P/S ratio of about 8 for the technology sector. Typically, tech stocks trading at a high premium balance that out with fast-growing revenue. As I just mentioned, D-Wave doesn't have that.
All of the above means that D-Wave is an expensive stock, with uneven revenue, and significant losses. That's not exactly a recipe for success.
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Why it's worth keeping an eye on D-Wave All that said, it's probably worth keeping an eye on where D-Wave is headed. One highlight from the quarter was D-Wave's $35.5 million in bookings, up 1,120% from the year-ago quarter. D-Wave's bookings indicate future revenue potential, though they aren't guaranteed sales.
Still, the large increase shows that D-Wave can attract customers for its quantum computing technology. Those bookings came on the heels of AT&T agreeing to expand its use of D-Wave's tech and potentially deploy it for "complex optimization challenges across its network operations."
It's still the early innings for quantum computing. This means that investors shouldn't be paying a high premium to own D-Wave's stock -- but they should be keeping a close watch on whether the company can turn its bookings into steady and growing revenue in the coming years.
D-Wave Quantum ve 2. čtvrtletí vykázala tržby 3,1 mil. USD téměř beze změny, ale bookings vzrostly o 59 % na 2,1 mil. USD a backlog vyskočil na 40,7 mil. USD.
Quantum Earnings Could Decide Whether the Sector’s Sell-Off Has Gone Too FarD-Wave Quantum NASDAQ: QBTS reported second-quarter 2026 revenue of $3.1 million, essentially unchanged from the year-earlier period, as growth in quantum computing-as-a-service subscriptions and professional services offset a smaller contribution from systems revenue.
The company said second-quarter QCaaS subscription revenue rose 50% year over year to $1.9 million, while professional services revenue increased more than 18% to about $900,000. Systems and other revenue was approximately $300,000, primarily tied to installation and site-preparation activities for a previously announced $20 million system sale to Florida Atlantic University.
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D-Wave’s AT&T Deal Shows Quantum Computing Is Moving Beyond TheoryBookings increased 59% from a year earlier to $2.1 million in the quarter, while the average booking size rose more than 87%, according to Chief Financial Officer John Markovich. The company recognized revenue from about 100 customers, with commercial enterprises accounting for 62.4% of revenue, up from 45.1% a year earlier. Forbes Global 2000 customers represented 47.7% of quarterly revenue, compared with 20.4% in the prior-year quarter.
Losses Rise as Company Invests in Development and Sales D-Wave posted a second-quarter net loss of $48 million, or $0.13 per share, compared with a net loss of $167.3 million, or $0.55 per share, a year earlier. The narrower net loss was primarily driven by a $142 million decline in non-cash, non-operating charges related to the remeasurement of its former warrant liability. The company redeemed all of its remaining publicly traded warrants in November 2025.
D-Wave Quantum or a Quantum ETF: Which Is the Better Bet?Adjusted EBITDA loss widened to $37.1 million from $20 million in the prior-year quarter. Markovich said the increase reflected higher personnel-related spending to support accelerated product development and go-to-market initiatives.
GAAP gross profit declined 14% to $1.7 million, and gross margin fell to 55.4% from 63.8%, which the company attributed primarily to increased personnel costs.
For the first six months of 2026, revenue was $5.9 million, down 67% from $18.1 million in the first half of 2025. The prior-year period included $13.7 million of revenue from D-Wave’s first annealing quantum computer system sale. First-half bookings, however, climbed to $35.5 million from $2.9 million, including the $20 million Florida Atlantic University system order.
Remaining performance obligations, or backlog, totaled $40.7 million as of June 30, up 668% from a year earlier. D-Wave said about 57% of that balance is expected to be recognized as revenue within 12 months and 72% within two years.
Production Applications Gain Greater Share of QCaaS Revenue Chief Executive Officer Alan Baratz said the company now has six customer applications in production and is seeing broader interest from large enterprises. More than 37% of first-half QCaaS revenue, or $1.3 million, came from production business applications, compared with 9.8%, or about $300,000, in the first half of 2025.
D-Wave highlighted several customer deployments during the call:
AT&T expanded its agreement with D-Wave to apply annealing quantum computing to network optimization. D-Wave said one early application reduced processing time from about one hour to less than 15 seconds. AT&T plans to assess further uses involving outage response, technician routing, network planning and traffic management. Optum, a UnitedHealth Group subsidiary, moved from an initial proof-of-technology effort directly into a production application for optimization problems involving thousands of variables and hundreds of thousands of constraints. Baratz said the application had run about 30,000 jobs by mid-June after launching in May. NTT Docomo used D-Wave technology in mobile-network optimization applications. The company said one deployment reduced paging signals by 15%, while another reduced location-registration signals by about 65% and paging signals by 7% during peak periods. Baratz said the company’s QCaaS pipeline is expanding and that D-Wave is closing larger deals with larger companies. He also said roughly 25% to 30% of current discussions involve business units directly or bring business units into conversations early, compared with none a year ago.
Gate-Model Roadmap and Annealing System Plans D-Wave also detailed progress on its gate-model quantum computing program following its acquisition of Quantum Circuits earlier this year. The company announced peer-reviewed research published in Nature describing a two-qubit entangling gate on an eight-qubit dual-rail processor. According to Baratz, the research demonstrated approximately 99.9% fidelity in two-qubit operations with gate times of about 500 nanoseconds.
The company expects to deliver a 17-physical-qubit dual-rail system later in 2026, followed by a 49-physical-qubit system in 2027 and a 181-physical-qubit system in 2028. D-Wave said the systems are designed to demonstrate progressively lower logical error rates. Its longer-term roadmap calls for a 10-logical-qubit system in 2030 and a system with 100 logical qubits and more than 1 million reliable operations by 2032.
Baratz said D-Wave expects to make a gate-model simulator available through its Leap quantum cloud platform later this year. The company said the simulator is intended to support error-aware quantum programming based on the expected behavior of its dual-rail architecture.
On the annealing side, D-Wave reiterated plans for a 20,000-qubit Advantage 3 system in 2029 and a 100,000-qubit system in 2031. The company also expects to ship two annealing quantum computer systems in 2026, likely during the fourth quarter.
Outlook and Liquidity Markovich said third-quarter revenue is expected to rise modestly from second-quarter levels, while fourth-quarter revenue should increase significantly from the third quarter and account for the majority of 2026 revenue. The timing reflects expected fourth-quarter system shipments and the subsequent installation and calibration work, some of which may carry into 2027.
As of June 30, D-Wave had $546.2 million in cash and marketable investment securities, down from $819.3 million a year earlier. More than 90% of the decrease was related to approximately $250 million in cash consideration paid for the Quantum Circuits acquisition, the company said.
About D-Wave Quantum (NASDAQ:QBTS)D-Wave Quantum Inc NYSE: QBTS develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.
The company’s product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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D-Wave Quantum ve 2. čtvrtletí nesplnila odhady tržeb ani zisku na akcii: ztráta činila 13 centů na akcii, což bylo horší než konsenzus na úrovni 10 centů ztráty na akcii, a tržby byly 3,1 milionu USD. Akcie QBTS ráno klesaly o 7,15 %.
