D-Wave Quantum (QBTS) outlines dual-platform roadmap, CHIPS funding proposal and QCI deal
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
D-Wave Quantum Inc. used its Investor Day to outline its dual-platform strategy in annealing and gate-model quantum computing, long-term technology roadmap, and funding plans. Management discussed a proposed $100 million award under the U.S. CHIPS and Science Act and a related proposed issuance of $100 million in common shares to the U.S. Department of Commerce, alongside research and development initiatives tied to that potential funding.
The company highlighted its January 2026 acquisition of Quantum Circuits Inc., a superconducting gate-model specialist, for approximately $250 million, positioning D-Wave to pursue fault-tolerant gate-model systems based on dual-rail qubits. Slides also showed Q1 2026 Bookings of $33 million, including $2.3 million from Quantum Circuits, and more than $1 billion of capital raised since Q1 2024 through at-the-market programs, warrant exercises, stock options, and an equity line. D-Wave described an at-scale model with QCaaS gross margins of 65%-75%, system gross margins of 75%-90%, and Leap cloud capacity of $25-$30 million in annual QCaaS revenue per production annealing system, with four such systems currently supporting the platform.
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Negative
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Insights
D-Wave outlines dual-platform roadmap, proposed CHIPS funding, and capital deployment.
D-Wave presents a long-dated technology plan spanning annealing and gate-model quantum computing. It emphasizes dual-rail qubits, error-correction milestones through 2032, and expansion of its Leap cloud and hybrid solvers to address optimization, AI, blockchain, and chemistry use cases.
The slides reference a proposed $100 million CHIPS and Science Act award and a matching $100 million stock issuance to the U.S. Department of Commerce, plus the completed $250 million Quantum Circuits acquisition. These would support accelerated gate-model R&D and manufacturability if conditions are satisfied and funding is disbursed.
D-Wave also details Q1 2026 Bookings of $33 million, over $1 billion raised since Q1 2024, and target QCaaS gross margins of 65%-75% at scale. Actual outcomes depend on execution against technical roadmaps, commercialization of applications, and realization of the contemplated government funding.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Proposed CHIPS Act funding: $100 million
Proposed stock issuance to Department: $100 million in shares
Quantum Circuits acquisition value: $250 million
+5 more
8 metrics
Proposed CHIPS Act funding
$100 million
Potential U.S. Department of Commerce award referenced in forward-looking statements
Proposed stock issuance to Department
$100 million in shares
Common stock contemplated to be issued to U.S. Department of Commerce
Quantum Circuits acquisition value
$250 million
Strategically deployed in Q1 2026 for Quantum Circuits Inc. acquisition
Q1 2026 Bookings
$33 million
Includes $2.3 million in Quantum Circuits bookings closed before acquisition
Capital raised since Q1 2024
Over $1 billion
Aggregated from ATM programs, options, warrants and equity line
Annual QCaaS capacity per annealing system
$25M-$30M
Revenue capacity per production annealing quantum computer in Leap
Leap production systems
4 systems
Number of annealing production quantum computers currently supporting Leap
Target QCaaS gross margin at scale
65%-75%
Gross margin range for QCaaS in at-scale model
Key Terms
CHIPS and Science Act, annealing quantum computing, gate-model quantum computing, quantum supremacy, +2 more
6 terms
CHIPS and Science Act regulatory
"proposed $100 million of funding to the Company under the U.S. CHIPS and Science Act administered by the U.S. Department of Commerce"
A federal law that provides large-scale government funding and incentives to boost domestic semiconductor manufacturing, related research, and broader science and technology programs. It matters to investors because the law changes where companies build factories, who gets subsidies, and which industries attract new private investment—similar to a city offering tax breaks to bring in factories, it can shift profits, capital spending and competitive positions across supply chains.
annealing quantum computing technical
"Full-Stack Commercial Annealing Quantum Platform Quantum Computers"
A form of quantum computing that finds good solutions to hard optimization problems by slowly steering a system toward its lowest‑energy configuration, much like gently cooling molten metal so it settles into a stable shape. It matters to investors because, for certain tasks such as portfolio optimization, logistics routing or risk modeling, it promises faster or better results than conventional computers—potentially lowering costs or creating competitive advantage—though its benefits are problem‑specific and not universal.
gate-model quantum computing technical
"Gate- Model Quantum Computing Built-in error detecting Superconducting speed"
Gate-model quantum computing is a way of building quantum computers where information is stored in qubits—tiny units that can represent blended states rather than just on/off—and computation is done by applying a sequence of precise operations called gates. Think of it as a programmable circuit where each gate nudges qubits like musical notes in a score; investors care because, if scaled and error-corrected, this approach promises dramatic speedups for certain tasks (encryption, optimization, simulation) that can reshape industries and create new markets.
quantum supremacy technical
"Quantum Supremacy Result Still Stands Two Years Later"
A milestone where a quantum computer performs a specific calculation that a classical computer practically cannot do within a reasonable time. For investors, it signals a step change in computing power that can create new commercial opportunities, disrupt existing tech and security assumptions (for example, encryption), and shift which companies and industries gain value as the technology moves from lab to scalable products.
