Slow development of the quantum computing market
The company's revenue depends on customers adopting quantum workflows and paying for access or systems.
- Scope
- QCaaS, services, and system sales
- Materiality
- high
D-Wave Quantum Inc.
D-Wave Quantum Inc. develops and commercializes quantum computing systems, software, and cloud-based access services. It sells access to its Leap quantum cloud platform, professional services for quantum application development, and superconducting annealing quantum computers, including its Advantage2 system.
−401,9 %
82,6 %
−1 444,1 %
+178,5 %
42.38
42.25
| % | |
|---|---|
| Quantum Computing as a Service (QCaaS) | 55% Cloud subscriptions that give customers access to D-Wave's quantum computing systems through Leap. |
| Professional Services | 20% Consulting, implementation support, and training for quantum application development. |
| Quantum System Sales | 25% Sale of superconducting quantum computer systems for on-premises or dedicated use. |
Customers are organizations that want to test or deploy quantum computing for optimization, AI, research, and related...
- Enterprise and commercial usersprimary
Buy QCaaS subscriptions and services to evaluate and deploy optimization and AI workloads.
- Research and academic institutionssecondary
Use cloud access and system time for experimentation, benchmarking, and research programs.
- Government and public-sector customerssecondary
Purchase access and services for strategic research, national capability, and pilot programs.
- System buyersemerging
Acquire on-premises quantum computers for dedicated workloads and internal control.
D-Wave operates primarily from North America, with leased facilities in Burnaby and Richmond, British Columbia, and...
- •North American operating base with facilities in Canada and the U.S.
- •Burnaby and Richmond support engineering and operations in British Columbia
- •Palo Alto is a key U.S. corporate and technical location
- •New Haven adds another North American operating site
- •Planned Boca Raton HQ and R&D move would expand U.S. presence
D-Wave's strategy is to expand commercial adoption of quantum computing by combining cloud access, services, and system...
01
Scale QCaaS adoptionshort-term
Recurring cloud access can broaden the customer base and improve engagement before larger system sales.
02
Convert use cases into deploymentsmedium-term
Professional services help customers identify practical applications and increase the chance of repeat business.
03
Advance hardware and software capabilitylong-term
Better system performance and reliability are needed to sustain differentiation in a nascent market.
D-Wave remains an early-stage quantum computing company with a business model that depends on market adoption, customer...
Supply-chain and component availability
Quantum hardware relies on critical suppliers and in-house manufacturing, so shortages or delays can disrupt delivery.
- Scope
- Quantum computer systems
- Materiality
- high
Competitive pricing pressure
Rivals may offer more attractive pricing or faster product improvements, reducing D-Wave's margins and win rates.
- Scope
- Cloud access and system sales
- Materiality
- high
Funding and operating loss risk
The company has a history of significant losses and needs capital to fund R&D and commercialization.
- Scope
- Corporate liquidity and growth investment
- Materiality
- high
Trade policy and geopolitical friction
Tariffs, customs duties, and cross-border restrictions can increase costs and complicate sourcing.
- Scope
- U.S.-Canada and global supplier base
- Materiality
- medium
Revenue recognition by contract type
Revenue mix can shift reported growth and margins
Fair value measurement of warrant liabilities
Earnings volatility unrelated to operating performance
Stock-based compensation
Raises reported R&D, G&A, and sales expense
Lease accounting and capitalized project costs
Affects assets, liabilities, and investing cash flow
Zapata Quantum, Inc.
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IonQ, Inc.
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: 28.4.2026