D-Wave Quantum Inc. (NASDAQ:QBTS) shares are trading lower Thursday morning as second-quarter revenue and earnings fall short of Wall Street estimates despite surging long-term bookings.
D-Wave Quantum stock is showing downward bias. What should traders watch with QBTS? Q2 Earnings and Revenue Fall Short of Wall Street ProjectionsThe quantum computing firm posted a net loss of 13 cents per share for the quarter ended June 30, falling short of the consensus estimate of 10 cent loss per share. Quarterly revenue remained essentially flat year-over-year at $3.1 million, missing Wall Street projections of $4.03 million.
Operating expenses rose significantly to $55.0 million, up 93% from $28.5 million in the prior-year period, driven by investments in product development and go-to-market strategies.
Strong Bookings and Commercial Enterprise Growth Signal Long-Term PotentialDespite the top- and bottom-line shortfall, D-Wave highlighted key growth metrics. Bookings for the first six months of 2026 jumped 1,120% year-over-year to $35.5 million, supported by customer expansion among commercial enterprises. Forbes Global 2000 clients generated 47.7% of second-quarter revenue, up from 20.4% a year earlier.
Management Highlights Technical Leadership and Commercial MomentumManagement expressed optimism regarding the company’s long-term commercial direction. “This quarter reinforced the strength and breadth of D-Wave’s leadership,” stated Dr. Alan Baratz, Chief Executive Officer of D-Wave. “We expanded commercial momentum through stronger bookings and engagements with major global organizations, while achieving important milestones across our dual-platform technology roadmap.
“D-Wave is translating technical leadership into commercial progress, and we believe that our differentiated technology, expanding customer base and disciplined execution position us to lead as the quantum computing market accelerates.”
QBTS Shares Slide Thursday MorningQBTS Price Action: D-Wave Quantum shares were trading lower by 7.15% at $19.86 on Thursday, according to Benzinga Pro data.
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D-Wave Quantum (QBTS) a Rigetti Computing (RGTI) oznámí hospodářské výsledky za čtvrtletí zítra po silném růstu akcií v období duben–červen. QBTS vzrostl o 75,1 % a RGTI o 43,1 %.
Key Takeaways For QBTS, focus will be on bookings conversion, enterprise demand & progress after Quantum Circuits buyout. RGTI is expected to benefit from Novera deliveries, Cepheus-1 adoption and broader cloud platform activity.Both companies face high expectations. Continued R&D and commercialization spending may dampen profits. With IonQ (IONQ - Free Report) scheduled to release its second-quarter 2026 results today after market close, investor attention will next shift to D-Wave Quantum (QBTS - Free Report) and Rigetti Computing (RGTI - Free Report) , both set to report June-quarter results tomorrow.
The key question is whether the two pureplay quantum computing players can deliver results and business updates that validate their strong stock performance during the quarter. QBTS and RGTI shares surged 75.1% and 43.1%, respectively, in the April-June period, significantly outperforming the 26.6% gain in the Computer and Technology sector and the 14.6% advance in the S&P 500 index.
April-June Stock Comparison: QBTS, RGTI
Image Source: Zacks Investment Research
For D-Wave, key focus areas include bookings conversion, remaining performance obligations, enterprise demand and progress following the Quantum Circuits acquisition. For Rigetti, investors will closely monitor revenue recognition from Novera system deliveries, customer traction for its 108-qubit Cepheus platform, cloud usage and execution against its technology roadmap, while assessing whether management's commentary supports sustained commercial momentum into the second half of 2026.
D-Wave earnings missed estimates in three of the trailing four quarters and topped on one occasion, the average negative surprise being 351.22%.
On the contrary, Rigetti earnings topped estimates in each of the trailing four quarters with an average surprise of 29.17%.
How Are Q2 Estimates Poised for D-Wave and Rigetti?QBTS: The Zacks Consensus Estimate for the second-quarter bottom line has widened by one cent to a loss of 9 cents per share over the past seven days. However, the estimated figure indicates an 83.6% improvement from the year-ago figure.
The consensus mark for second-quarter revenues is pegged at $3.82 million, indicating a 23.2% year-over-year increase.
Image Source: Zacks Investment Research
RGTI: The Zacks Consensus Estimate for the second-quarter bottom line has remained unchanged at a loss of 3 cents per share over the past 60 days. The estimated figure indicates a 40% narrower loss from the year-ago figure.
The consensus mark for second-quarter revenues is pegged at $4.91 million, indicating a 173% year-over-year increase.
Image Source: Zacks Investment Research
What to Expect from D-Wave Quantum's Q2 ResultsD-Wave Quantum entered the second quarter of 2026 with strong commercial momentum after reporting record first-quarter bookings of $33.4 million and remaining performance obligations (RPO) of $42.4 million. This was largely supported by a $20 million system sale and a $10 million enterprise quantum computing-as-a-service agreement. Management indicated second-quarter revenues would be modestly higher sequentially, with a substantial portion of 2026 revenues expected in the second half as system deliveries progress. We expect bookings conversion, revenue recognition from system sales, RPO growth and enterprise adoption to act as crucial factors behind the second-quarter results.
Operationally, D-Wave continued expanding its dual-platform strategy following the Quantum Circuits acquisition, while advancing its gate-model roadmap and commercialization of its annealing systems. Progress in blockchain, AI-related customer deployments and additional system sales are expected to contribute to second-quarter top-line numbers of QBTS. However, continued investments in R&D, sales expansion and integration activities are likely to keep profitability under pressure despite improving business fundamentals.
What to Expect From Rigetti’s Q2 ResultsRigetti started the second quarter with improving commercial execution and continued technology milestones. First-quarter revenues nearly tripled year over year, driven by Novera quantum processing unit (QPU) deliveries, while management indicated that most of the remaining revenues from the previously announced Novera purchase orders would be recognized in the second quarter. The execution of these system deliveries, adoption of the newly launched 108-qubit Cepheus-1 platform and customer activity across Rigetti Quantum Cloud Services, Amazon Braket, Microsoft Azure Quantum and qBraid are expected to have contributed to RGTI’s Q2 performance.
Management also reiterated its focus on improving system fidelity while maintaining a disciplined investment strategy supported by a debt-free balance sheet. Continued spending on R&D, fabrication and infrastructure, however, is likely to have weighed on near-term profitability as Rigetti prioritizes long-term technology leadership over short-term earnings.
What the Zacks Model Unveils for QBTS and RGTI StocksQBTS: Our proven model does not conclusively predict an earnings beat for D-Wave this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.
D-Wave has an Earnings ESP of 0.00%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
The company currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
RGTI: Rigetti has an Earnings ESP of 0.00% and a Zacks Rank #3. This combination also can't conclusively predict an earnings beat tomorrow.
Our TakeD-Wave and Rigetti head into their second-quarter earnings releases with solid operational momentum, but elevated expectations following their strong April-June stock rallies, which leave little room for disappointment. D-Wave's bookings conversion, enterprise demand and commercialization progress are the crucial factors this time, while Rigetti's execution on Novera system deliveries, cloud adoption and technology roadmap will remain key.
