Key Points Shares of D-Wave Quantum have rewarded investors with huge gains over the past year. The tech upstart has stood out by making advancements in commercial quantum computing. But the company's financials and valuation present challenges for prospective investors. 10 stocks we like better than D-Wave Quantum › D-Wave Quantum (NYSE: QBTS) benefited from the bull market in quantum computing stocks in 2025. Amid those gains, the stock rose more than 380% over the previous 12 months. Unfortuna ...

Core Viewpoint - Quantum Computing Inc. has been selected as the stalking horse bidder for the remaining assets of Luminar Technologies, Inc. as part of Luminar's Chapter 11 bankruptcy process, with a proposed purchase price of approximately $22 million, pending court approval and auction outcomes [1][2]. Group 1: Acquisition Details - The acquisition of Luminar's assets is expected to enhance QCi's capabilities in photonics and quantum optics, expanding its presence across the photonics value chain from chip design to system delivery [3]. - QCi anticipates that the acquired assets will contribute immediate revenue and support its commercial operations through existing customer programs and deployed systems [4]. - The transaction is expected to close in the first quarter of 2026, subject to the completion of the court-supervised auction process [2]. Group 2: Strategic Implications - The acquisition aligns with QCi's strategy to build a scalable photonics platform and expand into future quantum sensing verticals, leveraging Luminar's expertise in system integration and optical technologies [5]. - QCi plans to retain key technical and engineering teams from Luminar, continuing investment in R&D to support its broader photonics and quantum technology strategy [4][5]. - The integration of Luminar's LiDAR technology is expected to provide real-world performance feedback that will accelerate QCi's transition from research to fielded systems, enhancing its capabilities in quantum sensing, computing, communication, and photonic AI [5]. Group 3: Company Overview - Quantum Computing Inc. specializes in quantum optics and integrated photonics technology, offering accessible quantum machines and foundry services for photonic chip production [6]. - The company's products are designed to operate at room temperature and low power, targeting applications in high-performance computing, artificial intelligence, and cybersecurity [6].

Core Insights - Xanadu Quantum Technologies Inc. has appointed Michael Trzupek as Chief Financial Officer and Natalie Wilmore as Chief Legal Officer to enhance its leadership team as it aims to build accessible quantum computers [1][2][3] Leadership Appointments - Michael Trzupek brings extensive experience in financial and operational roles from companies like Intel, Microsoft, and Core Scientific, focusing on scaling organizations and strengthening balance sheets [2][3] - Natalie Wilmore has a background in legal matters for high-growth public companies, previously serving at Pagaya Technologies, and specializes in corporate governance, securities laws, and M&A [3][4] Business Combination - Xanadu has announced a business combination with Crane Harbor Acquisition Corp., which is expected to result in approximately US$500 million in gross proceeds, including US$225 million from Crane Harbor's trust account and US$275 million from strategic investors [4] - The combined entity, Xanadu Quantum Technologies Limited, is anticipated to be listed on the Nasdaq Stock Market and the Toronto Stock Exchange [4] Company Overview - Founded in 2016, Xanadu is a Canadian quantum computing company focused on creating quantum computers that are useful and accessible to a broad audience [6]

Core Insights - The collaboration between Zapata Quantum and the University of Maryland aims to publish a formally verified implementation of Shor's quantum factoring algorithm, which is significant for cryptography and other high-value domains [1][4] Group 1: Collaboration and Approach - Zapata Quantum partners with the University of Maryland, a leader in quantum computing, to advance verification-driven approaches in quantum application development [2][3] - The collaboration focuses on using end-to-end formal verification to translate complex mathematical formulations into quantum circuits, addressing challenges in quantum application development [2][3] Group 2: Importance of Formal Verification - Formal methods, while established in classical software engineering, are still emerging in quantum computing, and this collaboration exemplifies their practical application in non-trivial quantum algorithms [3] - The project establishes a verification-first model for quantum applications, starting from a proof of correctness rather than manually derived code, which is essential as quantum software complexity increases [3] Group 3: Market Position and Challenges - Zapata Quantum is positioned as a unique player in the quantum software market, focusing on higher-level application development while addressing systemic gaps in quantum application validation [4] - The company aims to deliver provable correctness and reliability, which are crucial for the commercial viability of quantum computing [4] Group 4: Company Overview - Zapata Quantum is a hardware-agnostic, pure-play quantum software company with over 60 patents, supporting applications in various fields including cryptography, finance, and pharmaceuticals [5] - The company has participated in DARPA's Quantum Benchmarking program and collaborates with Fortune 500 companies and government agencies to translate quantum advancements into practical applications [5]

