Overview
- D-Wave said the deal totals about $300 million in stock and $250 million in cash.
- Management projects the acquisition will accelerate work toward a scaled, fully error-corrected gate-model computer, with an initial dual-rail system expected in 2026.
- Recent results show revenue acceleration, including roughly $3.74 million in Q3 2025 and about $24 million over the past 12 months.
- The company remains deeply unprofitable, with heavy operating expenses and recent quarters affected by large non-cash warrant-related charges.
- D-Wave reported roughly $819 million in cash, observers estimate 2–3 years of runway, and analysts both praised the strategic fit and cautioned about valuation, integration, and technical risks.