Although both companies continue to invest aggressively in R&D and commercialization, near-term profitability is likely to remain under pressure. While D-Wave's Zacks Rank reflects its stronger fundamental outlook, that of Rigetti suggests investors may prefer waiting for further evidence of sustained execution following its recent rally.
D-Wave oznámila průlom v kvantové korekci chyb: studie v časopise Nature ukazuje rychlou dvouqubitovou entangling bránu s asi 99,9% fidelitou, dobou brány kolem 500 nanosekund a nižší hardwarovou režií. Firma říká, že to posouvá její cestu k praktickému fault-tolerantnímu gate-modelovému kvantovému počítači.
New peer-reviewed paper published in Nature confirms D-Wave’s gate-model technology can deliver efficient quantum error correction with significantly lower hardware overhead as systems scale
Research validates D-Wave's dual-rail technology as a scalable foundation for commercial, fault-tolerant gate-model quantum computing
PALO ALTO, Calif.--(BUSINESS WIRE)--D-Wave Quantum Inc. (Nasdaq: QBTS), (“D-Wave” or the “Company”), the only dual-platform quantum computing company providing both annealing and gate-model systems, software, and services, today announced a major research breakthrough advancing the path to practical, fault-tolerant gate-model quantum computing. Published in the peer-reviewed scientific journal Nature, the research demonstrates a fast, high-fidelity, two-qubit entangling gate that preserves the error-correction advantages of D-Wave’s superconducting dual-rail qubit architecture. The results address one of the industry’s most consequential challenges by reducing the immense quantum and classical hardware overhead typically required to detect and correct quantum errors as systems scale.
The paper, “An entangling gate for dual-rail erasure qubits,” details a new two-qubit entangling gate, a fundamental building block of quantum computation, designed to support efficient quantum error correction. The research demonstrates approximately 99.9% fidelity during two-qubit operations, with fast gate times of about 500 nanoseconds, enabled by native hardware-level error detection. Leveraging these results, D-Wave simulations indicate its dual-rail architecture could reduce the logical error rate by as much as a factor of 10 for each increment in error correction, significantly reducing the physical qubit overhead required for fault-tolerant quantum computing.
“Gate-model quantum computing’s greatest remaining challenge is not simply building more qubits. It is building systems that can correct errors efficiently as they scale,” said Dr. Alan Baratz, CEO of D-Wave. “Superconducting quantum computers are known for speed, but achieving the high fidelity needed for scalable, fault-tolerant systems has remained a challenge. This research demonstrates that our dual-rail architecture combines fast superconducting operations with high-fidelity performance while preserving native hardware-level error detection. We believe that this work confirms our path to commercial fault-tolerant quantum computing is practical and achievable.”
Removing a Major Barrier to Fault-Tolerant Quantum Computing
Quantum information is inherently fragile and highly susceptible to errors, making efficient quantum error correction essential for the development of reliable, fault-tolerant gate-model quantum computers. In many gate-model architectures, correcting those errors requires large numbers of additional physical qubits and operations, creating substantial engineering complexity, cost, and performance constraints. D-Wave’s dual-rail architecture is designed to create a favorable error hierarchy in which the most common quantum errors are also the easiest to correct. The newly published research demonstrates that this favorable error hierarchy is preserved during two-qubit operations, with the technology maintaining both speed and high fidelity. The results establish an important foundation for scalable quantum error correction with substantially lower hardware overhead.
“The entangling gate demonstrated through this research is already integrated into our gate-model systems, where it is delivering comparable performance,” said Dr. Robert Schoelkopf, chief scientist at D-Wave. “We believe these results provide strong evidence that the core architectural principles underpinning our gate-model development roadmap can deliver the speed, fidelity and error-correction efficiency required for practical, fault-tolerant quantum computing.”
The research supports D-Wave’s recently announced gate-model development roadmap, which targets a 2032 completion of a 100-logical-qubit system capable of successfully performing more than 1 million operations. The roadmap brings together D-Wave’s superconducting dual-rail architecture and integrated cryogenic control technology to enable more efficient error detection and awareness as systems scale. D-Wave’s roadmap is targeting an error reduction rate, or Lambda, of 10. Lambda is a measure of how rapidly a quantum computer’s errors are reduced as more error-correction capability is added. A Lambda of 10 means the system becomes 10 times more reliable with each increment in error correction, making it possible to achieve low logical error rates required for fault-tolerant quantum computing with far fewer physical qubits.
“Building a fault-tolerant quantum computer requires systematically solving a series of difficult scientific and engineering challenges, with each success bringing us closer to a scalable system,” said Dr. Trevor Lanting, chief development officer at D-Wave. “This research demonstrates one of the foundational capabilities of our dual-rail architecture and brings us an important step closer to fault-tolerant gate-model quantum computing.”
The research further advances D-Wave’s dual-platform strategy of developing complementary annealing and gate-model quantum computing technologies to address the full range of computationally complex problems.
Read the paper, “An entangling gate for dual-rail erasure qubits,” in Nature here.
Learn more about D-Wave’s gate-model quantum computing here.
About D-Wave Quantum Inc.
D-Wave is a leader in the development and delivery of quantum computing systems, software, and services. It is the world’s first commercial supplier of quantum computers, and the first and only to offer dual-platform quantum computing products and services, spanning both annealing and gate-model quantum computing technologies. D-Wave’s mission is to help customers realize the value of quantum today through enterprise-grade systems available on-premises and via its Leap™ quantum cloud service, which offers 99.9% availability and uptime. More than 100 organizations across commercial, government and research sectors trust D-Wave to address complex computational challenges using quantum computing. Learn more about realizing the value of quantum computing today and how D-Wave is shaping the quantum-driven industrial and societal advancements of tomorrow: www.dwavequantum.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the following words: “believe,” “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “trend,” “estimate,” “predict,” “project,” “potential,” “seem,” “seek,” “future,” “outlook,” “forecast,” “projection,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks discussed under the caption “Item 1A. Risk Factors” in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.
D-Wave Quantum v červenci klesl o 24,6 %, protože investoři zpochybňují návratnost vysokých výdajů na kvantové počítače. Společnost je stále ve ztrátě a před výsledky za 2. čtvrtletí může zůstat volatilní.
Shares of the quantum computing company D-Wave Quantum (QBTS +9.26%) plunged last month as investors grew increasingly skeptical that big bets in the tech sector would pay off, including artificial intelligence and quantum computing.
Shares of D-Wave fell 24.6% in July, according to data provided by S&P Global Market Intelligence. And if the recent sell-off is any indication, D-Wave's shares could remain volatile for a while.
Image source: Getty Images.
Investors are concerned about spending Tech investors have been increasingly worried that all of the spending that's happening in the sector won't be worth the cost.
One of the best examples of this came last month, when Alphabet reported its second-quarter results, saying that capital expenditures would rise to $205 billion this year and would likely be higher next year. The spending sent Alphabet's free cash flow into negative territory for the first time in more than two decades.