QCaaS financial
"Revenue Model – Products And Services • Quantum AI use cases – QCaaS / Systems"
at-the-market programs financial
"$708 via four ATM’s"
An at-the-market (ATM) program lets a company sell newly issued shares directly into the open market over time at the current market price, using a broker to place small blocks when conditions are favorable. For investors, it matters because the company can raise cash quickly and flexibly without a big one-time offering, but frequent sales can lower the stock price and reduce each existing holder’s ownership percentage, like slowly adding more water to a shared tank.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________________
FORM 8-K
_____________________________________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 1, 2026
_____________________________________________________________
(Exact Name of Registrant as Specified in Its Charter)
_____________________________________________________________
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of principal executive offices)
(650 ) 285-2881
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
_____________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | ||||||||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | o | |||||||
Item 7.01 Regulation FD Disclosure.
As previously announced, D-Wave Quantum Inc. (the “Company”) will hold its first Investor Day on June 1, 2026, at the New York Stock Exchange and online, beginning at 1:00 p.m. ET. The event will feature slide presentations by the Company’s management, followed by a Q&A session. The Investor Day will be livestreamed for online attendees and available for replay on the Company’s Investor Relations website at ir.dwavequantum.com after the event. A copy of the slides to be used in connection with the presentations is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
The information in this Item 7.01 to this Current Report on Form 8-K, including Exhibit 99.1, is intended to be furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
99.1 | Investor Day Presentation, dated June 1, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 1, 2026 | D-Wave Quantum Inc. | |||||||
| By: | /s/ Alan Baratz | |||||||
| Name: | Alan Baratz | |||||||
| Title: | President & Chief Executive Officer | |||||||
Copyright @ D-Wave1
Copyright @ D-Wave2 The D-Wave Difference Investor Day, June 2026
Copyright @ D-Wave3 Investor Day Agenda 1:00 1:05 1:50 2:05 2:30 2:55 3:10 3:20 3:35 4:00 Opening Remarks Keynote – Dr. Alan Baratz, Chief Executive Officer Q&A Session Annealing Quantum Computing – Dr. Trevor Lanting, Chief Development Officer Gate-Model Quantum Computing – Dr. Trevor Lanting; Dr. Rob Schoelkopf, Chief Scientist Q&A Session Go-To-Market – Lorenzo Martinelli, Chief Revenue Officer Financial Overview – John M. Markovich, Chief Financial Officer Q&A Session Reception
Copyright @ D-Wave4 Certain statements in this presentation are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the following words: “believe,” “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “trend,” “estimate,” “predict,” “project,” “potential,” “seem,” “seek,” “future,” “outlook,” “forecast,” “projection,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These forward-looking statements include, but are not limited to, statements regarding or relating to the proposed $100 million of funding to the Company under the U.S. CHIPS and Science Act administered by the U.S. Department of Commerce (the “Department”), our proposed issuance of $100 million in shares of the Company’s common stock (the “Shares”) to the Department, our expected research and development initiatives and plans in connection with such proposed funding, the expected benefits of our acquisition of Quantum Circuits Inc., our development and commercialization plans, dual-platform roadmap and milestones, and plans to accelerate the projected time to a scaled, error-corrected gate model quantum computer, among others. These statements are based on various assumptions, whether or not identified herein, and on the current expectations of our management. These forward-looking statements are not predictions of actual performance and are subject to a number of risks and uncertainties, including, but not limited to, the risk that definitive award documents for the proposed funding are not executed within the timeframe or on the terms contemplated by the Company or at all; the risk that the Department suspends or terminates award negotiations; the risk that we are unable to satisfy the conditions to disbursement of any portion of the funding, including project milestones; the availability of appropriated funds; the risk of dilution to existing stockholders from our issuance of the Shares to the Department; and the other risks and uncertainties described under the caption “Item 1A. Risk Factors” in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the Securities and Exchange Commission. Undue reliance should not be placed on the forward-looking statements in this presentation in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law, This presentation contains estimates and other statistical data made by independent third parties and by us relating to our industry, potential market size and potential market share, including information and estimates based on industry surveys, publications and other publicly available information, third party data, and research reports. This information involves assumptions and limitations which may significantly impact its accuracy, and you are cautioned not to give undue weight to such estimates and other statistical data. Neither we nor any other person makes any representation as to the accuracy or completeness of such information or undertakes any obligation to update it. As used in this presentation, “Bookings” is an operating metric that is defined as customer orders received that are expected to generate net revenues in the future. Q1 2026 Bookings includes $2.3 million in Quantum Circuits bookings that were closed immediately prior to the completion of the acquisition of Quantum Circuits in January 2026. We present the operating metric of Bookings because it reflects customers' demand for our products and services and to assist readers in analyzing our potential performance in future periods.
