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D-Wave Quantum helps businesses solve optimization problems using quantum computers and software that combines quantum and conventional computing. Customers can subscribe to its Leap cloud service rather than buy a computer. Through D-Wave Launch, customers pay for help identifying suitable problems, testing applications and integrating them into their operations. Applications that reach production generate recurring cloud-access revenue as customers continue using Leap.
The company also sells Advantage2 quantum computers for installation at customer sites, including research institutions, universities and government organizations. System sales account for most of its recent revenue, but these sales are irregular and intermittent. One customer supplies most of its revenue, so the business is heavily concentrated despite its cloud subscriptions and application-development services.
The business depends on turning customer trials into production applications and showing that its quantum and hybrid tools provide value compared with conventional computing. Its commercial systems use quantum annealing, an approach suited to optimization; it is also developing gate-model quantum computers, which are not yet available to customers. Export controls, sanctions and permit requirements can restrict where it sells systems and provides cloud access.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
D-Wave’s results hinge on intermittent system purchases and turning application projects into recurring cloud usage, while SkyWater Technology Foundry is a dependency for processor manufacturing.
Rigetti Computing competes with D-Wave for enterprise, government and research buyers purchasing superconducting quantum computers or cloud access. Watch whether Rigetti shifts from partner-funded technology development, which supplied most revenue in its fiscal 2025 filing, toward processor sales and recurring cloud revenue.
IonQ competes with D-Wave for commercial and government customers buying quantum systems, computing access and help developing applications. Its quantum hardware sales and paid access are the revenue lines to watch for demand from those shared buyers, rather than its networking, sensing or security offerings.
Quantinuum gives enterprise and government customers another choice alongside D-Wave for quantum systems and application software, using a different computing architecture. Watch its work on financial-services risk simulation and electronic-structure calculations for evidence of customers putting quantum computing to use.
Quantum Computing offers hardware buyers an alternative to D-Wave’s annealing machines: its Entropy Quantum Computer uses light to perform computations. Watch whether buyers choose that system, which the company says operates at room temperature in an ordinary server room.
Infleqtion, Inc. competes with D-Wave for government and commercial spending on quantum computers and cloud access through its Sqale systems. Watch Sqale purchases and cloud usage, which remains at a very early commercial stage, separately from Infleqtion’s sensing-product sales.
Pasqal Holding SA competes for enterprise and research buyers that also evaluate D-Wave’s quantum systems and services, offering them neutral-atom quantum computers instead.
Xanadu Quantum Technologies Limited and D-Wave both depend on customers adopting quantum computing, but Xanadu’s light-based computers are pre-commercial while D-Wave sells superconducting systems and cloud access. Watch whether Xanadu turns PennyLane-related services and early customer work into material revenue; in the year ended December 31, 2025, it had no recurring PennyLane subscription revenue.
IBM competes with D-Wave for enterprise adoption of quantum computing through its gate-model program. Watch enterprise use of that program rather than IBM’s overall results, which are driven by software, consulting and infrastructure sold to business clients.
IonQ, Inc. earningsIONQ
IonQ's report will show whether the commercial and government buyers it shares with D-Wave are purchasing quantum hardware or paying for computing access.
Look separately at IonQ's quantum hardware sales and paid computing access. Strength in both would show shared buyers beginning to spend on quantum computing, a helpful demand signal for D-Wave but not proof they will choose D-Wave's annealing systems; weakness in both would suggest buyers remain cautious and D-Wave must prove demand through its own system sales and cloud subscriptions.
D-Wave Quantum Inc. earningsThis company
D-Wave Quantum needs to turn system deliveries and customer projects into repeat cloud use, and this report will show whether that shift is taking hold.
Compare QCaaS subscription revenue with system sales and professional-services revenue, and check whether one customer still accounts for an outsized share. Cloud subscriptions growing alongside services, with less dependence on system sales and a broader customer base, would show projects reaching repeat use; if systems or one customer still carry revenue while subscriptions lag, repeat demand remains fragile.
