Key Points D-Wave's revenue will remain minimal over the next year and the company will have significant losses. Its shares will likely still be very overpriced. Owning D-Wave shares could be a risky move if the economy slows down. 10 stocks we like better than D-Wave Quantum › Many quantum computing stocks have been on fire in 2025, as investors seek the next big thing in tech. D-Wave Quantum (NYSE: QBTS) has benefited from the surge in interest in quantum computing, with its share price increas ...

Core Insights - The article reports that Beijing Boson Quantum Technology Co., Ltd. has won a bid for a quantum computing service procurement project as announced by the official website of CITIC Financial Holdings' electronic procurement system [1] Group 1 - The procurement project is related to quantum computing services [1] - The announcement was made on November 18 [1] - The bid win indicates a significant step for Beijing Boson Quantum in the quantum computing sector [1]

Core Insights - D-Wave Quantum Inc. reported a net loss of 41 cents per share for Q3 2025, which was worse than the Zacks Consensus Estimate of a loss of 7 cents and compared unfavorably to a loss of 11 cents in the same period last year [1][9] - The company achieved revenues of $3.74 million in Q3 2025, representing a 100% year-over-year increase and exceeding the Zacks Consensus Estimate by 19.84% [2][9] - D-Wave's gross profit for the quarter was $2.7 million, a 156% increase from the previous year, with a gross margin expansion of 1560 basis points to 71.4% [4][9] Revenue and Bookings - Revenues for Q3 2025 were $3.74 million, up 100% year over year, and bookings reached $2.4 million, a 3% increase from the previous year [2] - The company has over 100 revenue-generating customers, including nearly two dozen from the Forbes Global 2000 list [2] Margin Performance - GAAP gross profit was $2.7 million, with a gross margin of 71.4%, reflecting a significant year-over-year improvement [4] - On an adjusted basis, gross profit was $2.9 million, with an adjusted gross margin of 77.7%, marking a 1050-basis point increase from the prior year [5] Financial Position - D-Wave ended Q3 2025 with cash and cash equivalents of $836.2 million, up from $819.3 million at the end of Q2 2025 [6] - The company raised $39.9 million in cash proceeds from the exercise of warrants during the quarter [6] Business Developments - D-Wave signed several new and renewing customer engagements, including partnerships with major companies like BASF to optimize manufacturing workflows [8] - The company is experiencing strong momentum across all business categories, indicating success in accelerating global quantum computing adoption [7]

Group 1 - Several quantum computing companies, including IonQ Inc, Rigetti Computing, and D-Wave Quantum, are in discussions with the U.S. government for federal funding in exchange for equity, although these negotiations are not confirmed as a definitive plan by the Trump administration [1] - The U.S. Department of Commerce stated that it is not currently negotiating equity stakes with quantum computing companies, but multiple firms have proposed government equity investment options, which are under evaluation [1] - The potential funding could come from the remaining balance of the CHIPS Act expenditures during the Biden administration, with the president seeking to ensure a good return for taxpayers, possibly through warrants or loans rather than direct equity investments [1] Group 2 - The backdrop of these discussions is the U.S. government's previous direct equity investments in strategic industries, including a 10% stake in Intel and investments in rare earth and lithium mining companies, indicating a trend towards supporting critical sectors [2] - Quantum computing is regarded as a strategic industry, receiving federal funding since the National Quantum Initiative Act of 2018, and is seen as a next-generation foundational technology with potential applications in pharmaceuticals, materials, and chemistry [2] - Following the rumors, quantum computing stocks experienced significant gains, with IonQ rising by 7.07%, Rigetti by 9.8%, and D-Wave by 13.81%, reflecting a strong short-term trading sentiment despite ongoing policy uncertainties [2]