Copyright @ D-Wave5 Dr. Alan Baratz President and CEO, D-Wave
Copyright @ D-Wave6 “If you think you understand quantum mechanics, you don’t understand quantum mechanics.” R I C H A R D P. F E Y N M A N
Copyright @ D-Wave7 What is Quantum Computing? Classical Energy efficient computing for solving hard computational problems Using quantum mechanical effects to dramatically speed up computations Gate-Model Annealing
Copyright @ D-Wave8 Commercially viable products 0201 Address the full market Significant customer value 03 Finding the Signal in Noise
Copyright @ D-Wave9 Commercially viable products 0201 Address the full market Significant customer value 03 With A Viable Path To All Three We Believe D-Wave Is The Only Company
Copyright @ D-Wave10 Commercially viable products 0201 Address the full market Significant customer value 03 With A Viable Path To All Three We Believe D-Wave Is The Only Company
Copyright @ D-Wave11 BCG’s Projection for the Quantum Computing Market Optimization Machine learning $100B – $220B $95B – $250B Cryptography $40B – $80B Simulation $175B – $330B $850B Market Opportunity Source: BCG’s 2021 Forecast by Use-Case Category, Industry Interviews, BCG Analysis
Copyright @ D-Wave12 BCG’s Projection for the Quantum Computing Market Optimization Machine learning $100B – $220B $95B – $250B Cryptography $40B – $80B Simulation $175B – $330B $850B Market opportunity$100B $220B Optimization alone is a huge market and requires annealing $135B $171B Global video game market Global semiconductor equipment market $197B Global construction equipment market $213B Global cybersecurity market S I M I L A R - S I Z E D M A R K E T S Source: BCG’s 2021 Forecast by Use-Case Category, Industry Interviews, BCG Analysis
Copyright @ D-Wave13 Commercially viable products 0201 Address the full market Significant customer value 03 Sources: BCG’s 2021 Forecast, SEMI, Gartner, Newzoo
Copyright @ D-Wave14 A commercially viable product is when a customer uses quantum computing as part of their business operations.
Copyright @ D-Wave15 Full-Stack Commercial Annealing Quantum Platform Quantum Computers H A R D W A R E Cloud Services S O F T W A R E Developer Tools S O F T W A R E Professional Services S E R V I C E Hybrid Solver S O F T W A R E Major telecom providerGlobal auto manufacturerLeading chemical company P R E S T I G I O U S C U S T O M E R B A S E
Copyright @ D-Wave16 Frontier Classical Computer Minutes to Solve Electricity equivalent: Global annual consumption B I C L I Q U E L A T T I C E Quantum Supremacy Result Still Stands Two Years Later Quantum Computer Minutes to Solve Electricity equivalent: Less than $1 E N E R G Y E N E R G Y
Copyright @ D-Wave17 Annealing Scaling Roadmap 4,400 qubits Quantum Computer 100,000 qubits20,000 qubits 2025 20312029
Copyright @ D-Wave18 S C A L A B L EE F F I C I E N T F A S T Gate- Model Quantum Computing
Built-in error detecting Superconducting speed Trapped ion fidelity Quantum Circuits Inc. Acquisition Accelerating the Delivery of Gate-Model Quantum Computers Dual-Rail Qubits Unique and proprietary Reduces I/O by order of magnitude Enables efficient scaling Cryogenic Control S C A L A B L EE F F I C I E N TF A S T Copyright @ D-Wave19
Copyright @ D-Wave20 E F F I C I E N T Trapped Ions or Neutral Atoms Efficient, but slow
Copyright @ D-Wave21 Superconducting Fast, but complicated and less reliable F A S T
Copyright @ D-Wave22 S C A L A B L E Dual-Rail Qubits Fast, efficient, and scalable E F F I C I E N T F A S T
Copyright @ D-Wave23 Superconducting (D-Wave) M O D A L I T Y S P E E D (QEC cycle time) L A M B D A (Error Reduction Rate) Trapped Ion Neutral Atom < 5 us ~30,000 us ~200,000 us Superconducting (Others) < 5 us 10 < 10 2 2 Photonic N/A N/A (Photon loss dominated) Best Metrics for Comparing Gate-Model Progress: Speed and Lambda Lambda Represents Bang for the Buck 181974917 D=9D=7D=5D=3 Lambda = 10 Lambda = 2 QEC Distance
Copyright @ D-Wave24 F A U L T - T O L E R A N T E R AP O S T - N I S Q E R A Gate-Model Roadmap 2026 17 physical qubits 2X Error reduction factor 2027 49 physical qubits 20X Error reduction factor 2028 181 physical qubits 2000X Error reduction factor 2030 10 logical qubits > 2000X Error reduction factor 2032 100 logical qubits > 2000X Error reduction factor Current physical error rates of 10-3 projected to be reduced by > 2000x Enables circuits with millions of gates
Copyright @ D-Wave25 Accelerated R&D Expedited delivery Real-world applications LOI for $100 Million Investment from U.S. Government
Copyright @ D-Wave26 Commercially viable products 0201 Address the full market Significant customer value 03
Copyright @ D-Wave27
Quantum-assisted AI outperforms classical LLM training in drug discovery. Copyright @ D-Wave28
Blockchain Development with PostQuant Labs E N E R G Y Q U A N T U M C O M P U T E RC L A S S I C A L C O M P U T E R E N E R G Y One D-Wave annealing node winning most of the blocks 1599 nodes B L O C K C H A I N Massive energy cost Dramatic energy reduction Copyright @ D-Wave29
