QBTS D-Wave Quantum Inc.
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Executive Summary
D-Wave held its inaugural Investor Day on June 1, 2026, where management disclosed a proposed $100M U.S. CHIPS Act investment in exchange for common stock, announced Q1 2026 bookings of $33.4M (+1,994% YoY), detailed a gate-model quantum computing roadmap through 2032, and reported $588.4M in liquidity post-QCI acquisition. The event served as a broad strategic update with ambitious forward-looking targets but did not include new audited financials or hard earnings releases.
Actionable Insight
The Investor Day disclosed a transformative potential catalyst in the $100M CHIPS Act LOI and a staggering 1,994% YoY bookings surge to $33.4M in Q1 2026, which should drive near-term momentum. However, gross margins and profitability timelines remain undefined, and the company has raised over $1B since Q1 2024 with ongoing losses. Traders should watch for definitive award documents on the CHIPS funding and the timing of revenue recognition from the $33.4M in bookings.
Key Facts
- Q1 2026 bookings of $33.4M vs prior year, representing a 1,994% YoY increase, including $2.3M from the Quantum Circuits acquisition
- Letter of Intent for $100M investment from the U.S. Government under the CHIPS and Science Act, with $100M in common stock to be issued to the Department
- Gate-model roadmap: 17 physical qubits in 2026, 49 in 2027, 181 in 2028, progressing to 100 logical qubits by 2032 with >2,000x error reduction
- Liquidity position of $588.4M as of Q1 2026, down from ~$838M pro forma after deploying $250M for the Quantum Circuits acquisition in Q1
- Sales headcount grew 220% and solutions headcount grew 129% over the past 18 months
- Total annual Leap QCaaS revenue capacity estimated at $100M-$120M from 4 annealing production quantum computers
- 14 analysts covering with average price target of $36.38 and average 2026 revenue estimate of $42.77M
Financial Impact
The proposed $100M CHIPS Act funding and Q1 bookings of $33.4M are substantial catalysts for a company with a $11.1B market cap, though bookings are an operating metric not equivalent to GAAP revenue
Risk Factors
- The $100M CHIPS Act funding is subject to definitive award documents, milestone conditions, and appropriations—no guarantee of closing
- Issuance of $100M in common stock to the U.S. government will cause dilution to existing shareholders
- Q1 2026 liquidity of $588.4M is burn-intensive with negative EBITDA; analyst consensus estimates 2026 EBITDA at ($118.49M)
- The company is pre-revenue on a scale-adjusted basis; actual revenue figures and GAAP financials were not provided in this filing
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001907982-26-000078 |
| Document: qbts-20260601.htm | 0001907982-26-000078 |
| Document: 0001907982-26-000078-index-headers.html | 0001907982-26-000078 |
| Document: 0001907982-26-000078-index.html | 0001907982-26-000078 |
| Document: 0001907982-26-000078.txt | 0001907982-26-000078 |
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Jun 2, 2026
2d ago
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| $27.55 $27.64 | ▲ +0.33% | ▼ −0.08% | $24.03 (−12.78%) |
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Jun 1, 2026
4d ago
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8-K
| $29.18 $29.91 | ▲ +2.50% | ▲ +2.36% | $24.03 (−17.65%) |
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May 27, 2026
8d ago
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Insider Cluster
| $29.49 $30.14 | ▲ +2.20% | ▲ +1.96% | $24.03 (−18.51%) |
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May 26, 2026
10d ago
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| $27.82 $27.48 | ▼ −1.22% | ▼ −1.24% | $24.03 (−13.62%) |
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May 22, 2026
13d ago
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| $27.82 $27.79 | ▼ −0.11% | ▼ −0.06% | $24.03 (−13.62%) |
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May 21, 2026
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| $25.74 $29.40 | ▲ +14.22% | ▲ +13.77% | $24.03 (−6.64%) |
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May 12, 2026
24d ago
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| $22.35 $21.44 | ▼ −4.07% | ▼ −4.65% | $24.03 (+7.52%) |
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May 4, 2026
4w ago
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| $21.54 $21.54 | · 0.00% | ▼ −1.38% | $24.03 (+11.56%) |
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Mar 13, 2026
12w ago
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Insider Cluster
| $17.55 $17.46 | ▼ −0.51% | ▼ −1.54% | $24.03 (+36.92%) |
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Feb 28, 2026
13w ago
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Institutional Cluster
| $18.94 $18.24 | ▼ −3.70% | ▼ −2.78% | $24.03 (+26.88%) |
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