Core Insights - BTQ Technologies Corp. has launched the Bitcoin Quantum testnet, marking a significant milestone 17 years after Bitcoin's genesis block, aimed at creating a quantum-safe fork of Bitcoin [1][4][19] - The testnet is designed to protect approximately $2 trillion in Bitcoin value, with 6.26 million BTC (around $650–750 billion) currently at risk due to vulnerabilities from quantum computing [1][4] - The Bitcoin Quantum testnet replaces Bitcoin's ECDSA signatures with the ML-DSA algorithm, which is standardized by NIST and mandated for U.S. national security systems [1][4][10] Industry Context - The urgency for quantum-safe solutions is underscored by major asset managers like BlackRock and VanEck acknowledging quantum risk in their SEC filings, covering over $70 billion in Bitcoin holdings [4][10] - The U.S. government has mandated a transition to post-quantum cryptography by 2035, further validating the need for solutions like Bitcoin Quantum [8][10] - Delphi Digital has identified Bitcoin Quantum as a "quantum canary" network, emphasizing its role as a proving ground for the crypto industry's transition to quantum resistance [6][4] Testnet Features - The Bitcoin Quantum testnet is open and permissionless, allowing miners, developers, researchers, and users to participate and test quantum-resistant solutions [3][5] - Key technical specifications include a 64 MiB block size limit to accommodate larger post-quantum signatures and full transaction lifecycle support [18] - The testnet infrastructure includes a block explorer and a mining pool, enhancing accessibility for global participants [3][18] Strategic Positioning - BTQ Technologies plans to operate a Bitcoin Quantum mining pool, projecting the accumulation of approximately 100,000 BTQ tokens in the first year, which will be retained as a strategic treasury asset [12][13] - The company aims to monetize the transition to quantum-safe infrastructure through various revenue streams, including security-as-a-service models and premium settlement layers [14][15] - BTQ's dual approach of offering both centralized and decentralized solutions positions it to capture value from both institutional clients and organic network growth [16] Market Dynamics - The rapid advancements in quantum computing create a narrow window for migration to quantum-safe solutions, with experts estimating a 20% chance that capable quantum computers could emerge by 2030 [7][9] - Major investments in quantum technology by firms like JPMorgan Chase highlight the growing recognition of quantum computing as a material risk to blockchain and cryptocurrency security [11][9] - The projected value of tokenized assets is expected to exceed $16 trillion by 2030, indicating a significant market opportunity for quantum-resistant solutions [14]

Core Insights - AST SpaceMobile is positioned to experience significant revenue growth, with projections indicating a 1,200% increase in sales to $57.3 million in 2025, followed by a further 311% growth to $235.6 million in 2026 [4] - The company's strategy of partnering with over 50 global mobile network providers, covering nearly 3 billion cellular subscribers, is expected to facilitate a rapid increase in revenue without the need to build a competing network [2] - AST SpaceMobile's BlueBird satellites aim to provide 4G and 5G services using existing smartphone technology, offering a seamless transition for wireless operators and potentially revolutionizing global broadband coverage [3] Group 1: Company Overview - AST SpaceMobile's current valuation stands at $33.3 billion, which raises concerns about the potential for error in its high-growth projections [7] - The company has successfully secured partnerships with major wireless operators, which is crucial for its growth strategy [2] Group 2: Market Context - The stock market has seen substantial gains, with the Dow Jones, S&P 500, and Nasdaq Composite increasing by 45%, 78%, and 122% respectively from the beginning of 2023 to the end of 2025 [6] - The overall market sentiment is driven by the performance of growth stocks and emerging technologies, including artificial intelligence and quantum computing [6]