Copyright @ D-Wave30 “If you think you understand quantum mechanics, you don’t understand quantum mechanics.” R I C H A R D P. F E Y N M A N
Copyright @ D-Wave31 Commercially viable products 0201 Address the full market Significant customer value 03
Copyright @ D-Wave32 Q&A Session
Copyright @ D-Wave33 Dr. Trevor Lanting Chief Development Officer Dr. Rob Schoelkopf Chief Scientist
Copyright @ D-Wave34 Annealing and Gate-Model Quantum Computers for Full Range of Customer Problems Annealing or Gate-Model Machine Learning Cryptography Drug Discovery L I N E A R A L G E B R A & F A C T O R I Z A T I O N Gate-Model Production-Ready in 5+ Years Quantum Chemistry Materials Design Research Designer Drugs Everlasting Batteries 3D Fluid Dynamics D I F F E R E N T I A L E Q U A T I O N S Production-Ready Today Annealing Optimization AI/ML & GenAI Research Workforce Scheduling Logistics Routing Production Scheduling C O M B I N A T O R I A L O P T I M I Z A T I O N Problem Types
Copyright @ D-Wave35 2023 20262024 203020282025 2027 2029 Platform Innovation 17Q Dual rail processor 49Q Dual rail processor 181Q Dual rail processor Analog Digital Annealing Systems Gate Model Systems SoftwareAqumen Software Stack Gate and Annealing in Leap Targeted solvers for ML and optimization HPC integration Stride Solver launched Dual Platform Strategy to Capture Full Market Multi-Chip
Copyright @ D-Wave36 Advantage2 Annealing Quantum Computing System G R E AT E R C O H E R E N C E Doubled to drive faster time-to-solution G R E AT E R C O N N E C T I V I T Y 20-way connectivity to enable solutions to more complex problems A C C E S S I B L E Via the Leap Quantum Cloud Service and on premises I N C R E A S E D E N E R G Y S C A L E Increased by 40% to deliver higher-quality solutions E N T E R P R I S E - S C A L E Hybrid applications with up to 2 million variables
Copyright @ D-Wave37 Coherence Drives Performance F A S T E R T I M E - T O - S O L U T I O N Q U A N T U M S U P R E M A C Y
Copyright @ D-Wave38 Annealing’s Long-Term Advantage in Optimization
Copyright @ D-Wave39 > 1000x performance differential between Advantage annealing systems and IBM gate-model system in multi-objective optimization Annealing’s Long-Term Advantage in Optimization
Copyright @ D-Wave40 Annealing Scaling Roadmap 4,400 qubits Quantum Computer 100,000 qubits20,000 qubits 2025 20312029
Copyright @ D-Wave41 Analog-Digital Quantum Computing New capabilities for commercial-scale annealing systems: in situ excitations and readout in any basis Enables major expansion of materials simulation capabilities Enables generation of complex distributions for blockchain and machine learning
Copyright @ D-Wave42 Production ready with > 99.9% availability Sub-second response times State-of-the-art quantum and quantum-hybrid solvers SOC 2 Type 2 compliant D E V E L O P E R T O O L S & R E S O U R C E S W E B C L I E N T & A P I S Q U A N T U M H A R D W A R E APIs Solvers Dashboard The Quantum Cloud Platform: Built for Business
Copyright @ D-Wave43 Industry-Leading Production-Grade Quantum Cloud Service No published uptime guarantees, often limited to system availability windows>99.9% availability since launch in 2018 Uptime % Long queues, usually requiring reservationsReal-time, sub-second response times Response Times Limited or no support for security & compliance SOC 2 Type 2Security & Compliance Limited or only available through Braket / AzureAll data is encrypted in transit and at restData Protection Limited or not availableOptional add-on to support critical production workloadsEnterprise SLAs Limited or no self-service or project admin featuresUser-friendly interface w/ advanced admin featuresSelf-Service Capabilities Limited or no ability to support production applicationsMultiple commercial customers w/ apps in productionCommercial Production Customers T Y P I C A L Q U A N T U M C L O U D O F F E R I N G SL E A P Q U A N T U M C L O U D S E R V I C E
Copyright @ D-Wave44 The Stride Hybrid Solver Classical and quantum resources working together to solve optimization problems Supports enterprise-scale problems with up to two million variables and constraints Delivering differentiated performance on a growing set of use cases NEW: Addition of surrogate modeling allows developers to embed machine learning models directly into optimization workflows S A T E L L I T E P L A C E M E N T
Copyright @ D-Wave45 Quantum AI Applications Enhancing generative ML models with discrete latent spaces: QPUs drive potentially faster and more efficient training and inference Quantum AI Data is mapped to latent space via encoder Annealing QPU model weights trained alongside encoder+ decoder QPU then generates novel samples that are mapped back via decoder
Copyright @ D-Wave46 First Commercial Quantum AI Application Shionogi Quantum Hybrid transformer architecture delivers higher quality candidates for drug discovery application compared to classical architecture
