D-Wave Quantum Inc.
QBTS 5Price and target zones价格与目标区间
What the company does公司做什么
D-Wave builds quantum computers and rents access to them over the internet. Its machines use "annealing", a specialised approach aimed at one narrow job: finding the best option out of an enormous number of possibilities. This is a real technology company, but its revenue is tiny and its losses are very large — a speculative holding.D-Wave 制造量子计算机，并通过互联网出租对它们的访问权。它的机器使用“annealing（退火）”，这是一种专门针对一项狭窄任务的特殊方法：从数量极其庞大的可能性中找出最优选项。这是一家真正的技术公司，但它的收入很小、亏损非常大——是一项投机性的持仓。
Earns from营收来源 cloud access to its machines, outright system sales, and services. FY2025 revenue was $24.6 million, up from $8.8 million.对其机器的云端访问、整机出售，以及服务。2025财年收入是 $24.6 million，高于此前的 $8.8 million。
Read the full description查看完整介绍
D-Wave Quantum Inc. engages in the development and delivery of quantum computing systems, software, and services worldwide. It provides Advantage and Advantage 2 quantum computers; Ocean, a suite of open-source tools; and Leap quantum cloud service, a cloud-based service that provides real-time access to quantum computers and quantum hybrid solvers; and secure access and data protection services, as well as Ocean software development kit (SDK), a Python-based SDK for developers to learn and build applications on company's server. The company also provides Leap hybrid solver service that offers a combination of quantum and classical computation resources and advanced algorithms to solve problems of enterprise scale; and D-Wave Launch, a phased approach to identify and build in-production quantum hybrid applications, including training sessions and quantum computing access. In addition, the company offers D-Wave Advantage annealing quantum computing systems; and Ocean developer tools. Its quantum solutions are used in allocation, resource scheduling, factory scheduling, vehicle routing, logistics optimization, drug discovery, industrial construction design, portfolio optimization and maintenance, repair, and overhaul optimization. D-Wave Quantum Inc. was founded in 1999 and is based in Palo Alto, California.
Roadmap路线图 the path to real revenue通往真实收入之路
- Quantum-supremacy claim量子霸权宣称
A peer-reviewed Science study showed its computer solving a real materials-simulation problem faster than a top supercomputer.一项经同行评审的《科学》研究显示，它的计算机在真实材料模拟问题上比顶级超级计算机更快得出结果。
- Advantage2 system liveAdvantage2 系统上线
The sixth-generation Advantage2 machine, with more than 4,400 qubits, opened for cloud access and on-site deployment.第六代 Advantage2 机器，拥有超过 4,400 个量子比特，开放云端访问和现场部署。
- Revenue up 179%收入增长 179%
Full-year revenue rose to $24.6M from $8.8M, with more than 100 paying customers and a Q4 bookings jump to $13.4M.全年收入从 880 万美元增至 2,460 万美元，付费客户超过 100 家，第四季度订单额跃升至 1,340 万美元。
- Quantum Circuits deal closes完成收购 Quantum Circuits
Completed the $550M purchase of Quantum Circuits, adding error-corrected gate-model technology alongside annealing.以 5.5 亿美元完成对 Quantum Circuits 的收购，在退火业务之外加入纠错门模型技术。
- Dual-rail gate system双轨门模型系统target目标
Goal: make an initial dual-rail gate-model quantum system available, the first step of the error-corrected roadmap.目标：推出首款双轨门模型量子系统，作为纠错路线图的第一步。
- 49-qubit error-reduced system49 量子比特纠错系统target目标
Goal: deliver a 49-qubit gate-model system with a 20-times lower error rate than the raw physical qubits.目标：交付一款 49 量子比特的门模型系统，错误率比原始物理量子比特低 20 倍。
Company facts公司资料
- Founded成立时间
- 1999
- Employees员工人数
- 382
- Industry行业
- Computer Hardware
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
Only quantum name with 100+ production enterprise customers, 179% FY2025 rev growth, 83% GM, $884M cash, 12yr runway. Acquiring Quantum Circuits. Entry $12-15 — closer than it was (−65% off high). Do not chase.
唯一拥有 100+ 生产环境企业客户的量子计算公司,FY2025 收入增长 179%,毛利率 83%,$884M 现金,12 年运营资金跑道。 正收购 Quantum Circuits。 入场 $12-15 — 比之前更接近了(较高点 −65%)。 不要追高。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- -28%
- Revenue growth营收增长
- -1%
Competitors竞争对手
Why customers stay客户为什么留下
It is the main commercial name in annealing specifically. But the risk governs it: D-Wave lost $355 million in FY2025 — more than fourteen times its revenue — and commercial quantum advantage at scale is unproven. This can go to zero. The one cushion is about $885 million of cash, which delays any funding crisis but comes through steady dilution of shareholders.它是专门在 annealing 这一领域里主要的商业化名字。但风险主导着它：D-Wave 在 2025财年亏损 $355 million——是其收入的十四倍多——而且大规模的商用量子优势尚未被证实。这可能归零。唯一的缓冲是约 $885 million 的现金，它推迟了任何资金危机，但要靠对股东的持续稀释才换来。
Recent news近期新闻 last 7 days近7天
- Is D-Wave Quantum’s (QBTS) AT&T Win Quietly Redefining Its Competitive Edge In Enterprise Computing?Simply Wall St.
- RGTI vs. QBTS: Which Quantum Stock Is Better Ahead of Q2 Earnings?Zacks
- IonQ, Rigetti, and D-Wave Quantum Are Down 30% in a Month. Is More Pain Coming for Quantum Computing Stocks?24/7 Wall St.
- D-Wave Quantum Stock Hits Pause After AT&T Deal RallyBenzinga
- Quantum’s ‘Tipping Point’: Why IonQ, D-Wave, and Rigetti Stocks Are BuysBarrons.com
- D-Wave (QBTS) Soars on AT&T Deal, NYSE UplistingInsider Monkey