Group 1 - The article emphasizes the importance of innovation as the primary driving force for development, with various regions implementing new development concepts to foster high-quality economic growth [1] - The largest humanoid robot data training center in Beijing has been launched, featuring over 10,000 square meters dedicated to 16 specific scenarios in industrial manufacturing and healthcare services, integrating resources from government, universities, and finance to support the robot industry [3] - Jiangsu province's robot industry chain is expected to reach a scale of 200 billion yuan by the end of this year, with multiple cities like Nanjing and Wuxi rolling out innovation development plans for the robot industry [4] Group 2 - Shaanxi province is strategically investing in photon and hydrogen industries, with a photon sensing industrial park expected to host around 20 companies and generate an annual output value exceeding 2 billion yuan upon completion [7] - Anhui province leads the nation in quantum information, with quantum computing technology being applied across various sectors, including biochemistry and fintech, enabling users to access supercomputing capabilities on demand [9] - Guizhou province is leveraging its abundant renewable energy resources to enhance its data and AI capabilities, having released 51 public data operation products across nine sectors, including finance and tourism [11] Group 3 - Ningxia has seen an average annual growth of over 10% in its digital economy since the start of the 14th Five-Year Plan, establishing nine data center industrial parks to provide cloud computing services to over 4,000 enterprises [13]

Core Insights - The quantum computing market is poised to potentially surpass AI as the next major investment opportunity on Wall Street [1] Industry Summary - Quantum computing is gaining traction and is expected to become a significant focus for investors, indicating a shift in market dynamics [1] - The growth of the quantum computing sector may lead to increased competition with AI technologies, suggesting a diversification of investment strategies [1]

Core Insights - Quantum computing stocks in the US saw significant gains, with Quantum Computing (QUBT.US) rising over 9%, D-Wave Quantum (QBTS.US) increasing nearly 4%, Rigetti Computing (RGTI.US) up over 3%, and SEALSQ Corp (LAES.US) climbing nearly 2% [1] Company Developments - QUBT successfully completed a $500 million private placement of common stock, which significantly enhances the company's financial strength [1] - HSBC partnered with IBM to demonstrate the application of quantum computing in bond trading, improving the technological outlook for the industry [1]

Group 1 - Quantum computing investment is rapidly increasing, with $1.6 billion in venture capital invested in 2024 alone, leading to multi-billion-dollar market capitalizations for quantum computing stocks [1] - Quantum Computing Inc. and D-Wave Quantum are two prominent companies in the quantum computing space, each employing unique approaches to technology development [3][4][5] - D-Wave Quantum utilizes quantum annealing, requiring extreme cooling, and offers a cloud-based quantum computing service, while Quantum Computing Inc. focuses on photonics-based technology that operates at room temperature [4][5] Group 2 - Despite significant investor enthusiasm, both companies face challenges with their financial realities, including high valuations relative to their sales and net income [6][7] - D-Wave has a market capitalization of $6.3 billion with $8.8 million in sales, while Quantum Computing has a market cap of $2.6 billion despite only $373,000 in sales and a loss of nearly $70 million in 2024 [7] - The quantum computing sector is experiencing inflated valuations, and investors should be cautious of the hype surrounding these technologies, as practical applications may still be years away [9]

Core Insights - Nvidia's venture capital arm has made significant investments in quantum computing startups, including PsiQuantum and QuEra Computing, indicating a strong interest in the emerging technology despite previous skepticism from its CEO [1][3][4] Investment Developments - PsiQuantum raised $1 billion in a funding round led by BlackRock, Temasek, and Baillie Gifford, achieving a valuation of $7 billion [2] - Nvidia's investment in QuEra follows Google's earlier investment in the same company, showcasing competitive interest in quantum computing [2] - Honeywell's Quantinuum also secured $600 million in funding, with Nvidia participating as a new investor [2] Market Performance - Nvidia's stock increased by approximately 4% to $177.73, with a year-to-date gain of over 32% in 2025 [3] - Quantum computing stocks have shown volatility in 2025, with D-Wave stock gaining 92% and IonQ stock up 5% as of the latest market data [6] Industry Trends - Google has been selected for the Defense Advanced Research Projects Agency's Quantum Benchmarking Initiative, which aims to define the technical concept for utility-scale quantum computers [4] - Quantum computing technology is focused on solving complex problems beyond the capabilities of classical computers, utilizing advanced technologies like supercold superconductor chips [5]

Market Performance - Quantum Computing Inc. (QUBT) experienced a significant increase of 27.96%, reaching a recent six-month intraday high, with a cumulative rise of 53.4% over the past five trading days [1] - The current stock price of QUBT is 19.47 USD, with a market capitalization of 2.571 billion USD [3] Industry Insights - NVIDIA CEO Jensen Huang discussed quantum computing, predicting that AI computing power in Europe will grow tenfold over the next two years [1]