Copyright @ D-Wave47 Quantum Blockchain Applications Q U A N T U M P R O O F O F W O R K Quantum proof of work blockchain requiring potentially orders of magnitude less power consumption Q U A N T U M - C L A S S I C A L B L O C K C H A I N S On testnet with 18,500 users and 1,500+ nodes, Advantage2 system outperforming classical and winning majority of blocks global participation in testnet Node Locations Geo-IP derived from publicHost; marker size scales with estimated TFLOPS 52 NODES UNLOCATED
Copyright @ D-Wave48 Gate Model
Copyright @ D-Wave49 Why Gate-Model Development? W H Y A R E W E B U I L D I N G G AT E - M O D E L S Y S T E M S ? Use cases that are complementary to annealing technology Allows us to address the full quantum computing market Unlock quantum utility at 100 logical qubits W H Y I S N O W T H E T I M E T O S C A L E ? Leading superconducting qubit technology Cryogenic control technology that unlocks scale Combination to deliver the first fault-tolerant gate-model systems
Copyright @ D-Wave50 Why Gate-Model Development? Finance Machine Learning & AI Cryptography Chemistry & Pharma Gate-model systems unlock a breadth of valuable use cases & applications • Likely earliest use-cases • New medicines, materials • Robust area of research • Portfolios, trading, models • Large market opportunity • Likely later-stage use cases • Valuable to national sec. • Recent work suggests big resource savings • Value is immense • Early use: AI for quantum • Long-term: quantum for AI Quantum Computing market*: $450B - $850B across 100+ use cases Approximately 75% of this market can be addressed with gate-model systems Breadth of high-value applications motivates large-scale investment in gate-model program *Source: BCG’s 2021 Forecast by Use-Case Category, Industry Interviews, BCG Analysis
Copyright @ D-Wave51 Ready to Scale and Win The Race Industry leading dual-rail qubit technology Achievable path to fault-tolerant systems with 10x fewer physical qubits required Cryogenic multiplexing of qubit control and readout Scalable manufacturing and packaging Reliable cryogenic platforms
Copyright @ D-Wave52 D U A L - R A I L C A V I T Y Q U B I T Dual-Rail Qubit: D-Wave’s Building Block
Copyright @ D-Wave53 Dual-Rail Qubit: D-Wave’s Building Block Cavity 1 Cavity 2 “0” “1” Logical 0 & 1 VALID QUANTUM STATES “0+1”Superposition “Error”Photon Loss INVALID STATES D U A L - R A I L C A V I T Y Q U B I T
Copyright @ D-Wave54 Error detection is the key unique capability An efficient bridge to full error correction A novel tool for algorithm design and exploration Dual-Rail Qubit: D-Wave’s Building Block D U A L - R A I L C A V I T Y Q U B I T Cavity 1 Cavity 2 “0” “1” Logical 0 & 1 VALID QUANTUM STATES “0+1”Superposition “Error”Photon Loss INVALID STATES
Copyright @ D-Wave55 Superconducting Speed with Ion Trap Fidelity D-Wave’s dual-rail qubits with built-in erasure detection identify 90% of errors that occur With erasure detection, this technology delivers gate fidelities that exceed 99.9%, This performance will allow us to deliver logical qubits with an order of magnitude fewer physical qubits We retain the key advantages of superconducting qubits: manufacturability and execution speed Low < 99.5% High 99.9% Slow 1-5 ms Fast 50-500 ns Quantinuum IonQ IQM IBM Rigetti Transmons, Xmons, etc. Fast & manufacturable but low fidelity Trapped ions: High fidelity but slow G at e Fi de lit y Gate Speed Google
Copyright @ D-Wave56 Error Correction Unlocks Commercial Applications Noisy intermediate scale quantum computers (NISQ) Physical qubits, no logical qubits Limited number of operations possible: 10s to 100s of gates Improved fidelities Physical qubits with error detection First availability of logical qubits Increasing number of operations possible: 1000s of gate operations Architectures support multiple logical qubits and universal gate operations between them Logical qubit error rates are low enough to support millions of gate operations N I S Q E R A P O S T- N I S Q E R A F A U L T-T O L E R A N T E R A
Copyright @ D-Wave57 Achievable Fault Tolerant Systems Dual-Rail Qubits enable scalable error correction for the first time High-performance error correction is predicted to exceed competition by wide margin Dual-rail architecture makes error correction easier to start; DR17 error rate is much lower than competition Scaling is efficient, reaching low error rates much faster using fewer qubits Error detection at single dual-rail qubit hardware level is key to efficiency gains DR181 achieves error rates to set the blueprint for scalable and efficient error correction Key Advantages of Dual-Rail Transmon Dual-Rail 2027 2026 2028 Lower error rate = Better performance 181974917 D=9D=7D=5D=3 QEC Distance
Copyright @ D-Wave58 Scalable Control Qubit control signal multiplexing and qubit readout signal multiplexing is required for large scale systems Our annealing architectures generate 100,000 cryogenic control signals with less than 300 external signal lines We demonstrated scalable cryogenic control of gate model qubits with no loss of fidelity This allows us to deliver fault tolerant architectures within a compact cryogenic platform