Core Insights - Quantum computing has transitioned from research exploration to a critical stage of industrial cultivation, revealing significant investment opportunities within the global competition focused on the entire technology stack [1] Investment Points - The quantum computing industry has six key investment points: three hardware components (quantum chip systems, quantum computing measurement and control systems, quantum computing environmental support systems) and three software components (quantum operating systems and software, quantum computing cloud platforms, quantum computing application software), which are interdependent and essential for the industry's development [1] - Quantum chips are considered the "brain and heart" of quantum computers, representing the core hardware that determines computational power limits and is one of the most strategically valuable investment directions in the industry [1] Investment Value of Quantum Chips - The core investment value of quantum chips lies in their ability to manipulate quantum bits to achieve computational power that far exceeds classical computers, with performance determined by three key indicators: the scale of quantum bits, logical gate fidelity, and decoherence time [2] - The global landscape for quantum chip technology is characterized by a parallel development of superconducting, photonic, ion trap, and neutral atom technologies, with countries prioritizing chip autonomy as a strategic focus [2] Domestic Developments - China's quantum chip research has progressed from a following position to a competitive one, establishing an industrial foundation for mass production along the superconducting route, with successful delivery of multiple generations of superconducting quantum chips [2] - The 72-qubit "Wukong" chip has been integrated into China's third-generation autonomous superconducting quantum computer "Benyuan Wukong," completing over 760,000 quantum computing tasks across various advanced fields, demonstrating the practical value and commercial potential of domestic quantum chips [2] Industrialization Challenges - Despite achieving significant breakthroughs, China's quantum chips face challenges in scaling integration and improving yield, particularly for high-bit quantum chips required for general quantum computers, which must overcome high error correction costs and increased process complexity [3] - Investment opportunities in quantum chips require a focus on both technological innovation and industrial collaboration, emphasizing breakthroughs in chip design, nano-processing, and low-temperature packaging, while also tracking the standardization of the entire industry chain and the effectiveness of collaborative innovation systems [3] Investment Logic - The iterative development of quantum chips is expected to continuously release investment value, fostering a positive cycle of "chip breakthroughs—ecosystem upgrades—demand explosions," with each technological advancement reinforcing the investment logic of the entire quantum computing industry [3]

Core Viewpoint - The establishment of China's first large-scale dedicated optical quantum computer manufacturing facility by Beijing Boson Quantum Technology Co., Ltd. marks a significant step towards the industrialization of quantum technology, transitioning from theoretical validation to practical engineering applications [1][2]. Group 1: Company Overview - The new facility is located in Nanshan, Shenzhen, covering an area of approximately 5,000 square meters and integrates research and development, manufacturing, and testing for optical quantum computers [1]. - The factory is capable of producing dozens of dedicated optical quantum computers annually, featuring a highly integrated and precisely controlled "quantum computing assembly line" [1][2]. Group 2: Manufacturing Process - The manufacturing process of the optical quantum computer involves seven major processes, 223 procedures, and over 1,000 steps, with the southern area focusing on nano-level precision alignment and fixation of optical modules, while the northern area is responsible for the integration of quantum bit initialization and reading systems [2]. - The facility has implemented a five-layer guarantee system to maintain quantum stability, including personnel purification, air cleanliness, microclimate precision control, special floor design, and behavior management [1]. Group 3: Industry Applications - Quantum computers are positioned to solve complex problems that current classical computing cannot efficiently address, with potential applications in various industries such as biopharmaceuticals, finance, energy, and communications [2]. - The company has already engaged in deep collaborations with entities like China Mobile, Jingtai Technology, and Shenzhen Metro to validate the advantages of optical quantum computers in terms of solution efficiency and quality across multiple scenarios [2].

Expectations for quantum computing are rising fast, with global quantum computing revenues expected to reach around $9 billion by 2030. Up from $260 million in 2020, that points to over 40% annual growth for the decade. Against that backdrop, D-Wave Quantum (QBTS) has announced a major $550 million agreement to acquire Quantum Circuits Inc., a developer of error-corrected superconducting gate-model quantum systems. More News from Barchart The deal is made up of about $300 million in D-Wave common stoc ...

Group 1: D-Wave Quantum - D-Wave Quantum is positioned to be a significant player in the quantum computing sector, utilizing a two-pronged approach that includes both specialized annealing technology and a more common gate-based system [3][4][5] - The company has developed a commercial-grade quantum device and has over 100 paying customers, indicating strong market interest and demand [4] - With over $830 million in cash, D-Wave is well-equipped to invest in its gate-based architecture, enhancing its potential to mainstream quantum computing [5][6] Group 2: UiPath - UiPath is focusing on the emerging field of agentic AI, which extends beyond simple query responses to task completion using AI agents [7][8] - The company's Maestro platform enables customers to create and manage AI agents, leveraging its expertise in robotic process automation (RPA) for compliance and governance [8][9] - By managing both AI agents and software bots, UiPath helps customers optimize task assignments and reduce costs, particularly for repetitive tasks [9][10] Group 3: Industry Outlook - The quantum computing industry is anticipated to undergo significant advancements, with D-Wave potentially leading the charge [10] - The AI sector is evolving towards agentic AI, with multiple companies, including UiPath, vying to establish themselves as key players in managing AI agents [7][10]