D-Wave

D-Wave is the pioneer of commercial quantum annealing systems, publicly traded on NYSE (QBTS). The company completed a $400 million ATM equity offering in Q2 FY 2025, achieving record cash balance of $836.2 million. Q3 FY 2025 revenue reached $3.7M (+100% YoY), with YTD revenue of $21.8M (+235% YoY). Stock rose 220%+ in 2025.

December 2025: Announced Qubits 2026 quantum computing user conference (January 27-28, 2026, Boca Raton, FL) featuring speakers from Anduril, AT&T, Davidson Technologies, Lighthouse DIG, North Wales Police, PolarisQB, Q-Alliance, Quantum Coast Capital, TECNALIA, and Unissant. Created dedicated U.S. Government Business Unit led by Jack Sears Jr. (VP of U.S. Government Solutions) with 25+ years defense/aerospace experience for federal contracts and secure systems meeting government requirements.

FY 2024 bookings exceeded $23 million (+120% YoY), including €10M Q4 booking for 50% Advantage2 capacity in Italy. Demonstrated quantum computational supremacy on real-world problems (Science journal). November 2025: Advantage2 quantum computer deployed at Davidson Technologies (Huntsville, AL) for U.S. government and national defense applications. BASF partnership: hybrid-quantum application reduced manufacturing scheduling from 10 hours to 5 seconds with 14% reduction in lateness.

Major partnerships: BASF, E.ON, GE Vernova, UK NQCC, Nikon, NTT Data, NTT DOCOMO, Sharp Corporation, University of Oxford. Market positioning: practical quantum advantage for optimization, strong government focus. Analyst rating: Strong Buy.