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• IBM for quantum computers
• AWS for quantum cloud computing

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• Quantum Computers (Hardware): D-Wave designs and manufactures quantum annealing systems, such as the Advantage platform, for solving complex optimization and sampling problems.
• Leap Quantum Cloud Service: This cloud-based platform provides customers with real-time access to D-Wave's quantum computers, quantum-classical hybrid solvers, and development tools.
• Hybrid Solvers: These are software tools that integrate classical computing with quantum processing to address larger and more complex optimization problems by intelligently partitioning and solving subproblems.
• Professional Services: D-Wave offers expert consulting, training, and custom application development to assist organizations in leveraging quantum computing for their specific business challenges.

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D-Wave Quantum (QBTS) primarily sells its quantum computing solutions, including hardware, software, and services, to other companies, government entities, and research institutions, rather than to individuals. Its business model is largely B2B (business-to-business).

Here are some of D-Wave's major customers and partners:

• Davidson Technologies (Private company) - Provides quantum computing services to U.S. government customers, including the Department of Defense.
• Denso (Public company: TSE: 6902 / OTCQX: DNZOY) - Global automotive components manufacturer, using D-Wave to optimize manufacturing processes.
• Interpublic Group (IPG) (Public company: NYSE: IPG) - Global advertising and marketing services company, utilizing D-Wave for optimization challenges in media planning and supply chain.
• LG Technology Ventures (Private company) - The corporate venture capital arm of LG Group, which is also an investor in D-Wave.
• Los Alamos National Laboratory (LANL) (Government research institution) - A key customer for quantum computing research and application development, particularly for national security and scientific discovery.
• NEC Corporation (Public company: TSE: 6701) - Global IT and electronics company, collaborating on hybrid quantum solutions and applications.
• Volkswagen (Public company: XTRA: VOW3 / OTCQX: VWAGY) - German automotive manufacturer, has explored D-Wave's quantum annealing for optimizing traffic flow and paint shop processes.
• Accenture (Public company: NYSE: ACN) - Global professional services company, partnering with D-Wave to deliver quantum computing solutions to clients.
• Roche (Public company: SIX: ROG / OTCQX: RHHBY) - Swiss multinational healthcare company, exploring quantum computing for drug discovery and development.
• Boeing (Public company: NYSE: BA) - Has explored D-Wave for aerospace applications.

It's important to note that the quantum computing market is still developing, and many of these relationships are for research, development, and early-stage application testing rather than large-scale commercial deployments yet. D-Wave also makes its systems accessible through cloud platforms like Amazon Braket.

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Alan Baratz, Chief Executive Officer

Dr. Alan Baratz became the CEO of D-Wave in 2020. He previously served as Executive Vice President of R&D and Chief Product Officer at D-Wave, driving the development, delivery, and support of the company's products. With over 25 years of experience in product development and bringing new products to market, he was the first president of JavaSoft at Sun Microsystems. Baratz has held executive positions at Symphony, Avaya, Cisco, and IBM, and served as CEO and president of Versata, Zaplet, and NeoPath Networks. He also worked as a managing director at Warburg Pincus LLC, a private equity firm. He holds a doctorate in computer science from the Massachusetts Institute of Technology (MIT).

John Markovich, Chief Financial Officer

John Markovich is a strategic financial leader with over three decades of experience working with rapidly growing private and public technology companies. He has managed finance, accounting, tax, treasury, M&A, legal, operations, customer service, investor relations, human resources, and IT functions for companies ranging from pre-revenue startups to a NYSE-listed Fortune 500 multinational corporation. Markovich has negotiated and closed over 150 debt, equity, M&A, and joint venture transactions exceeding $2.5 billion, including leading the IPO and refinancing of Rentech Nitrogen, and executing acquisitions and partnerships at Rentech, Inc. and Rentech Nitrogen Partners. He also served as Executive Vice President and CFO of Global Crossing, which was later acquired by Level 3 Communications. He holds a BS in Business from Miami University and an MBA from the Michigan State Graduate School of Business.

Lorenzo Martinelli, Chief Revenue Officer

Lorenzo Martinelli is responsible for leading D-Wave's commercial expansion, overseeing sales, marketing, professional services, and customer success.

Trevor Lanting, Chief Development Officer

Trevor Lanting is a senior R&D executive with over 15 years of experience in technology development.

Sophie Ames, Chief Human Resources Officer

Sophie Ames leads the global human capital innovation strategy vital to D-Wave's growth.