Copyright @ D-Wave59 Our strategy of harnessing existing manufacturing supply chains allows us to use commercial foundry services Adapting these fabrication and packaging processes to build our systems enables rapid scaling CHIPS funding will allow us to expand this effort and accelerate technology scaling Manufacturable Systems
Copyright @ D-Wave60 Best Metrics for Comparing Gate-Model Progress Superconducting (D-Wave) M O D A L I T Y S P E E D (QEC Cycle Time) L A M B D A (Error Reduction Rate) S C A L A B I L I T Y Trapped Ion Neutral Atom < 5 us ~30,000 us ~200,000 us Superconducting (Others) < 5 us 10 < 10 2 2 Achieved through error detection Shuttling ions Optical arrays Standard surface code Photonic N/A N/A (Photon loss dominated) Brute force networking
Copyright @ D-Wave61 F A U L T - T O L E R A N T E R AP O S T - N I S Q E R A Gate-Model Roadmap 2026 17 physical qubits 2X Error reduction factor 2027 49 physical qubits 20X Error reduction factor 2028 181 physical qubits 2000X Error reduction factor 2030 10 logical qubits > 2000X Error reduction factor 2032 100 logical qubits > 2000X Error reduction factor Initial applications in quantum chemistry and quantum AI Error corrected logical qubit Blueprint for scalable error correction Leading gate model application development platform First fault tolerant algorithms Scalable modular design Partially error corrected logical qubit Leading error correction research platform Error-aware programming tools Current physical error rates of 10-3 projected to be reduced by > 2000x Enables circuits with millions of gates
Copyright @ D-Wave62 Three-Year Product Roadmap K E Y D E L I V E R A B L E S High-performance QPUs: 17 through 181 dual-rail qubits Error awareness: Unique toolbox of programming features Cloud services: Leap integration – seamless access Upgraded software: Tooling through OceanTM SDK integration, real time control, and real-time decoding Detect and correct: Efficient scaling approach with dual-rail Deliver the tools and capability that pave the way for fault-tolerant systems at scale Leading error correction and unique programming tools Blueprint for fault-tolerant quantum computing with real-time decoding DR17 DR49 DR181 E R R O R AWA R E N E S S D-Wave’s unique capability combining error detection, real-time control & novel data outputs for advanced use-cases & a faster path to quantum error correction Scalable module design & innovative algorithm with real-time control flow 2 0 2 6 2 0 2 7 2 0 2 8
Copyright @ D-Wave63 Ready to Scale and Win The Race Industry leading dual-rail qubit technology Achievable path to fault-tolerant systems with 10x fewer physical qubits required Cryogenic multiplexing of qubit control and readout Scalable manufacturing and packaging Reliable cryogenic platforms
Copyright @ D-Wave64 Annealing and Gate-Model Quantum Computers for Full Range of Customer Problems Annealing or Gate-Model Machine Learning Cryptography Drug Discovery L I N E A R A L G E B R A & F A C T O R I Z A T I O N Gate-Model Production-Ready in 5+ Years Quantum Chemistry Materials Design Research Designer Drugs Everlasting Batteries 3D Fluid Dynamics D I F F E R E N T I A L E Q U A T I O N S Production-Ready Today Annealing Optimization AI/ML & GenAI Research Workforce Scheduling Logistics Routing Production Scheduling C O M B I N A T O R I A L O P T I M I Z A T I O N Problem Types
Copyright @ D-Wave65 Q&A Session
Copyright @ D-Wave66 Lorenzo Martinelli Chief Revenue Officer
Copyright @ D-Wave67 Customers Sharing Their D-Wave Success Stories Anduril Industries AT&T BASF Boeing Davidson Technologies PolarisQB SAS Institute Shionogi UHG-Optum US Army - ERDC Ford Otosan North Wales Police NTT Docomo Pattison Food Group Pfizer 26 customers communicated publicly over past 18 months
Copyright @ D-Wave68 Accelerated Path to Customer Deployment Proof of Technology (POT) Proof of Concept (POC) Pilot Production Production Problem Definition Initial Formulation Initial Results Solution Requirements Production Formulation Testing And Evaluation Pilot Operation End-to-end Data Flows Plan For Production Full-scale Deployment Production SLA Three Environments Discovery Use Case Identification Prioritization Value Discovery G at e 0 G at e 1 G at e 2 G at e 3 D-Wave Launch Program
Copyright @ D-Wave69 Enabling Operational Excellence Scheduling Time Reduced From 10 Hours to Just Seconds Chemical Retail 80% Increase in Scheduling Efficiency Manufacturing 1,000 Vehicles Scheduled Per Run in 5 vs. 30 Min Telecom 15% Improvement in Mobile Network Utilization Pharma Accelerating Identification of Novel Small-Molecule Candidates Government 10x Faster Time-To-Solution, 9% to 12% Improvement in Threat Mitigation
Copyright @ D-Wave70 Driving Enterprise-Class Deals Hard Computational Problem Data Readiness Adoption Ease Compelling Value Decision Stakeholders
Copyright @ D-Wave71 Growing Customer Demand in Buying D-Wave Quantum Systems National Quantum Programs Secure Environments Research Labs AI Blockchain Research Universities
Copyright @ D-Wave72 Early Market Interest in D-Wave Gate-Model Quantum SystemsPaid Research QCaaS Experimentation with D-Wave’s unique error aware programming capabilities
