D-Wave Quantum Inc.

Overview

D-Wave Quantum Inc. is a quantum-computing company that develops and provides quantum systems, software, cloud access, and related services. Its products span quantum annealing and gate-model technologies, with systems available for on-premises deployment and through its Leap cloud service. The company earns revenue from system sales, quantum-computing-as-a-service, and professional services.[1][2]

Founded in 1999, D-Wave states that its mission is to deliver commercial, trusted quantum solutions for real-world problems.[3] Its operations and customers span multiple geographies: the company has reported facilities in Canada and the United States, a presence in Japan and the United Kingdom, and customers across markets including the United States, Japan, Germany, and Canada.[2]+2

D-Wave reported revenue of approximately $24.6 million for 2025 and $5.9 million for the six months ended June 30, 2026.[6][7] As of February 2026, it reported approximately 388 employees, including full-time and acquired employees.[4] [1]+7

Products & services

D-Wave’s **Advantage2** is its commercial superconducting quantum annealing system, offered for on-premises deployment or through cloud access. The system has more than 4,400 qubits and a Zephyr topology with 20-way qubit connectivity; D-Wave describes its systems as providing sub-second response times.[8][9]

**Leap** provides subscription quantum-computing-as-a-service access to D-Wave computers and quantum-classical hybrid solvers. Its Hybrid Solver Service supports problems with up to two million variables. **Ocean** is D-Wave’s open-source Python SDK for developing applications for its solvers; the solver offerings also include the nonlinear hybrid solver **Stride**. D-Wave’s professional services include application development, implementation support, and training to help customers identify and deploy quantum applications.[10]+5

D-Wave has also added superconducting dual-rail qubit technology and error-detection capabilities through its acquisition of Quantum Circuits, complementing its annealing technology. The company’s 2026 Q2 filing does not report a separate gate-model system revenue stream.[16] For the six months ended June 30, 2026, revenue was reported as QCaaS **$3.619 million (about 61.0%)**, professional services **$1.912 million (32.2%)**, system sales **$0.341 million (5.7%)**, and other **$0.062 million (1.0%)** of total revenue of $5.934 million; percentages are calculated from reported amounts.[17] [8]+14

Geographic presence

D-Wave Quantum’s customer base is international: its FY2025 filing said its platform was offered in 42 countries. Revenue by customer location in FY2025 was concentrated in Germany ($16.765 million; 68.2%), followed by the United States ($2.654 million; 10.8%), Japan ($1.316 million; 5.4%), Switzerland ($0.960 million; 3.9%) and Canada ($0.878 million; 3.6%); other markets contributed $2.014 million (8.2%). The company reported no sales in China, Russia or Ukraine.[18]+3 In the six months ended June 30, 2026, revenue by customer location totaled $5.934 million, led by the United States ($3.865 million; 65.1%), Japan ($0.519 million; 8.7%), Germany ($0.302 million; 5.1%) and Canada ($0.271 million; 4.6%); other markets accounted for $0.977 million (16.5%).[5][22]

The company’s disclosed North American facilities are in Burnaby and Richmond, British Columbia; Palo Alto, California; and New Haven, Connecticut. Burnaby is home to Canadian operations and a Quantum Engineering Center of Excellence, Richmond supports superconducting circuit-board development and manufacturing, and New Haven is a gate-model research and development center.[23][24] As of the Q2 2026 filing, its principal executive offices remained in Palo Alto; the company had planned to move its headquarters to Boca Raton, Florida, and open a U.S. research and development facility there before the end of 2026.[25][23]

As of February 5, 2026, D-Wave had approximately 388 employees, about 58% of whom were based near Burnaby and New Haven; it also reported a small presence in Japan and the United Kingdom, but did not disclose a full employee breakdown by country.[4] At June 30, 2026, long-lived assets were reported mainly in Canada ($18.754 million) and the United States ($15.326 million), with $0.038 million in other locations.[26][27] [18]+11

Business segments

D-Wave Quantum Inc. reports one operating and reportable segment, managed on a consolidated basis; annealing and gate-model quantum computing are technology platforms, not separately reported segments.[28]+2

The company’s reported revenue categories are system sales, quantum-computing-as-a-service (QCaaS), professional services, and other revenue. These are revenue categories rather than formal segments.[15] Based on reported revenue, system sales contributed approximately 65.8% of FY2025 revenue, QCaaS 22.4%, professional services 11.1%, and other revenue 0.7%.[31] In the first half of 2026, the mix was approximately 5.7% system sales, 61.0% QCaaS, 32.2% professional services, and 1.0% other revenue.[17] Percentages are calculated from reported category revenue and total revenue; totals may differ slightly from 100% due to rounding. [28]+13

Company history

D-Wave was founded in 1999. In 2007, it publicly demonstrated Orion, a 16-qubit prototype, and in 2011 its D-Wave One system was installed at USC in a collaboration with Lockheed Martin. The company continued developing larger annealing systems, including D-Wave Two, which was selected for the NASA/Google/USRA Quantum Artificial Intelligence Lab in 2013.[3]+3

D-Wave announced its 2,000-qubit 2000Q system in 2017 and launched Leap, its cloud-based quantum-computing service, in 2018. Alan Baratz became CEO on January 1, 2020; that year the company made its Advantage system, with more than 5,000 qubits, generally available.[10]+2

D-Wave completed its business combination with DPCM Capital in August 2022 and began trading on the NYSE as QBTS. It introduced an Advantage2 prototype through Leap that year; Advantage2 became generally available in May 2025. In January 2026, D-Wave completed its acquisition of Quantum Circuits, adding gate-model technology alongside its annealing platform.[37]+3 [10]+10

Sources

• D-Wave Quantum Inc. — Full financial report (2026 Q 2)
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• D-Wave Quantum Inc. — Full financial report (2025 Y)
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• www.dwavequantum.com[3]
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