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The public company D-Wave Quantum (symbol: QBTS) faces several significant risks inherent to its position as an early-stage company in the burgeoning quantum computing industry.

The most significant risks include:

1. Sustainability of Financial Profile and Ongoing Losses: D-Wave Quantum has a history of significant losses and is expected to incur substantial expenses and continuing losses for the foreseeable future. The company is characterized as "hemorrhaging cash" and a "cash-burning machine," indicating negative cash flows from operations. Its ability to remain solvent and fund its operations is highly dependent on securing infusions of outside capital.

2. Technological Approach and Intense Competition: D-Wave's core technology relies on quantum annealing, an approach that some experts believe may prove less commercially useful at scale compared to rival gate-based hardware designs. This places D-Wave in direct competition with tech giants such as IBM, Google, and Amazon, which are investing heavily in gate-based quantum computers. The commercial viability and widespread application of quantum computing technology in general are still years away, and D-Wave's success hinges on validating its technology and potentially transitioning to broader platforms.

3. Shareholder Dilution and Stock Volatility: Due to its ongoing need for capital, D-Wave has engaged in equity raises, which have resulted in the dilution of existing shareholders' ownership. The company's stock is considered highly speculative and volatile, with its market price often fluctuating disproportionately to its operating performance and influenced by market sentiment and hype rather than fundamental financial metrics. The stock has traded at a high multiple of sales, suggesting a valuation primarily driven by future growth expectations rather than current fundamentals.

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The rapid advancement and increasing dominance of universal gate-model quantum computing architectures being developed by major competitors (e.g., IBM, Google, IonQ, Quantinuum). While D-Wave has historically focused on quantum annealing for optimization problems and is developing gate-model systems, the broader quantum computing industry is heavily investing in and progressing universal gate-model systems (like superconducting or trapped ion qubits) which promise wider applicability, eventual fault tolerance, and potentially subsume the capabilities of annealing for many problems. Should these universal gate-model systems achieve significant breakthroughs in scalability, error correction, and practical application, they could effectively marginalize the specialized market for D-Wave's annealing-focused quantum computers, analogous to how the multi-purpose iPhone superseded the specialized BlackBerry.

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D-Wave Quantum Inc. (NYSE: QBTS) operates in several key segments of the quantum computing market, offering quantum computing systems (hardware), software and application development tools, cloud-based quantum services, and professional services, with a specialization in quantum annealing and hybrid quantum solutions for optimization problems. The addressable markets for their main products and services are primarily global.

Here are the market sizes for D-Wave Quantum's main products and services:

• Global Quantum Computing Market (overall, encompassing hardware, software, and services): The global quantum computing market was valued at approximately USD 1.16 billion in 2024 and is projected to grow to USD 12.62 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 34.8% during the forecast period. Other estimates place the global market at USD 1.42 billion in 2024, projected to reach USD 4.24 billion by 2030 with a CAGR of 20.5%, or USD 1.17 billion in 2024, projected to reach USD 11.94 billion by 2033 with a CAGR of 29.5%. The market for quantum hardware and software is estimated at $1 billion in 2024 and is expected to expand to approximately $5 billion by 2030 at a CAGR of 36%.
• Global Quantum Computing Systems (Hardware): D-Wave is a provider of quantum computing systems. The global market for quantum computing hardware is expected to exceed $7.1 billion by 2026. More specifically, the global Quantum Computing Engine Market (hardware) is projected to reach USD 1.6 billion in 2024 and grow to USD 8.7 billion by 2033. The system segment of the quantum computing market held a significant share, over 63.91%, in 2024.
• Global Quantum Computing Software Market: D-Wave delivers application development tools and software. The global quantum computing software market was estimated at USD 1.1 billion in 2024 and is projected to reach USD 31.8 billion by 2034, growing at a CAGR of 40.00% from 2025 to 2034. Other reports indicate the market was USD 779.2 million in 2023, projected to reach USD 2.51 billion by 2030 with a CAGR of 18.5%, or USD 0.23 billion in 2024, projected to reach USD 1.57 billion by 2031 with a CAGR of 29.70%.
• Global Quantum Cloud Services (Quantum-as-a-Service - QaaS): D-Wave offers its Leap quantum cloud service. Managed services in quantum computing are projected to reach $206 million globally by 2026, with a CAGR of 44.2%. Quantum Computing as a Service (QCaaS) is projected to experience significant growth and is expected to represent over 40% of the quantum computing market by the end of the decade.
• Global Quantum Annealing Market: D-Wave is a leader in quantum annealing systems. The global quantum annealing market is estimated to be USD 450 million in 2024 and is projected to reach USD 1.9 billion by 2031, growing at a CAGR of 22.6% from 2025 to 2031. The quantum annealing equipment market is projected to exceed $1 billion by 2027.
• Global Quantum Machine Learning Market (an application of quantum software/services): This market is projected to be around USD 1.08 billion in 2024 and is expected to reach USD 20.46 billion by 2034, growing at a CAGR of 34.2% during the forecast period.