Alphabet's stock fell after the company released its quarterly results, as investors lost faith that the company's bets in AI are worth the cost. And while D-Wave isn't an AI company, its shares suffered the same fate in July because investors took a similar view that D-Wave's bets on quantum computing won't pay off.
D-Wave reported a net loss of $18.4 million in the first quarter and had just $2.9 million in revenue. And its costs are rising, too, with research and development spending more than doubling to nearly $26 million, and its General and Administrative costs surging 150% to over $20 million.
Investors are looking around and seeing costs rise for tech companies, and they're beginning to question whether holding shares is worth the risk.
D-Wave isn't escaping this sentiment, especially considering that the stock is very expensive, with a price-to-sales (P/S) ratio of 496, compared to the tech sector average P/S ratio of about 6.
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More insight coming, but volatility could be ahead D-Wave will report its second-quarter results on Aug. 6, and analysts' consensus estimates are expecting sales of about $43 million, a 75% increase from the year-ago quarter.
But investors will likely be more focused on D-Wave's spending, and with the company still unprofitable and its shares trading for such a high premium, it's not wrong for them to be skeptical.
It's difficult to say how long investors might remain skeptical of unprofitable tech companies. But it appears that a real shift is underway away shareholders in what they expect from companies.
All of which means that D-Wave's shares could remain volatile in the near term as shareholders question whether waiting around for quantum computing profits is worth the risk.
D-Wave má před výsledky za 2. čtvrtletí silnější komerční tah díky rekordním objednávkám, rostoucímu backlogu a vyššímu přijetí mezi firmami. QBTS za období duben až červen vzrostl o 75,1 %.
Key Takeaways D-Wave appears better positioned ahead of Q2 earnings, supported by stronger commercial traction.Record bookings, rising backlog and enterprise adoption are improving D-Wave's revenue visibility.RGTI's outlook hinges on turning technology milestones and QPU demand into steadier commercial revenue. Rigetti Computing (RGTI - Free Report) and D-Wave Quantum (QBTS - Free Report) are gearing up to report second-quarter 2026 results in early August, with investors looking for evidence that the quantum computing rally is being supported by continued commercial execution. While both companies entered the second quarter on the back of better-than-expected first-quarter results, their growth strategies remained distinctly different.
D-Wave continued to build momentum through record bookings, an expanding backlog and rising enterprise adoption of its annealing quantum platform, while Rigetti focused on scaling its superconducting gate-model roadmap with broader customer access to its 108-qubit Cepheus system and growing demand for its on-premises quantum processing units (QPUs).
Investor enthusiasm remained strong during the April-to-June quarter, though D-Wave retained the upper hand in the market. QBTS shares surged 75.1% over the period, outpacing the 43.1% gain in Rigetti stock, reflecting confidence in D-Wave's accelerating commercial traction and system sales outlook.
As both companies prepare to report June-quarter results, investors will closely watch whether Rigetti's technology milestones and D-Wave's growing commercial pipeline translated into stronger financial performance and reinforced their long-term positions in the rapidly evolving quantum computing market.
April to June Price Comparison
Image Source: Zacks Investment Research
Can D-Wave Sustain Its Commercial Momentum in Q2?D-Wave's second-quarter results are likely to reflect continued commercial traction following a record first quarter. Management expects revenues to improve sequentially, driven by the ongoing recognition of revenues from the Florida Atlantic University Advantage2 system sale, steady growth in Quantum Computing as a Service subscriptions and higher professional services revenues. The company also exited the March quarter with record bookings of $33.4 million and remaining performance obligations of $42.4 million, providing healthy revenue visibility heading into the June quarter.
Beyond near-term revenues, investors will also be watching D-Wave's execution on its expanding system sales pipeline. Management now expects to sell two to three quantum systems annually and reiterated that at least two systems are scheduled for delivery in 2026, with additional deals under active negotiation. Progress on bookings conversion, enterprise customer adoption and commercialization of the Advantage2 platform could provide further support to second-quarter performance.
D-Wave also ended the first quarter with approximately $588 million in cash and marketable securities, leaving it well capitalized to fund product development, expand its commercial footprint and advance both its annealing and gate-model quantum computing roadmaps. Any updates on customer wins, system deployments and revenue timing are likely to remain key catalysts for the stock.
What to Expect From Rigetti's Q2 ResultsRigetti's second-quarter results are expected to reflect continued progress in commercializing its superconducting quantum computing platform. The company indicated that the remaining revenues from previously announced Novera QPU purchase orders would be recognized primarily in the second quarter, following strong first-quarter growth driven by system deliveries. Continued execution on government and research contracts, alongside expanding cloud access to its 108-qubit Cepheus-1 system, is also expected to support the June-quarter top line.
Beyond revenues, investors will closely monitor customer adoption and execution against Rigetti's technology roadmap. Management highlighted growing demand for its on-premises Novera QPUs from national laboratories, universities and research institutions, while commercial interest continued to build across industries such as materials, logistics and financial services. Any updates on additional system orders, progress on the C-DAC 108-qubit deployment in India and improvements in the performance of the Cepheus-1 platform could serve as key catalysts during the quarter.
Rigetti ended the first quarter with approximately $569 million in cash, cash equivalents and available-for-sale investments and no debt, providing ample financial flexibility to fund its chiplet-based roadmap, expand fabrication capacity and advance higher-qubit quantum systems. Investors will also look for updates on fidelity improvements, customer deployments and progress toward the company's long-term goal of achieving quantum advantage.
Q2 Earnings Expectation: RGTI Vs. QBTSThe Zacks Consensus Estimate for RGTI’s second-quarter earnings per share (EPS) is pegged at a loss of 3 cents. This suggests an improvement from a 5-cent loss in the year-ago quarter. QBTS is expected to report a loss of 8 cents per share. It had incurred a 55-cent loss a year earlier.
Notably, the consensus estimate for EPS for both companies has remained unchanged over the past 60 days, indicating stable analyst expectations.
RGTI Consensus Estimate
Image Source: Zacks Investment Research
QBTS Consensus Estimate
Image Source: Zacks Investment Research
Short-Term Price Targets Favor QBTS Over RGTIBased on short-term price targets offered by 10 analysts, the average price target of RGTI of $31 represents an increase of 98.2% from the last closing price of $15.64.
Image Source: Zacks Investment Research
Based on short-term price targets offered by 13 analysts, the average price target of QBTS of $38.31 represents an increase of 136.3% from the last closing price of $16.21.
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Our Take: QBTS or RGTI?Both companies are making meaningful progress in quantum computing, but they are at different stages of commercialization. Rigetti's investment thesis continues to hinge on executing its ambitious gate-model roadmap and translating technological advances into a broader base of recurring commercial revenues. The company has demonstrated encouraging progress with its chiplet architecture and cloud expansion, but its business remains heavily influenced by the timing of hardware deployments and research contracts. Until revenue becomes more predictable and commercial adoption broadens beyond early-stage customers, investors may remain cautious despite Rigetti's technological strengths. This outlook aligns with its Zacks Rank #3 (Hold).
