D-Wave Quantum’s QBTS profits are being driven by its new technology and growing customer adoption. In July 2025, the company formalized a strategic development initiative for advanced cryogenic packaging, intended to scale both its annealing and gate-model processor architectures. This initiative deepens D-Wave’s partnership with NASA’s Jet Propulsion Laboratory (JPL) and expands its multichip interconnect capability, thereby strengthening the infrastructure required for roadmap targets such as 100,000 qubits.
On the funding side, D-Wave successfully completed a $400 million at-the-market (ATM) equity offering in July 2025, further bolstering its cash war chest. This will enable the company to pursue acquisitions, working capital and capital expenditures. Together, these moves strengthen D-Wave’s technical foundations and financial flexibility in executing its profitability plan.
On the adoption front, D-Wave is gaining more regional depth and brand presence, especially in the Asia Pacific. It hosted its first Qubits Japan 2025 user conference in Tokyo on Sept. 17 to highlight customer success stories, technical roadmap updates and quantum AI applications. The company also reported an 83% increase in bookings in the APAC region over the past 12 months, signaling accelerating demand in markets like Japan, South Korea and broader Asia. These developments complement D-Wave’s prior wins in Europe and North America, helping to diversify its commercial base and reduce regional concentration risk.
Financially, the additional equity infusion should further buffer the company as it continues to sustain investment and absorb short-term losses. The $400 million (ATM) offering in July, executed at a strong average share price, emphasizes investor confidence in D-Wave’s long-term story. Coupled with the earlier record cash balance of $819 million at the end of the second quarter of 2025, D-Wave now possesses one of the strongest balance sheets among publicly held quantum firms. These resources give it scope to invest in growth, scale operations and absorb lumpy system-sale cycles without immediate pressure to achieve cash-flow breakeven.
Competitive Landscape at a Glance
IonQ IONQ: The company is extending its strategy beyond core quantum hardware through acquisitions and collaborations. It announced plans to acquire Oxford Ionics in a $1.075 billion all-stock transaction and Vector Atomic, a quantum sensing specialist focused on navigation and positioning. These deals expand IonQ’s capabilities into quantum sensing, networking and security. Additionally, IonQ signed an MOU with the U.S. Department of Energy to explore quantum-secure satellite communications, reinforcing its role in future quantum infrastructure.
Rigetti RGTI: It is progressing in superconducting gate-model quantum computing with the debut of its 36-qubit multi-chip processor (Cepheus-1-36Q), which integrates four chiplets in a modular architecture. The system reached a median two-qubit gate fidelity of 99.5%, cutting error rates in half compared with prior versions. Rigetti strengthened its balance sheet by raising $350 million through an equity offering, leaving it well-capitalized with no debt. Rigetti also forged a partnership with India’s Centre for Development of Advanced Computing to co-develop hybrid quantum systems, advancing its push toward international collaboration.
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IonQ, Inc. (IONQ): Free Stock Analysis Report Rigetti Computing, Inc. (RGTI): Free Stock Analysis Report D-Wave Quantum Inc. (QBTS): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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