Copyright @ D-Wave73 Growth in Go-To-Market Organization Supports Customer Opportunities Across Industries and Geographies GeographiesIndustries Business Services Distribution Energy Financial Services Healthcare Logistics Manufacturing Media Oil & Gas Pharma Retail Telecom Transportation Utilities Commercial Research Education Research Labs Government Defense Public Sector Headcount Growth Headcount Growth over the past 18 months Sales (quota): +220% Solutions (tech): +129% +97% Bookings Q1/26: $33.4M YoY: +1,994%
Copyright @ D-Wave74 John M. Markovich Chief Financial Officer
Copyright @ D-Wave75 Revenue Model – Products And Services • Quantum AI use cases – QCaaS / Systems • Quantum Blockchain: Quantum safe and energy-efficient – QCaaS / Systems • Expand opportunities across the various U.S. Government agencies • Leverage Systems Integrator (SI) and Independent Software Vendor (ISV) channels to expand customer touch points beyond direct sales Future Potential Revenue Opportunities QCaaS Professional ServicesSystems Other Support & Maintenance Training
Copyright @ D-Wave76 Recent Revenue Composition Revenue by Geography 0% 20% 40% 60% 80% 100% FY 2024 FY 2025 Q1 2026 ROW Europe Canada Japan USA ROW Europe Canada Japan USA ROW Europe Canada Japan USA Revenue by Customer Type 0% 20% 40% 60% 80% 100% FY 2024 FY 2025 Q1 2026 Research Government Commercial Research Government Commercial Research Government Commercial Revenue by Product Type 0% 20% 40% 60% 80% 100% FY 2024 FY 2025 Q1 2026 Other Professional Services QCaaS System Sales Professional Services QCaaS Professional Services QCaaS System Sales 0% 20% 40% 60% 80% 100% At Scale At Scale* Other Professional Services System Sales QCaaS *Scale approximates the revenue mix at the point of sustained profitability
Copyright @ D-Wave77 Revenue Recognition Systems • Multiple steps to a fully operational system and full revenue recognition based upon % of completion accounting • Example: Florida Atlantic University $20M Advantage2 system sale • D-Wave-owned system physically placed at a customer location / facility • Customer commits to purchase a specified share of compute capacity over a defined term for a specific field of use • Revenue generally recognized ratably over term of contract once system is fully operational • Example: Q Alliance €10M Booking expected to be recognized over five years post-installation QCaaS (Node Placements) Note: Actual revenue recognition is contract-specific and depends on the distinct performance obligations and timing within each arrangement Professional Services • Three pre-production phases (PT, POC & Pilot) averaging 3 months each with revenue recognized on a % of completion basis • Once an application is in production, the vast majority of the revenue then becomes QCaaS revenue over the term of the contract • Examples: Shionogi & Major global airline Regular QCaaS & Enterprise QCaaS Agreements Regular QCaaS: • Subscription services agreement providing access to D-Wave’s quantum computers via the Leap cloud service. Revenue recognized ratably over term of agreement • Example: NTT Docomo • Running of production application Enterprise QCaaS: • Bundled Professional Services & QCaaS • Example: Fortune 100 company $10M 2-year enterprise deal
Copyright @ D-Wave78 Key Metrics At Scale* Gross Margins at Scale: QCaaS 65% to 75% Professional Services 40% to 50% Quantum Computing Systems 75% to 90% Operating Expenses as a % of Total Operating Expenses at Scale: Research & Development 50% to 65% Sales & Marketing 25% to 33% General & Administrative 10% to 17% Annual Recurring CapEx at Scale: CapEx $15M to $25M Leap Cloud Service QCaaS Capacity: • Annual QCaaS revenue capacity of each annealing production quantum computer: $25M - $30M** • Number of annealing production quantum computers currently supporting Leap: 4 • Total annual Leap QCaaS revenue capacity: $100M - $120M **Each annealing production quantum computer costs approximately $2M to build and calibrate, that can be completed in less than 4 months *Scale approximates the revenue mix at the point of sustained profitability
Copyright @ D-Wave79 Balance Sheet / Liquidity Overview *Liquidity position refers to Q1 consolidated cash and marketable investment securities balances. Strategically deployed $250M for Quantum Circuits acquisition in Q1 2026 $- $200 $400 $600 $800 Q1 2025 Q1 2026 M IL LI O N S $304.3M $588.4M Liquidity Position* $708.2M via four ATM’s $13.3M via Stock Option Exercises $202.8M via Warrant Exercises $82.1M via ELOC Over $1B Raised since Q1 2024
Copyright @ D-Wave80 As of 05/11/2026 270+Total D-Wave US Granted Patents 590+Total D-Wave Granted and Pending Patents Worldwide 220+Exclusively Licensed Yale Granted and Pending Patents Worldwide 810+ Total Granted and Pending Worldwide Patents (including Exclusively Licensed Patents) D-Wave Patent Portfolio Highlights D-Wave owns / controls one of the world’s largest Quantum Computing IP portfolios Worldwide Granted & Pending Patents by Type Worldwide Granted & Pending Patents by Architecture Gate 31% Both 46% Annealing 22% Other 1% System 82% Software 18%
