D-Wave Quantum Company Profile (2026)
Company Profile | Quantum Computing | Updated August 2026
D-Wave Quantum: Quantum Annealing, Gate-Model Systems, and Commercial Quantum Applications
D-Wave Quantum is a publicly traded quantum computing company developing quantum annealing and gate-model quantum systems. The company reported Q2 2026 revenue of $3.1 million, with bookings surging 1,120% in the first half of 2026 to $35.5 million. Remaining performance obligations (backlog) rose 668% to $40.7 million, with 57% expected to convert to revenue within 12 months.
Executive Summary
D-Wave Quantum Inc. is a quantum computing company developing quantum annealing and gate-model quantum systems. The company is publicly traded on the New York Stock Exchange under the symbol QBTS.
D-Wave is the world's first commercial supplier of quantum computers and the only company to offer both annealing and gate-model quantum computing products and services.
In Q2 2026, D-Wave reported revenue of $3.1 million, essentially flat year over year. However, bookings surged 1,120% in the first half of 2026 to $35.5 million, and remaining performance obligations rose 668% to $40.7 million.
D-Wave's backlog includes a $20 million quantum computing system sale to Florida Atlantic University, which will be recognized in future revenue. Approximately 57% of the backlog is expected to convert to revenue within 12 months.
D-Wave's long-term vision is to deliver practical quantum computing for optimization, AI, drug discovery, materials science, and other complex problems.
Company Overview
D-Wave Quantum was founded in 1999 and is headquartered in Palo Alto, California. The company went public in 2021 via a SPAC merger and is listed on the NYSE under the symbol QBTS.
D-Wave develops quantum annealing systems, gate-model quantum computers, cloud access, and enterprise quantum solutions. Its systems are accessible through cloud platforms and direct customer deployments.
The company's customers include government agencies, research institutions, automotive companies, financial services firms, and technology organizations.
D-Wave's strategy is to scale its dual-platform quantum approach through hardware deployments, cloud access, and enterprise applications.
Company History
D-Wave was founded in 1999 in British Columbia, Canada, making it the oldest quantum computing company. The company was created to commercialize quantum annealing technology for optimization problems.
D-Wave delivered the world's first commercial quantum computer in 2011 and has since continued to develop both annealing and gate-model systems.
D-Wave went public in 2021 via a SPAC merger. The company has since focused on scaling its quantum systems and expanding its customer base.
In 2026, D-Wave reported strong bookings growth despite flat quarterly revenue. First-half bookings increased 1,120% to $35.5 million, and backlog rose 668% to $40.7 million.
Leadership
- Alan Baratz – Chief Executive Officer – Leads D-Wave's business strategy, product development, and commercialization efforts.
- Dr. Eric Ladizinsky – Co-Founder and Chief Scientist – Provides scientific leadership and technology vision.
- Engineering and Research Teams – Develop quantum annealing and gate-model systems, control electronics, software, and enterprise solutions.
- Finance and Operations – Manage financial planning, investor relations, and capital allocation.
Alan Baratz serves as CEO and has led D-Wave's dual-platform strategy and commercial scaling.
Products & Services
Quantum Annealing Systems
D-Wave develops quantum annealing systems designed for optimization problems. These systems use quantum effects to find optimal or near-optimal solutions to complex combinatorial problems.
Quantum annealing is particularly suited for logistics, scheduling, portfolio optimization, and machine learning applications.
Gate-Model Quantum Computers
D-Wave is also developing gate-model quantum computers for broader quantum applications. The company's gate-model roadmap targets 100 logical qubits and 1 million reliable operations by 2032.
Gate-model systems are designed for quantum chemistry, materials science, AI, and other applications requiring universal quantum computing.
Quantum Cloud Access
D-Wave provides cloud access to its quantum systems through its Leap quantum cloud service. This allows researchers, developers, and enterprises to run quantum algorithms without owning hardware.
Cloud access is intended to accelerate adoption, enable experimentation, and build a quantum developer ecosystem.
Enterprise Solutions
D-Wave works with enterprises to develop quantum applications in optimization, logistics, finance, drug discovery, and AI. The company provides consulting, software, and integration services.
Enterprise solutions are designed to help customers explore quantum advantage and prepare for future quantum capabilities.
AI & Quantum Strategy
D-Wave's strategy is to offer both annealing and gate-model quantum systems, providing customers with flexibility for different applications. The company believes this dual-platform approach offers a competitive advantage.
- Quantum annealing for optimization and AI applications.
- Gate-model systems for universal quantum computing.
- Cloud access through Leap quantum cloud service.
- Enterprise solutions for practical applications.
- Partnerships with cloud providers and research institutions.
- Focus on optimization, chemistry, materials, finance, and AI.
D-Wave's approach is to prove quantum value in specific applications before expanding to broader markets. The company's strong bookings and backlog growth are intended to demonstrate commercial momentum.
