# D-Wave Quantum Inc.

Summary updated: 2026-10-02T15:39:20.811795Z
Canonical: https://finbar.com/research/companies/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](https://app.finbar.com/go?id=P150219126)[2](https://app.finbar.com/go?id=P95078287)

Founded in 1999, D-Wave states that its mission is to deliver commercial, trusted quantum solutions for real-world problems. [3](https://www.dwavequantum.com/company/about-d-wave/) 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](https://app.finbar.com/go?id=P95078287)[4](https://app.finbar.com/go?id=P5269037)[5](https://app.finbar.com/go?id=T17193366)

D-Wave reported revenue of approximately $24.6 million for 2025 and $5.9 million for the six months ended June 30, 2026. [6](https://app.finbar.com/go?id=T906702)[7](https://app.finbar.com/go?id=T17193353) As of February 2026, it reported approximately 388 employees, including full-time and acquired employees. [4](https://app.finbar.com/go?id=P5269037)
[1](https://app.finbar.com/go?id=P150219126)[2](https://app.finbar.com/go?id=P95078287)[3](https://www.dwavequantum.com/company/about-d-wave/)[4](https://app.finbar.com/go?id=P5269037)[5](https://app.finbar.com/go?id=T17193366)[6](https://app.finbar.com/go?id=T906702)[7](https://app.finbar.com/go?id=T17193353)[3](https://www.dwavequantum.com/company/about-d-wave/)

## 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](https://app.finbar.com/go?id=P150219378)[9](https://www.dwavequantum.com/company/newsroom/press-release/d-wave-announces-general-availability-of-advantage2-quantum-computer-its-most-advanced-and-performant-system/)

**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](https://app.finbar.com/go?id=P50341219)[11](https://app.finbar.com/go?id=P13536417)[12](https://app.finbar.com/go?id=P44401439)[13](https://app.finbar.com/go?id=P44323019)[14](https://app.finbar.com/go?id=P150219393)[15](https://app.finbar.com/go?id=P150219379)

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](https://app.finbar.com/go?id=P150219210) 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](https://app.finbar.com/go?id=T17193365)
[8](https://app.finbar.com/go?id=P150219378)[9](https://www.dwavequantum.com/company/newsroom/press-release/d-wave-announces-general-availability-of-advantage2-quantum-computer-its-most-advanced-and-performant-system/)[10](https://app.finbar.com/go?id=P50341219)[11](https://app.finbar.com/go?id=P13536417)[12](https://app.finbar.com/go?id=P44401439)[13](https://app.finbar.com/go?id=P44323019)[14](https://app.finbar.com/go?id=P150219393)[15](https://app.finbar.com/go?id=P150219379)[16](https://app.finbar.com/go?id=P150219210)[17](https://app.finbar.com/go?id=T17193365)[17](https://app.finbar.com/go?id=T17193365)[17](https://app.finbar.com/go?id=T17193365)[17](https://app.finbar.com/go?id=T17193365)[17](https://app.finbar.com/go?id=T17193365)[9](https://www.dwavequantum.com/company/newsroom/press-release/d-wave-announces-general-availability-of-advantage2-quantum-computer-its-most-advanced-and-performant-system/)

## 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](https://app.finbar.com/go?id=P10651639)[19](https://app.finbar.com/go?id=T8061475)[20](https://app.finbar.com/go?id=P53236457)[21](https://app.finbar.com/go?id=P5093539) 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](https://app.finbar.com/go?id=T17193366)[22](https://app.finbar.com/go?id=P150219238)

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](https://app.finbar.com/go?id=P150219380)[24](https://app.finbar.com/go?id=P111732134) 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](https://app.finbar.com/go?id=P150219054)[23](https://app.finbar.com/go?id=P150219380)

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](https://app.finbar.com/go?id=P5269037) 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](https://app.finbar.com/go?id=T17193385)[27](https://app.finbar.com/go?id=P150219368)
[18](https://app.finbar.com/go?id=P10651639)[19](https://app.finbar.com/go?id=T8061475)[20](https://app.finbar.com/go?id=P53236457)[21](https://app.finbar.com/go?id=P5093539)[5](https://app.finbar.com/go?id=T17193366)[22](https://app.finbar.com/go?id=P150219238)[23](https://app.finbar.com/go?id=P150219380)[24](https://app.finbar.com/go?id=P111732134)[25](https://app.finbar.com/go?id=P150219054)[4](https://app.finbar.com/go?id=P5269037)[26](https://app.finbar.com/go?id=T17193385)[27](https://app.finbar.com/go?id=P150219368)