Copyright @ D-Wave81 Current Security Analyst Coverage* 8 out of 14 covering analysts are ranked in the top 1% of all 12,243 sell-side security analysts per TipRanks Name of Firm Analyst Recommendation Price Target 2026 Revenue Estimates (in MMs) 2026 EBITDA Estimates (in MMs) B. Riley Financial Craig Ellis BUY $36.00 $38.00 ($127.57) Canaccord Kingsley Crane BUY $41.00 $61.00 ($120.80) Cantor Troy Jensen OVERWEIGHT $40.00 $45.00 N/A Craig-Hallum Richard Shannon BUY $35.00 $43.20 N/A Evercore Mark Lipacis OUTPERFORM $37.00 $38.14 N/A Jefferies Kevin Garrigan BUY $45.00 $38.70 N/A Mizuho Vijay Rakesh OUTPERFORM $29.00 $39.20 N/A Needham Quinn Bolton BUY $40.00 $35.00 ($128.80) Northland Nehal Chokshi HOLD $22.00 $42.70 N/A Rosenblatt John McPeake BUY $43.00 $54.06 ($102.70) Roth Capital Suji De Silva BUY $30.00 $42.80 N/A Stifel Ruben Roy BUY $35.00 $43.70 ($112.59) TD Cowen Krish Sankar BUY N/A $42.50 N/A Wedbush Antoine Legault OUTPERFORM $40.00 $34.80 N/A Average $36.38 $42.77 ($118.49) Current Coverage (14 analysts) Post 2026 Q1 Earnings *The analyst Recommendations, Price Targets, 2026 Revenue Estimates and 2026 EBITDA Estimates shown are prepared and published by and represent the views of independent security analysts and do not represent the opinions, forecasts or predictions of D-Wave and its management. D-Wave does not endorse, adopt or express any opinion on these recommendations, targets and estimates and undertakes no obligation to update this information, which is provided for informational purposes only and should not be construed as investment or financial advice.
Copyright @ D-Wave82 Investment Considerations Technology Leadership • Only dual-platform quantum computing company – developing and selling both annealing and gate quantum computers • Designed, developed and operating the world’s largest quantum computers • Only company to achieve quantum supremacy on a useful, real-world problem • One of the world’s largest global quantum computing patent portfolios Applications • Multiple optimization use cases with demonstrated ROI (from workforce scheduling to supply chain logistics) • Energy-efficient blockchain prototype operational as first distributed quantum application • Quantum ML & AI research and product development Customer Traction • Business applications in production • Diverse commercial customer base • In FY2025, over 135 customers comprising 70+ commercial customers, including approximately two dozen Forbes 2000 customers Production-grade Offerings • Scalable production-grade commercial systems accessible by either the Leap Cloud platform or on premises • Service Level Agreements • SOC 2 Type 2 compliant
Copyright @ D-Wave83 Q&A Session
Copyright @ D-Wave84
FAQ
What was the main focus of D-Wave Quantum (QBTS) Investor Day 2026?
D-Wave’s Investor Day focused on its dual-platform strategy in annealing and gate-model quantum computing, long-term technology roadmap through 2032, commercialization plans for optimization and AI applications, and an overview of bookings, capital raised, and target economics for its Leap quantum cloud and QCaaS business model.
What proposed U.S. CHIPS Act funding did D-Wave Quantum (QBTS) discuss?
D-Wave discussed proposed funding of $100 million under the U.S. CHIPS and Science Act, administered by the U.S. Department of Commerce. It also described a proposed issuance of $100 million in common shares to the Department and related research and development initiatives tied to that potential award.
How does the Quantum Circuits Inc. acquisition feature in D-Wave Quantum (QBTS) strategy?
D-Wave highlighted its approximately $250 million acquisition of Quantum Circuits Inc. in Q1 2026 as key to its gate-model program. Quantum Circuits’ superconducting technology and cryogenic control are positioned to support dual-rail qubits, scalable error correction, and the roadmap toward fault-tolerant gate-model quantum computers.
What bookings and capital-raising figures did D-Wave Quantum (QBTS) present?
The company reported Q1 2026 Bookings of $33 million, including $2.3 million from Quantum Circuits orders. It also showed that, since Q1 2024, it has raised over $1 billion via four at-the-market programs, stock option exercises, warrant exercises, and an equity line of credit.
What are D-Wave Quantum (QBTS) target margins and QCaaS capacity at scale?
D-Wave’s at-scale model targets QCaaS gross margins of 65%-75%, professional services margins of 40%-50%, and system gross margins of 75%-90%. Each annealing production quantum computer is shown with annual QCaaS revenue capacity of $25-$30 million, with four systems currently supporting Leap.
How does D-Wave Quantum (QBTS) describe its patent portfolio and technology position?
D-Wave states it owns or controls more than 810 granted and pending patents worldwide, including over 220 exclusively licensed Yale patents. It describes itself as the only dual-platform quantum computing company, operating large-scale annealing systems and developing gate-model systems using proprietary dual-rail qubits.