D-Wave Surges on $100 Million U.S. Incentive as Commerce Unveils $2 Billion Quantum Push
Updated
Updated · Trefis · May 22
D-Wave Surges on $100 Million U.S. Incentive as Commerce Unveils $2 Billion Quantum Push
8 articles · Updated · Trefis · May 22
D-Wave shares jumped after the U.S. Commerce Department issued the company a $100 million letter of intent to speed domestic quantum-system fabrication, with the federal government set to take an equity stake.
The award was part of more than $2.0 billion in CHIPS and Science Act incentives announced for nine quantum-computing companies, signaling broader U.S. backing for domestic quantum infrastructure.
The rally came despite weak headline sales: D-Wave reported first-quarter 2026 revenue of $2.9 million, down 81% year over year, while its market value has climbed to about $9.5 billion.
Bookings tell a different story, with first-quarter bookings surging 1,994% to a record $33.4 million, helped by a $10 million Quantum Computing-as-a-Service deal with a Fortune 100 customer.
D-Wave is pitching investors on a shift from lumpy hardware sales to higher-margin software and cloud revenue, arguing that recurring businesses could eventually support a far larger valuation.
The U.S. government is now a D-Wave shareholder. Will this historic investment forge a quantum leader or dilute investor value?
With revenue collapsing 81% but bookings soaring, is D-Wave's pivot to software a visionary move or a desperate gamble?