D-Wave, meanwhile, appears to have established stronger commercial traction. Rather than relying primarily on future technology milestones, the company is increasingly demonstrating that customers are willing to pay for its existing quantum solutions through cloud subscriptions, enterprise licensing and system sales. Its expanding commercial pipeline and improving revenue visibility suggest execution is becoming a larger driver of the investment story than promise alone. As the quantum industry gradually shifts its focus from technological potential to commercial adoption, D-Wave appears better positioned to capitalize on that transition. Backed by a Zacks Rank #2 (Buy), QBTS looks like the more compelling quantum stock ahead of second-quarter earnings. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
D-Wave Quantum oznámila rozšíření spolupráce s AT&T na využití své kvantové technologie v síťových operacích. Pilot zkrátil dobu zpracování optimalizace sítě zhruba z hodiny na 15 sekund.
Shares of D-Wave Quantum (QBTS -9.51%) jumped Monday morning on the announcement that AT&T (T +1.35%) is expanding its use of the company's quantum computing technology across its network operations. This is excellent news in a rough year for D-Wave's stock, which is down more than 26% in 2026.
So should investors buy D-Wave Quantum's stock now?
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This new agreement with AT&T expands on a pilot program that demonstrated D-Wave's annealing quantum computing cut processing time for a network optimization workload by 240x, from approximately one hour to 15 seconds.
Ultimately, this result with AT&T could catalyze D-Wave as other companies take notice of the real-world results from the pilot program. The quantum computing industry as a whole could use a boost, having largely lost investor enthusiasm this year after a 2025 run-up.
Image source: The Motley Fool.
D-Wave's stock is still highly speculative and volatile. The commercial applicability of quantum commuting is largely unknown and untested. This nod of credibility from AT&T should help. Investors in D-Wave need to proceed with patience and caution, however, as the company has relatively little revenue compared to its losses.
On the positive side, D-Wave has more than $42 million in remaining performance obligations (RPO), a 563% year-over-year increase. The AT&T deal, paired with this jump in RPOs, could signal real traction for D-Wave's technology.
With the stock down significantly in 2026, risk-tolerant long-term investors willing to tolerate continued volatility may see the AT&T deal as the cue to climb aboard.
Catie Hogan has positions in AT&T. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
D-Wave Quantum (QBTS) v červenci klesl o 29,4 % kvůli výběru zisků, obavám z ocenění a makroekonomickým faktorům. Firma čeká na výsledky za 2. čtvrtletí a plánuje přesun kotace z NYSE na Nasdaq.
Key Takeaways D-Wave Quantum has fallen 29.4% in July amid profit-taking, valuation concerns and macro headwinds.QBTS plans a Nasdaq listing transfer and expanded quantum research with an NSF-backed subsidiary grant.QBTS faces weak technical signals as investors await second-quarter earnings and further execution updates. The sharp pullback in D-Wave Quantum (QBTS - Free Report) this month has shifted investor attention from the quantum computing sector's long-term promise to its near-term execution risks. After delivering substantial gains earlier this year, the stock has fallen 29.4% month to date, underperforming the Computer and Technology sector's 1.4% decline and the S&P 500's 1.2% gain.
The weakness reflects a combination of profit-taking after the stock's outsized gains earlier this year, valuation concerns across high-growth quantum names and a macroeconomic backdrop marked by elevated U.S. Treasury yields and expectations that the Federal Reserve will keep interest rates higher for longer. These conditions have weighed disproportionately on speculative technology stocks despite continued enthusiasm for artificial intelligence and quantum computing.
During the same period, QBTS' pure-play quantum computing peers, IonQ (IONQ - Free Report) and Rigetti Computing (RGTI - Free Report) , also witnessed sharp share price declines of 34.1% and 27%, respectively.
Month-to-Date Share Price Comparison
Image Source: Zacks Investment Research
Will July Catalysts Change QBTS' Trajectory?D-Wave Quantum will report its second-quarter earnings in early August. While the stock has remained under pressure amid a broader selloff of speculative growth companies, the company's strategic execution continues to advance. Most notably, D-Wave announced plans to transfer its listing from the NYSE to the Nasdaq later this month, a move expected to enhance its visibility among technology-focused investors and potentially broaden its shareholder base. The company also disclosed that its Quantum Circuits subsidiary received a U.S. National Science Foundation grant to support research in fault-tolerant quantum computing, further strengthening D-Wave's expansion beyond quantum annealing into gate-model quantum systems.
The broader industry backdrop also remains constructive. NVIDIA (NVDA - Free Report) recently introduced an open-source AI decoder that significantly improves quantum error-correction performance, while IBM reaffirmed plans to invest more than $10 billion in quantum technologies over the coming years. Meanwhile, governments across the United States and Europe continue to expand funding for quantum research and commercialization. These developments strengthen the long-term growth opportunity for the sector, although they are yet to offset near-term concerns surrounding elevated valuations, higher Treasury yields and a "higher-for-longer" interest-rate environment that continues to put pressure on pre-profit technology companies.
What Do the Estimates Say?The earnings estimate chart indicates that D-Wave is expected to report a second-quarter loss of 8 cents per share, representing an 85.5% improvement from the year-ago quarter. For full-year 2026, the consensus estimate calls for a loss of 25 cents per share, reflecting a 77.5% improvement from 2025. Despite the broader market selloff, the absence of estimate revisions suggests that analysts have adopted a wait-and-see stance ahead of the company's second-quarter earnings release.
Image Source: Zacks Investment Research
Technical Pressure RemainsThe technical picture remains weak. As the chart shows, QBTS is trading well below both its 50-day SMA and 200-day SMA, indicating sustained bearish momentum. While the sharp correction reflects deteriorating near-term sentiment, upcoming catalysts, including the Nasdaq listing transition and second-quarter earnings, could determine whether the stock stabilizes or extends its decline.
QBTS 50-&-200-Day SMAs
Image Source: Zacks Investment Research
Our TakeDespite near-term macro headwinds and a weak technical setup, D-Wave's strengthening fundamentals and strategic execution support a constructive long-term outlook. The planned Nasdaq listing, continued expansion into gate-model quantum computing and strong earnings expectations position the company favorably ahead of its second-quarter results. Consistent with its Zacks Rank #2 (Buy), we believe the recent pullback offers a buying opportunity for investors willing to look beyond near-term volatility, while recognizing that technical weakness may persist until fresh business catalysts emerge. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways D-Wave raised its outlook to 2-3 system deals annually, with at least 2 deliveries expected this year.QBTS posted $33.4M Q1 bookings as its sales pipeline and average potential deal size more than doubled.QBTS expects multiyear service, maintenance and cloud contracts to add recurring revenue after system sales. D-Wave Quantum (QBTS - Free Report) , or D-Wave, continues to see growing interest in its Advantage2 annealing quantum computer system. During the May 2026 earnings call, management raised its annual outlook for system sales, now expecting to close 2 or 3 system deals per year, with at least 2 system deliveries anticipated this year.
The stronger outlook comes on the back of record first-quarter bookings of $33.4 million, up 1,994% from the year-ago quarter and 149% from the fourth quarter of 2025. More than two dozen commercial customers accounted for more than 31% of quarterly bookings, while educational and research organizations made up the rest.
