Quantum annealing (D-Wave) — quantum-optimization systems (early commercial)
AI exposure 8% — derived from reported segment revenue, not asserted.
Frontier & Emerging Bets → Quantum Computing · figures rebased to Q2 2026, reported 2026-08-06
Quantum annealing computers (Advantage) + Leap cloud + gate-model development is 100% of revenue, so Quantum Computing is effectively the whole company rather than one leg of it.
D-Wave Quantum (TTM $12.4M as of Q2 2026, -44% YoY — the prior-year base held a large one-time system sale; no year has exceeded ~$25M) — quantum annealing leader. Single business: Advantage annealing systems (optimization) + Leap cloud + gate-model development (Quantum Circuits). Primary B7 Quantum Computing. Only commercial annealing quantum; competes IONQ/QUBT/IBM/Google-quantum; commercial customers now 62.4% of revenue (vs 45.1% a year ago) incl. AT&T, Nasdaq Verafin, Oki Electric; pre-scale — H1 2026 bookings $35.5M rest on one $20M system sale, RPO $40.7M and falling sequentially.
Moat. First-mover in commercial quantum annealing, now paired with a funded gate-model roadmap acquired with Quantum Circuits — the only company running both modalities. The approach debate is unresolved and the commercial base is tiny; this is optionality, not advantage.
Bottleneck / pricing power. No pricing power. Q2 2026 revenue of $3.1M was flat YoY against $55M of quarterly operating expense, and H1 bookings of $35.5M rest almost entirely on a single $20M system sale. RPO fell sequentially to $40.7M from $42.4M — the book is being drawn down faster than replaced.
Role in the AI stack. The quantum-annealing/optimization layer — speculative.
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