Overview
- D‑Wave confirmed a $550 million deal structured as roughly $300 million in stock and $250 million in cash to acquire Quantum Circuits Inc.
- Management says the combination is intended to accelerate development of a scaled, fully error‑corrected gate‑model system, with an initial dual‑rail system targeted for 2026.
- Recent results show modest but accelerating revenue, including about $3.74 million in Q3 2025 and roughly $24 million over the trailing 12 months.
- The company remains deeply unprofitable with quarterly operating expenses just over $30 million and recent net losses inflated by large non‑cash warrant charges.
- D‑Wave reported about $819 million in cash at the end of Q3 2025, while the stock’s sharp 12‑month rally has lifted valuation and drawn both praise from Wedbush and cautions about integration and dilution risk.