The largest transaction was the $20 million annealing quantum computer system sale to Florida Atlantic University in January, which D-Wave views as an important collaboration to further quantum computing experimentation and innovation. During the first quarter of 2026, the dollar value of the company’s sales opportunity pipeline more than doubled from the end of the fourth quarter of 2025, while the average potential deal size also more than doubled over the same period.
Management noted that system sales typically involve multiple stages, such as site preparation, delivery, installation and calibration, before customers begin using the systems. While a significant portion of revenues is recognized when a system is delivered, additional revenues are recognized over time as installation and calibration activities progress.
D-Wave also expects most system transactions to include multiyear revenue components, such as service and maintenance contracts, as well as access to its cloud service. These recurring streams expected to complement revenue generated from the initial system sales.
QBTS’ Peer UpdatesAstera Labs (ALAB - Free Report) has announced a significant expansion of its Taiwan operations and Cloud-Scale Interop Lab. This deepens ALAB’s engineering and operational footprint, and strategic coordination with customers and ecosystem partners in one of the world’s most important semiconductor ecosystems. In collaboration with several AI platform providers, Astera Labs will strengthen the validation and system integration work required to bring purpose-built AI infrastructure to market faster.
Arista Networks (ANET - Free Report) has announced a new portfolio of 1.6T networking platforms designed specifically as the foundation for rack-scale AI infrastructure. The 7060XE7 Series represents Arista’s transition from providing high-performance switches to delivering comprehensive rack-scale systems. By addressing the extreme density, power and thermal efficiency requirements of the AI era, these platforms of ANET enable customers to build scale-up and scale-out AI fabrics optimized for air, liquid and hybrid-cooled environments, maximizing compute density per kilowatt of power.
QBTS’ Price Performance, Valuation & EarningsYear to date, QBTS shares have declined 30.1% compared with the industry’s 4.5% fall.
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D-Wave is trading at a forward, five-year Price/Sales (P/S) of 103.29X, significantly higher than its 16.25X median and the industry average of 4.06X.
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The Zacks Consensus Estimate for D-Wave’s 2026 and 2027 loss per share has remained constant in the past 60 days.
Image Source: Zacks Investment Research
D-Wave currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
QBTS oznámila meziroční růst bookings o 1 994 % v 1. čtvrtletí 2026, tažený silnou komerční poptávkou. Společnost zároveň rozšiřuje nabídku mimo oblast annealingu po akvizici Quantum Circuits.
Key Takeaways QBTS bookings jumped 1,994% year over year as commercial momentum continued into first-quarter 2026. QBTS is expanding beyond annealing with a gate-model roadmap after the Quantum Circuits acquisition. QBTS revenues can fluctuate as larger contracts depend on customer deployment schedules and milestones. D-Wave Quantum’s (QBTS - Free Report) shares have surged 42.9% over the past year, showing impressive momentum. It has significantly outperformed the industry’s 14.2% decline and the S&P 500 composite’s 23.1% gain.
With healthy fundamentals and strong growth opportunities, this Zacks Rank #3 (Hold) company appears to be a solid wealth creator for its investors at the moment.
D-Wave Quantum develops and delivers quantum computing systems, software, and services for commercial customers. Core use cases focus on optimization-workforce and production scheduling, vehicle routing and resource allocation, with expanding applications in AI and research. The current sixth-generation annealing system is Advantage2. Revenues come from three primary sources — cloud-based quantum computing as a service (QCaaS), professional services that help customers deploy solutions and on-premises system sales.
Key Catalysts for QBTS’ GrowthD-Wave Quantum’s share price is trending upward, prompted by its commercial momentum carried into the first quarter of 2026. Bookings were up 1,994% from the year-ago period. Over two dozen commercial customers represented over 31% of bookings, while the largest order was the $20 million Florida Atlantic University system sale. Remaining performance obligations were $42.4 million as of March 31, 2026, with about 54% expected to convert to revenues in the next 12 months and 71% in the next two years.
Investors are also focused on the company’s annealing platforms - Advantage2 and the Leap cloud service. The company is extending its product set into gate-model computing following the Quantum Circuits acquisition in January 2026. It highlighted dual-rail qubits with built-in error detection and on-chip cryogenic control as key elements of its gate-model approach. It is targeting roughly 175 physical qubits by the end of 2028 to demonstrate error correction and logical operations, then 10 logical qubits by 2030 and 100 logical qubits by the end of 2032. Alongside this long-dated gate-model roadmap, D-Wave continues to add commercial annealing applications in production and expand research use cases, including work in quantum AI and blockchain benchmarking.
From solvency view point, cash and cash equivalents totaled $338.2 million and marketable investment securities amounted to $250.2 million. Operating cash outflow was $45 million in the first quarter, while investing cash outflow included $250.8 million of cash consideration for the Quantum Circuits acquisition. Even after that step-down, the balance sheet supports continued investment in R&D, sales coverage and system installations. Leap cloud utilization was below 50% entering 2026, which leaves capacity headroom, and additional annealing systems can be installed within months at modest cost.
Factors That May Offset QBTS’ GainsD-Wave’s revenue mix still depends on the timing of larger contracts and system deliveries. First-quarter 2026 revenues fell to $2.9 million from $15.0 million in the first quarter of 2025 because the prior-year quarter included $12.6 million from the first system sale, with no comparable system revenues recognized in the current period.
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While deferred revenues increased to $11.6 million and remaining performance obligations rose to $42.4 million, conversion depends on customer deployment schedules and contract milestones. This setup can drive quarter-to-quarter volatility and delay reported revenues even when bookings are rising.
A Glance at QBTS’ EstimatesIn the past 30 days, the Zacks Consensus Estimate for 2026 loss per share EPS has remained unchanged at 25 cents.
Revenues are projected to grow 63.3% to $40.16 million in 2026, while the same for 2027 is expected to reach $91.76 million (up 128.5%).
Key PickSome better-ranked stocks in the broader internet space are Atlassian (TEAM - Free Report) , BILL Holdings, Inc. (BILL - Free Report) and Compass (COMP - Free Report) .
Atlassian has an earnings yield of 7.1%, well ahead of the industry’s 4.5% yield. Its earnings surpassed estimates in each of the trailing four quarters, the average surprise being 21.5%. The company’s shares have rallied 43.8% against the industry’s 4.8% decline over the past year.
TEAM carries a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
BILL Holdings, carrying a Zacks Rank #1 at present, has an earnings yield of 8.4% compared to the industry’s negative 4.5% yield. Shares of the company have gained 22.8% compared with the industry’s 4.5% growth. BILL’s earnings topped estimates in each of the trailing four quarters, the average surprise being 21.7%.
Compass, carrying a Zacks Rank #1 at present, has an earnings yield of 0.8% compared with the industry’s 4.5% yield. Shares of the company have climbed 43.1% against the industry’s 27.9% decline. COMP’s earnings beat estimates in two of the trailing four quarters, missed in one and matched in the other, the average surprise being 37.8%.
D-Wave byla zařazena mezi lídry v hodnocení IDC MarketScape: Worldwide Quantum Computing 2026 Vendor Assessment. Firma zároveň uvedla, že její Advantage2 vzrostl v používání meziročně o 314 %.
