QBTS

D-Wave Quantum Inc. develops and delivers quantum computing systems, software, and services to commercial and research customers worldwide. Headquartered in Palo Alto, California, the company pioneered the first commercial quantum computer and operates as the only provider offering both annealing and gate-model quantum computing technologies through its cloud-based Leap quantum platform. D-Wave's product portfolio includes the Advantage quantum system with over 5,000 qubits, which businesses access via quantum computing as a service (QCaaS), alongside its hybrid solver services that combine classical and quantum computing. The company serves industries including manufacturing, logistics, financial services, and life sciences, with customers utilizing its systems for optimization problems, machine learning, and materials simulation. D-Wave maintains strategic partnerships with major technology providers and research institutions to expand quantum computing applications. The company went public through a SPAC merger in August 2022 with DPCM Capital and trades on the NYSE. In recent developments, D-Wave released its gate-model quantum computing technology in 2024, expanding beyond its core annealing systems, and continues advancing its quantum annealing processors with improved coherence times and qubit connectivity. The company operates on a subscription-based revenue model supplemented by professional services, competing in the emerging quantum computing market alongside IBM, Google, and specialized quantum startups.