Business Model
D-Wave operates as a public quantum computing company selling quantum systems, cloud access, software, and enterprise solutions. Its model includes hardware sales, cloud services, consulting, and partnerships.
The company reported Q2 2026 revenue of $3.1 million, with first-half bookings of $35.5 million and backlog of $40.7 million.
D-Wave is currently in a pre-profitability phase, with significant investment in R&D and scaling.
Financial and Corporate Profile
| Metric | Figure or description |
|---|---|
| Legal name | D-Wave Quantum Inc. |
| Founded | 1999 |
| Headquarters | Palo Alto, California, United States |
| Public listing | New York Stock Exchange |
| Stock symbol | QBTS |
| CEO | Alan Baratz |
| Q2 2026 revenue | $3.1 million |
| H1 2026 bookings | $35.5 million, up 1,120% year over year |
| Backlog (Q2 2026) | $40.7 million, up 668% year over year |
| Backlog conversion | 57% expected within 12 months |
D-Wave's financial performance is tied to its ability to scale quantum deployments and convert bookings into revenue. The company is currently in a high-growth, pre-profitability phase.
Competitive Landscape
D-Wave competes with other quantum computing companies, cloud providers, and research institutions.
| Competitor group | Examples | Competitive overlap |
|---|---|---|
| Quantum annealing | None (D-Wave is the only commercial provider) | Optimization-focused quantum systems |
| Gate-model quantum | IonQ, Rigetti, IBM, Google | Universal quantum computers |
| Trapped-ion quantum | IonQ, Quantinuum | High-fidelity quantum systems |
| Photonic quantum | PsiQuantum, Xanadu | Photonic qubit approaches |
| Cloud quantum services | AWS, Microsoft Azure, Google Cloud | Cloud-based quantum computing access |
D-Wave's main differentiators are its dual-platform approach, commercial quantum annealing systems, and strong bookings growth. Its challenge is achieving quantum advantage and scaling profitably.
Competitive Advantages
- Dual-platform approach – Both annealing and gate-model quantum systems.
- Commercial annealing – Only commercial provider of quantum annealing systems.
- Strong bookings – 1,120% bookings growth in H1 2026.
- Large backlog – $40.7 million backlog, up 668% year over year.
- Cloud access – Leap quantum cloud service for broad accessibility.
- Public company – Access to capital markets for scaling.
Risks and Challenges
- Technical risk – Achieving quantum advantage and error correction at scale.
- Commercial risk – Converting bookings into revenue and achieving profitability.
- Competition – Intense competition from other quantum modalities and cloud providers.
- Execution risk – Scaling operations and technology roadmap.
- Capital needs – Continued investment required until profitable.
- Market timing – Quantum advantage may take longer than expected.
Future Outlook
D-Wave is positioned to benefit from growing interest in quantum computing for optimization, AI, drug discovery, materials science, and finance. The company's dual-platform approach and strong bookings are intended to support scaling.
The key question is whether D-Wave can convert its strong bookings into revenue and achieve quantum advantage. Success could open large markets in enterprise and government applications, while setbacks could delay commercialization.
D-Wave's long-term opportunity is to become a leading quantum platform company, expanding from hardware to broader quantum solutions.
Key Takeaways
- D-Wave Quantum is a publicly traded quantum computing company focused on annealing and gate-model systems.
- The company was founded in 1999 and is headquartered in Palo Alto, California.
- D-Wave reported Q2 2026 revenue of $3.1 million.
- First-half 2026 bookings surged 1,120% to $35.5 million.
- Backlog rose 668% to $40.7 million, with 57% expected to convert within 12 months.
- D-Wave is the only commercial provider of quantum annealing systems.
- The company's platform includes annealing, gate-model, cloud, and enterprise solutions.
- D-Wave competes with IonQ, Rigetti, PsiQuantum, IBM, Google, and cloud providers.
- Its advantages include dual-platform approach, commercial annealing, bookings, and public status.
- Its risks include technical, commercial, competition, execution, capital, and timing challenges.
Frequently Asked Questions
What does D-Wave do?
D-Wave develops quantum annealing and gate-model quantum computers, cloud access, and enterprise solutions.
Is D-Wave public?
Yes. D-Wave is publicly traded on the NYSE under the symbol QBTS.
What is quantum annealing?
Quantum annealing is a quantum computing approach optimized for solving complex optimization problems.
Who founded D-Wave?
D-Wave was founded in 1999 in British Columbia, Canada.
Who competes with D-Wave?
D-Wave competes with IonQ, Rigetti, PsiQuantum, IBM, Google, and cloud providers.
- D-Wave Q2 2026 results and backlog information. Yahoo Finance report.
- D-Wave bookings and revenue details. Investing.com report.
- D-Wave backlog conversion and commercial momentum. The Quantum Insider report.
Profile compiled August 2026. Financial figures, product timelines, and technology roadmaps may change. This article is intended for editorial and informational purposes and does not constitute investment advice.
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