Key Takeaways D-Wave was named a Leader in the IDC MarketScape Worldwide Quantum Computing 2026 Vendor Assessment.QBTS reported 200M submitted problems, with Advantage2 usage up 314% year over year.D-Wave's roadmap targets 10 logical qubits by 2030 and 100 logical qubits by 2032. D-Wave Quantum (QBTS - Free Report) , or D-Wave, has been recognized as a Leader in the IDC MarketScape: Worldwide Quantum Computing 2026 Vendor Assessment. The evaluation assessed vendors based on both their existing capabilities and future strategies. According to the company, the recognition comes as organizations increasingly seek practical quantum solutions that can be integrated into existing enterprise and high-performance computing environments.
The report highlighted several of D-Wave’s strengths, such as its broad production deployment footprint, spanning operational manufacturing, telecommunications, retail, logistics, defense, and research computing workflows. D-Wave submitted more than 200 million problems to its systems. The usage of its Advantage2 system grew 314% year over year, while the Stride hybrid solver usage expanded 114% over the six months as of early 2026.
IDC also highlighted that the company’s enterprise accessibility and hybrid adoption framework, including the Leap cloud platform, Ocean SDK, the Stride hybrid solver and the Leap Quantum LaunchPad onboarding program. These tools help organizations to apply quantum-assisted optimization to problems involving up to 2 million variables without requiring dedicated quantum programming expertise. Beyond optimization, IDC recognized D-Wave’s active effort to extend quantum annealing into scientific computing domains relevant to materials science, electronics, medical imaging, and physical systems modeling.
Another highlight was D-Wave’s roadmap, which includes both continued scaling of quantum annealing systems and expansion into gate-model quantum computing. Key roadmap milestones for the gate-model program include the completion of a 10-logical-qubit system by 2030, which can support the first fault-tolerant algorithms, and completion of a 100-logical-qubit system by 2032, which can support initial quantum chemistry and quantum AI applications.
IDC noted that D-Wave’s dual-platform strategy broadens its long-term opportunity to address a wider range of enterprise workloads as the market evolves.
Key Developments Among QBTS PeersQualcomm Inc. (QCOM - Free Report) recently announced a strategic multi-generation collaboration with Meta to be a supplier for data center CPUs for the latter. Qualcomm Technologies’ data center CPU, the Qualcomm DragonflyC1000, is planned to power Meta’s next-generation server fleet, highlighting the growing importance of high-performance, power-efficient compute in large-scale, scale-out environments. The company’s solutions will be in production starting in the second half of 2028 for future data center capacity expansions.
Intel (INTC - Free Report) has unveiled innovations at Computex 2026 that address customers’ chip-to-systems-level AI needs with solutions tailored to address their specific industry challenges. The company announced rackscale AI infrastructure for customers interested in scaling their inference and agentic workloads based on Intel Xeon processors and SambaNova SN-50 Reconfigurable Dataflow Units. Intel also announced strategic collaborations with Foxconn, Siemens, Hitachi, Echo Neurotechnologies and Greenstone Biosciences to deliver integrated vertical customer solutions based on Intel processors and purpose-built silicon.
The Zacks Rundown for QBTS StockOver the past 12 months, QBTS shares have risen 32.1% against the industry’s 15.6% decline.
Image Source: Zacks Investment Research
D-Wave is trading at a forward, one-year Price/Sales (P/S) of 116.55X, lower than its 169.78X median but significantly above the industry average of 3.89X.
Image Source: Zacks Investment Research
Take a look at how estimates for D-Wave’s 2026 and 2027 earnings are shaping up.
Image Source: Zacks Investment Research
D-Wave currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
D-Wave získala grant NSF ve výši 1,5 milionu USD v rámci programu National Quantum Virtual Laboratory na podporu iniciativy ERASE vedené Yale University. Projekt má rozvíjet škálovatelné, chybově odolné kvantové výpočty.
Key Takeaways New NSF grant adds to growing U.S. government support for D-Wave.QBTS will provide dual-rail gate-model resources through its Quantum Circuits subsidiary.QBTS previously announced a proposed $100M CHIPS Act funding commitment. D-Wave Quantum (QBTS - Free Report) , or D-Wave, has secured a $1.5 million grant under the U.S. National Science Foundation’s National Quantum Virtual Laboratory (“NQVL”) program. The funding will support the company’s participation in ERASE (Erasure Qubits and Dynamic Circuits for Quantum Advantage), a Yale University-led initiative focused on developing the technologies needed for scalable, fault-tolerant quantum computing. The project brings together researchers from leading academic institutions and industry organizations to advance dual-rail gate-model quantum computing hardware, software, error correction and applications.
The University pioneered the dual-rail technology behind D-Wave’s gate-model program and later became part of the company through its January 2026 acquisition of Quantum Circuits, Inc., a Yale startup. As part of the collaboration, D-Wave will provide researchers with access to its superconducting dual-rail gate-model quantum computing resources through the subsidiary. The award also moves ERASE into the second phase of the NQVL program.
Researchers participating in ERASE will be able to explore new software, compilers and error-correction approaches on D-Wave's platform via selected development interfaces and APIs. At the same time, the project will also broaden workforce development efforts with academic and industry partners, helping expand the talent pipeline for quantum technologies.
The latest NSF-funded project builds on growing U.S. government support for D-Wave's quantum computing technologies. In May, the company announced it had signed a Letter of Intent for $100 million of proposed funding under the U.S. CHIPS and Science Act to accelerate the development and scaling of its annealing and gate-model quantum computing systems.
Recent Developments Among QBTS PeersIBM (IBM - Free Report) introduced the world’s first sub-1 nanometer (nm) chip technology, featuring a breakthrough transistor architecture at the 0.7 nm, or 7 angstrom node. The development marks a major milestone for an industry facing the physical limits of traditional chip scaling. IBM’s new sub-1 nm chip packs nearly 100 billion transistors onto a chip the size of a fingernail, nearly twice the density of IBM’s 2 nm chip, unveiled in 2021.
IonQ (IONQ - Free Report) recently unveiled Clavis XG Multiplex, a new addition to its Clavis XG Quantum Key Distribution portfolio, designed to make quantum security even more practical and deployable across metropolitan fiber networks. The Clavis XG product line stands out for its enterprise???grade network integration, offering benefits in form factor and maintenance to configuration and management. IonQ also recently opened a new laboratory suite in Boulder, CO, to support quantum computing R&D and semiconductor chip testing facilities.
The Zacks Rundown for QBTS StockYear to date, QBTS shares have dropped 8.3% compared with the industry’s 14.3% decline.
Image Source: Zacks Investment Research
D-Wave is trading at a forward, three-year Price/Sales (P/S) of 134.69X, significantly higher than its 75.49X median and the industry average of 3.62X.
Image Source: Zacks Investment Research
Take a look at how estimates for D-Wave’s 2026 and 2027 earnings are shaping up.