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D-Wave Quantum (NYSE: QBTS) is anticipated to drive future revenue growth over the next two to three years through several key initiatives:

1. Growing Customer Base and Commercial Adoption: D-Wave expects to see an increased number of end-users, independent software vendors (ISVs), system integrators (SIs), and resellers implementing its quantum optimization technology to tackle complex challenges. The company reported having over 100 revenue-generating customers, including nearly two dozen Forbes Global 2000 companies, in the most recent four quarters. This expansion of its customer ecosystem and the strategic focus on key verticals like logistics, manufacturing, and government are designed to accelerate sales and transition customer applications into production.
2. Expansion of Product and Service Offerings, including Advantage2 System and Hybrid Solvers: The launch and continued enhancement of its Advantage2 quantum computing system are significant drivers. D-Wave recently secured a €10 million agreement for 50% capacity of an Advantage2 system in Italy, indicating its global expansion and the system's appeal. Additionally, the introduction of new hybrid quantum solver capabilities, such as supporting continuous variables, and expanded use cases are aimed at driving broader adoption and deployment of its quantum optimization offering.
3. Strategic Market Expansion and Partnerships: D-Wave is actively pursuing a new go-to-market strategy focused on accelerating the adoption of commercial quantum technologies in key verticals. The company's recent €10 million deal in Italy not only signifies geographical expansion but also highlights partnerships with governments for quantum computing initiatives. Collaborative efforts, such as working with NASA's JPL to enhance quantum processors, also contribute to market penetration and technological advancement.
4. Shift from Research to Commercial Quantum Applications and Recurring Revenue: The quantum computing industry is transitioning from primarily research and development to securing commercial applications. D-Wave's quantum annealing technology is particularly effective for optimization challenges across various sectors, including logistics, finance, drug discovery, and artificial intelligence. As these applications mature from proof-of-concept to commercial usage, the potential for substantial revenue growth increases. Furthermore, D-Wave aims to build a growing recurring revenue profile through its cloud-based quantum computing services.
5. Overall Industry Growth and Increased Investment in Quantum Computing: Analysts forecast D-Wave's revenue to grow significantly, outstripping the broader US market. This growth is underpinned by a general increase in optimism and investment in the quantum computing sector. Over 80% of enterprises are projected to increase their quantum computing investments in the next two to three years, suggesting a maturing market ready to embrace practical quantum solutions.

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Share Repurchases

• D-Wave Quantum (QBTS) has not reported any significant share repurchases over the last 3-5 years, with a 5-year share buyback ratio of 0.00%.

Share Issuance

• D-Wave went public in August 2022 through a SPAC merger with DPCM Capital, a transaction intended to provide significant capital.
• The SPAC merger included a $40 million Private Investment in Public Equity (PIPE) from strategic and institutional investors, including PSP Investments, NEC Corporation, Goldman Sachs, Yorkville Advisors, and Aegis Group Partners.
• As of September 30, 2025, 345,971,195 shares were outstanding, an increase from 266,595,867 shares as of December 31, 2024, reflecting ongoing share issuances through means such as at-the-market offerings and warrant exercises.

Inbound Investments

• The company completed a $1.2 billion business combination with DPCM Capital, a special purpose acquisition company (SPAC), in August 2022, marking its entry into the public market.
• The SPAC transaction was initially expected to yield $300 million from DPCM Capital's trust account, but $291 million was redeemed by shareholders.
• A $40 million PIPE investment was secured as part of the SPAC merger, involving several strategic and institutional investors.

Outbound Investments

• D-Wave Quantum has not reported any significant outbound investments, such as acquisitions or strategic equity stakes in other companies, in the last 3-5 years.

Capital Expenditures

• Capital expenditures for D-Wave Quantum were -$3.15 million over the last 12 months.
• Projected capital expenditures are approximately $2 million annually from 2025 through 2029, representing about 17% of forecasted revenue.
• These expenditures primarily focus on the development and delivery of quantum computing systems, software, and services, including both annealing and gate-model quantum computers.