D-Wave Quantum tops $32.8m in first-quarter 2026 bookings
Updated
Updated · Barchart · May 5
D-Wave Quantum tops $32.8m in first-quarter 2026 bookings
4 articles · Updated · Barchart · May 5
January bookings alone exceeded D-Wave's entire 2025 revenue of $24.6 million, while the company said it now has more than 135 customers worldwide.
The report said recent spin-glass simulations on D-Wave hardware outperformed what Frontier, a leading classical supercomputer, could complete in practical time, supporting its commercial quantum-supremacy claims.
D-Wave said its position is backed by more than 500 patents, Advantage2 systems with over 4,400 active qubits, and $884 million in liquidity despite a reported 2025 net loss.
With cheaper 'quantum-inspired' algorithms emerging, can D-Wave's expensive hardware maintain its commercial edge?
D-Wave just bet $550 million on a rival technology. Is its own quantum approach already becoming obsolete?
Quantum computers can crack today's secrets. Is the world's vast trove of stolen data already a ticking time bomb?
Record $32.8 Million Q1 Bookings Highlight D-Wave Quantum’s Accelerated Commercial Growth and Financial Challenges
Overview
D-Wave Quantum achieved a major milestone by securing $32.8 million in non-cancellable bookings by late February 2026, surpassing its entire 2025 revenue of $24.6 million. This surge was driven by a $20 million system order from Florida Atlantic University and a $10 million two-year Quantum Computing as a Service contract with a Fortune 100 company, reflecting a strategic shift toward cloud-based offerings. Despite strong commercial momentum and positive analyst sentiment, the company faces challenges including significant 2025 net losses driven by non-cash charges, revenue recognition delays due to long sales cycles, and high R&D costs linked to integrating Quantum Circuits Inc. Upcoming earnings and strategic updates will be critical to demonstrating progress toward profitability and sustaining growth in the evolving quantum computing market.