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D-Wave Quantum

Advantage2 annealers and gate-model superconducting QPUs

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Where it fits in a quantum computer

Designs all its superconducting circuitry in house, has its QPU wafers made by SkyWater’s foundry and fabricates some critical elements itself; its sixth-generation Advantage2 annealing system (4,500 qubits) launched in May 2025 and is sold on premises and through the Leap cloud. It acquired Quantum Circuits (dual-rail superconducting qubits) on Jan 20, 2026, set a gate-model roadmap from a 17-qubit system in 2026 to 100 logical qubits in 2032, and signed a CHIPS award of up to $100 million with a minority government equity stake (Sept 8, 2026).

What the evidence establishes

Quantum-computing evidence

Disclosed: D-Wave’s 2025 10-K, Q2 2026 10-Q and releases describe its in-house QPU design, SkyWater wafer supply, the Quantum Circuits acquisition, its roadmap and the CHIPS award.

An explicit quantum-computing product, design-in, supply role, program or partnership, such as a part sold for quantum computers or a named quantum-computer customer. For a maker, it means the company’s own quantum computers or processors. This does not establish revenue, market share, volumes or future sourcing.

Listed as a quantum-computer maker for its own systems, not as a supplier of the parts inside.

Component roleAdvantage2 annealers and gate-model superconducting QPUs
EvidenceDisclosed: D-Wave’s 2025 10-K, Q2 2026 10-Q and releases describe its in-house QPU design, SkyWater wafer supply, the Quantum Circuits acquisition, its roadmap and the CHIPS award.
How we knowDisclosed The company’s own filing, release, annual report, product page or investor record describes the quantum-computing role. Where customers are unnamed, the listing says so.
Primary sourceD-Wave Quantum — supporting disclosure
Company or official disclosure; vendor claims are attributed to their source.
Checked. This is the research review date, not the source publication or quote time.

Keep in perspective

Revenue is small and flat ($3.1 million in Q2 2026), and the 100,000-qubit annealer (2031) and fault-tolerant gate-model systems are roadmap targets. Its wafer foundry, SkyWater, has belonged to IonQ since July 31, 2026, and any change to that supply is not disclosed. Annealing targets optimization problems and is not gate-model computing.

Specialist business exposure. This describes the breadth or role of the business; it is not an investment rating. A quantum-computing product, design-in or partnership does not by itself establish material quantum revenue, market share, or future returns.

Connections to the assembly

These links explain the technology relationship. The model is illustrative and does not represent an actual manufacturer’s bill of materials.

Qubit chip

A silicon die patterned with about a hundred superconducting transmon qubits, the tunable couplers between them and a readout resonator for each. The quantum state lives in these circuits.

Scope of the company links: The qubit die. Makers that design and fabricate their own superconducting chips come first: IBM (Nighthawk links 120 qubits with 218 tunable couplers; wafers made at a 300 mm facility in Albany, where its company Anderon runs a pure-play quantum wafer foundry), Google (105-qubit Willow from its Santa Barbara fab), Rigetti (Fab-1, chiplet-based Cepheus systems, Novera QPUs sold to others), IQM (chips from its own clean room), D-Wave (superconducting annealing QPUs whose wafers SkyWater makes), AWS (the Ocelot cat-qubit prototype) and Fujitsu (a 256-qubit chip co-developed with RIKEN). IonQ is mapped only because it has owned SkyWater, D-Wave’s wafer foundry, since July 31, 2026. GlobalFoundries (a quantum foundry business launched in May 2026 with photonic, ion-trap and spin-qubit partners, developing superconducting processes) and STMicroelectronics (Quobly’s silicon spin-qubit devices in Crolles) are foundries, and Intel’s 12-qubit Tunnel Falls is a silicon spin chip. Trapped-ion, neutral-atom and photonic machines use different hardware and sit under makers. QuantWare, Oxford Quantum Circuits, Quobly and Qolab are private; research fabs such as imec and MIT Lincoln Laboratory are not companies and are not mapped.

Related research

Companies with overlapping sector exposure. Their products and evidence may differ; this is not a list of equivalent investments.

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