Image Source: Zacks Investment Research
D-Wave currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
D-Wave oznámila nový kvantový simulátor s gate-modelem a detekcí chyb, který má od září 2026 zpřístupnit programování odolné vůči chybám. Podporuje až 21 qubitů a je součástí plánu na 100 logických qubitů do roku 2032.
Key Takeaways D-Wave unveiled an error-aware gate-model quantum simulator to advance fault-tolerant computing.D-Wave targets 100 logical qubits and 1M successful operations by 2032 using dual-rail architecture.D-Wave's simulator supports up to 21 qubits with error detection and real-time control tools. D-Wave Quantum (QBTS - Free Report) , or D-Wave, recently announced its forthcoming gate-model quantum computing simulator, a move that expands its gate-model roadmap designed to accelerate the development of commercial, fault-tolerant quantum computing. Detailed at the inaugural Investor Day earlier this month, the roadmap targets 100 logical qubits capable of successfully performing over 1 million operations by 2032 through scalable superconducting dual-rail architecture and quantum error correction.
The stimulator is expected to be the first of its kind designed for error-aware programming, with access scheduled to begin in September 2026. Built around D-Wave’s dual-rail technology, it is designed to give developers greater visibility into errors, helping them design applications and workflows that respond to real processor behavior.
By combining error detection and real-time control, the simulator will give developers new tools and data to better understand quantum behavior, prototype quantum applications and error-correction routines and explore more advanced workflows.
Once available through D-Wave's Leap cloud platform, the simulator will offer a quantum programming toolkit with error-aware capabilities, including tools for modeling quantum processor behavior, error detection and real-time control. It will support up to 21 qubits, include ideal and hardware emulation modes, Monte Carlo simulation of real-time quantum system dynamics and integration with familiar development tools, including the company’s Ocean SDK.
D-Wave also plans to introduce quantum development bundles that will provide access to its forthcoming gate-model quantum simulator and systems. These will include Starter and Premium packages, with monthly access allocations and guidance from D-Wave’s expert team. The company says the bundles are designed to support a range of customer needs, from initial exploration to more advanced research and development.
Updates From QBTS PeersQuantum Computing Inc. (QUBT - Free Report) or QCi announced the completion of acquiring NHanced Semiconductors, Inc. for a combination of cash and QCi stock valued at $73.1 million, subject to customary adjustments, and up to an additional $72.0 million if certain performance targets are achieved. The acquisition marks an important step in QCi’s transition from research-driven innovation and prototyping to scalable commercial production. By adding semiconductor and nanophotonics fabrication capabilities, advanced packaging expertise and specialized engineering talent, QCi is strengthening its operational capabilities and manufacturing readiness.
C3 AI (AI - Free Report) announced that Shell Information Technology International B.V. is extending its long-standing collaboration with the company across its global operations. C3 AI has worked with Shell since 2018 to deploy and operate an enterprise-scale predictive maintenance program. Under a new multi-year agreement, Shell will extend its deployment of C3 AI Reliability to enhance its operations, extending predictive maintenance capabilities beyond equipment anomaly detection.
QBTS’ Price Performance, Valuation & EarningsIn the past three months, QBTS shares have risen 58.6%, far above the industry’s 4.8% growth.
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D-Wave is trading at a forward, five-year Price/Sales (P/S) of 130.99X, significantly higher than its median and the industry average.
Image Source: Zacks Investment Research
Estimates for D-Wave’s 2026 and 2027 loss per share have steadily narrowed over the past 90 days.
Image Source: Zacks Investment Research
D-Wave currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
D-Wave Quantum podepsala LOI na 100 milionů USD v rámci CHIPS Act, což signalizuje zájem amerického ministerstva obchodu o její kvantové technologie. Pokud bude dohoda dokončena, podpoří vývoj v USA a Kanadě, konkrétně v připravovaném R&D centru v Boca Raton na Floridě a v R&D centrech v New Havenu v Connecticutu a Burnaby v Britské Kolumbii.
Key Takeaways QBTS signs $100M LOI under CHIPS Act, signaling U.S. Commerce Department interest in its quantum tech.The funding would back D-Wave's R&D facility in Florida, Connecticut and Canada to scale quantum systems.QBTS aims for 100,000-qubit annealing and 10,000-qubit gate-model systems for AI and chemistry. D-Wave Quantum (QBTS - Free Report) , or D-Wave, received a major boost last month that could advance its superconducting annealing and gate-model technology development. The company signed a Letter of Intent (“LOI”) for $100 million in proposed funding under the U.S. CHIPS and Science Act. The LOI signals federal interest in D-Wave’s annealing and gate-model quantum computing technologies and their potential economic impact. If the award is finalized, the company would issue $100 million in shares of its common stock to the U.S. Department of Commerce.
The funding is set to support D-Wave’s work at its forthcoming research and development (R&D) facility in Boca Raton, FL, as well as its R&D centers in New Haven, Connecticut and Burnaby, BC, Canada. Specifically, it aims to help speed up the delivery of advanced superconducting quantum computers, including a 100,000-qubit annealing system and a 10,000-qubit gate-model system.
While D-Wave’s annealing quantum computers are already commercial, its gate-model system is expected to reach commercial viability with 10,000 physical qubits, enabling 100 logical qubits.
With the larger-scale and higher coherence annealing quantum computing systems, the company expects stronger performance gains for solving computational problems in optimization, materials simulation, blockchain and artificial intelligence applications. The larger-scale dual-rail gate-model quantum computer will allow dozens of logical qubits, providing a robust application development platform for a broad range of quantum chemistry and quantum artificial intelligence use cases.
Taken together, these efforts are aimed at building a more resilient, end-to-end quantum computing ecosystem, in line with the CHIPS and Science Act objectives to build domestic capacity in critical technologies and establish a robust and reliable pipeline for the components required to bring state-of-the-art quantum computing systems into the market.
Latest Development From QBTS’ PeersIBM (IBM - Free Report) has announced an expanded collaboration with ServiceNow to address two of the biggest barriers blocking enterprise AI at scale: the AI-ready data problem and the legacy application layer. The partnership aims to combine IBM’s AI, data and automation capabilities with the ServiceNow AI Platform to help enterprises break through outdated systems and put their data to work for AI.
IonQ (IONQ - Free Report) announced Clavis XG Multiplex, a new addition to its Clavis XG Quantum Key Distribution (QKD) portfolio to make quantum security more practical and deployable across metropolitan fiber networks. The system enables high-performance, physics-based key distribution on a customer’s existing network infrastructure without requiring operators to redesign, isolate or dedicate optical networks for quantum security. IONQ also opened a new laboratory suite in Boulder, CO, which will house Quantum Computing R&D and semiconductor chip testing facilities.
QBTS’ Price Performance, Valuation & EstimatesYear to date, QBTS shares have plunged 11.5%, underperforming the industry’s 11.6% fall.
Image Source: Zacks Investment Research
D-Wave is trading at a forward, two-year, price/sales (P/S) of 132.67X, higher than its median and industry average.
Image Source: Zacks Investment Research
Here’s how estimates for D-Wave’s 2026 and 2027 loss per share are shaping up.
Image Source: Zacks Investment Research
D-Wave currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