## 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](https://app.finbar.com/go?id=P58359089)[29](https://app.finbar.com/go?id=P150219366)[30](https://app.finbar.com/go?id=P150219367)

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](https://app.finbar.com/go?id=P150219379) 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](https://app.finbar.com/go?id=T7685998) 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](https://app.finbar.com/go?id=T17193365) Percentages are calculated from reported category revenue and total revenue; totals may differ slightly from 100% due to rounding.
[28](https://app.finbar.com/go?id=P58359089)[29](https://app.finbar.com/go?id=P150219366)[30](https://app.finbar.com/go?id=P150219367)[15](https://app.finbar.com/go?id=P150219379)[31](https://app.finbar.com/go?id=T7685998)[31](https://app.finbar.com/go?id=T7685998)[31](https://app.finbar.com/go?id=T7685998)[31](https://app.finbar.com/go?id=T7685998)[31](https://app.finbar.com/go?id=T7685998)[17](https://app.finbar.com/go?id=T17193365)[17](https://app.finbar.com/go?id=T17193365)[17](https://app.finbar.com/go?id=T17193365)[17](https://app.finbar.com/go?id=T17193365)[17](https://app.finbar.com/go?id=T17193365)

## 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](https://www.dwavequantum.com/company/about-d-wave/)[32](https://www.technologyreview.com/2007/04/06/37553/qa-d-waves-geordie-rose/)[33](https://www.nature.com/articles/474018a)[34](https://www.dwavequantum.com/resources/publication/experience-with-quantum-annealing-computation/)

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](https://app.finbar.com/go?id=P50341219)[35](https://www.dwavequantum.com/company/newsroom/press-release/d-wave-announces-promotion-of-dr-alan-baratz-to-ceo/)[36](https://www.dwavequantum.com/company/newsroom/press-release/d-wave-announces-general-availability-of-first-quantum-computer-built-for-business/)

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](https://www.dwavequantum.com/company/newsroom/press-release/dpcm-capital-inc-and-d-wave-systems-inc-announce-completion-of-business-combination/)[38](https://www.dwavequantum.com/company/newsroom/press-release/ahead-of-the-game-d-wave-delivers-prototype-of-next-generation-advantage2-annealing-quantum-computer/)[9](https://www.dwavequantum.com/company/newsroom/press-release/d-wave-announces-general-availability-of-advantage2-quantum-computer-its-most-advanced-and-performant-system/)[39](https://app.finbar.com/go?id=P74003700)
[10](https://app.finbar.com/go?id=P50341219)[39](https://app.finbar.com/go?id=P74003700)[3](https://www.dwavequantum.com/company/about-d-wave/)[32](https://www.technologyreview.com/2007/04/06/37553/qa-d-waves-geordie-rose/)[33](https://www.nature.com/articles/474018a)[34](https://www.dwavequantum.com/resources/publication/experience-with-quantum-annealing-computation/)[35](https://www.dwavequantum.com/company/newsroom/press-release/d-wave-announces-promotion-of-dr-alan-baratz-to-ceo/)[36](https://www.dwavequantum.com/company/newsroom/press-release/d-wave-announces-general-availability-of-first-quantum-computer-built-for-business/)[37](https://www.dwavequantum.com/company/newsroom/press-release/dpcm-capital-inc-and-d-wave-systems-inc-announce-completion-of-business-combination/)[38](https://www.dwavequantum.com/company/newsroom/press-release/ahead-of-the-game-d-wave-delivers-prototype-of-next-generation-advantage2-annealing-quantum-computer/)[9](https://www.dwavequantum.com/company/newsroom/press-release/d-wave-announces-general-availability-of-advantage2-quantum-computer-its-most-advanced-and-performant-system/)

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39. [D-Wave Quantum Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P74003700)

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