Technical & Investment Analysis
Our deep-dive analysis provides a complete assessment of each company, evaluating its
technology, market position, and long-term strategy through independent, expert-led research.
BLOGS
Learn the Truth: The Unwinding of D-Wave’s Business
D-Wave’s commercial model is coming undone… fast. Exaggerated claims about their AI capabilities or “mystery deals” cannot save it.
If you have an interest in quantum computing (either as an investor or enthusiast), you’ll want to read our findings. Be the first to know what’s coming, before everyone else.
We expect the D-Wave story to collapse in the next 90 days, and are SHORT D-Wave Quantum (NYSE: QBTS).
Why Coherence Report? Technical Depth, Commercial Fluency, and Zero Agenda
The technology, explained plainly
We walk you through what quantum hardware, software, and hybrid architectures actually do — what’s production-ready, what’s still theoretical, and what the performance claims mean (and don’t mean) in practice.
Commercial reality, not projections
We evaluate go-to-market strategy and revenue viability with the same rigor we’d apply inside a company. Which business models have traction today? Where are the genuine revenue opportunities? Where are the timelines being stretched past what the science supports?
Perspective you won’t find in a report
The public information on quantum computing is largely written for retail investors, generated for clicks, or produced by companies marketing their own capabilities. We provide analysis built on years of industry tracking, first-hand operating experience, and a genuine technical foundation.
About the Publishers
The Coherence Report is an independent research publication focused on deep technology investing. It is built on the combination of direct industry experience, technical fluency, and commercial expertise – something that most other investment research in the space does not have.
The founder has spent 20+ years working across AI, software development, and enterprise commercial strategy. This includes strategic project roles at companies such as Nike, Gap, and D-Wave. Currently he holds multiple patents in mathematics, and manages an AI company that specializes in scientific research (Statgenius.io).
Featured News
Curated stories and high-priority updates selected by Coherence Report. These pieces highlight the most important market signals, company moves, and technology claims worth paying attention to.
Harvest Great Ideas From Your Company’s Best Assets
Competitive Research
In particular, the initial state of the company’s sales and operations planning capabilities limited their ability to account for demand variability or raw material lead times in production and distribution.
Narrow Your Focus to Prevent Overanalysis
Franchising
What is this highly valuable asset? Its own people. Given that we are all capable of contributing new ideas, the question becomes how do you successfully generate, capture, process, and implement ideas?
4 Steps to Consider Before You Start
Innovation
User generated content in real-time will have multiple touchpoints for offshoring.
Live News Feed
Real-time updates and quick summaries on the latest developments in quantum computing, AI, and frontier technology markets. Built for readers who want fast, clear context without sorting through noisy headlines.
Explaining Why D-Wave’s Quantum AI Play Is a Dead End
Summary: Coherence Report examines D-Wave’s Quantum AI claims and explains why the company’s AI story appears to rely on limited proof-of-concept work rather than a scalable commercial model.
Why It Matters: Investors need to separate real quantum computing progress from marketing narratives, especially when AI is being used to support valuation and growth expectations.
Source: Coherence Report
$2 Billion Industry Investment Is Not As Reported
Summary: This analysis reviews the broader quantum investment narrative and challenges the way major funding announcements are being interpreted by the market.
Why It Matters: Funding headlines can create the appearance of broad market validation, but investors need to understand who benefits, who participated, and what the investment actually signals.
Source: Coherence Report
Ising Is an AI Copilot, Not Quantum AI
Summary: Coherence Report breaks down the difference between using AI to support quantum workflows and claiming that the system itself represents a true Quantum AI breakthrough.
Why It Matters: Clear technical language matters because vague AI and quantum claims can mislead investors about what a product actually does and how defensible it really is.
Source: Coherence Report
0.09% Is the Future of Quantum Computing
Summary: This report explores how small technical details can shape the future of quantum computing and why investors should look beyond simplified breakthrough headlines.
Why It Matters: Quantum computing progress is often hidden in technical constraints, error rates, architecture choices, and commercial viability, not just in public announcements.
Source: Coherence Report
Topics
Insights & Blogs
Plain-language analysis that breaks down complex topics in quantum computing, AI, and deep technology. This section helps readers understand what is real, what is hype, and why it matters.
AI Engineering
Practical insights on how artificial intelligence systems are built, tested, and applied, with a focus on separating real technical capability from exaggerated market claims.
Quantum AI
Analysis of companies and technologies claiming to combine quantum computing with artificial intelligence, helping readers understand what is truly innovative and what may be mostly narrative.
Quantum Computing
Research-driven coverage of quantum computing progress, limitations, hardware approaches, and commercial viability, written to help investors look beyond headlines and understand the actual technology.
Topics
Reports & Research
Long-form research, investor analysis, educational resources, and scorecards built for deeper due diligence. This section is designed for readers who want more detailed evidence, context, and strategic interpretation.
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Free Access! Download the D-Wave Investment Report
Free Access! Download the D-Wave Investment Report About D-Wave: The Quantum Mirage After a year of compiling data, Josh Speyer, founder of Coherence Report and a former insider of D-Wave, has released a set of comprehensive reports for investors and tech enthusiasts alike. It covers the core arguments behind our position: that the customer metrics
April 3, 2026Read More -
Due Diligence Report for Investors: D-Wave (NYSE:QBTS)
Due Diligence Report for Investors: D-Wave (NYSE:QBTS) For Institutional Investors Only This is the most comprehensive independent analysis of D-Wave Quantum available anywhere. Drawing on first-hand operational experience inside the organization, primary sourcing from multiple insiders, and detailed technical and commercial analysis, this report examines the significant gap between D-Wave’s public investor narrative and the
March 30, 2026Read More -
The Synthetic Mirage: Why AI Respondent Panels Are Selling Market Research Buyers a Methodology That Doesn’t Exist
The Synthetic Mirage: Why AI Respondent Panels Are Selling Market Research Buyers a Methodology That Doesn’t Exist This is the most technically rigorous independent analysis of the synthetic respondent industry available anywhere. Drawing on deep quantitative research expertise, extensive evaluation of vendor tools and claims, and awarded patents in statistical analysis and data imputation, this
January 13, 2026Read More
Investment Reports
In-depth analysis of quantum companies, funding narratives, market positioning, and investor-facing claims to help readers understand the business reality behind the headlines.
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Rigetti’s Quantum Shortcut for Optimization Problems
What Happened Rigetti Computing and Purdue University published research, showing how a quantum processor can speed up the software companies already use to solve optimization problems. Unlike other promises in the optimization spaces, the quantum part doesn’t solve the problem. But it does feed useful information into classical solvers, which already exist in the enterprise
September 21, 2026Read More -
CHIPS Act Funding is Completed (Updates)
In May 2026, the US Department of Commerce announced roughly $2 billion in planned CHIPS and Science Act funding for the quantum computing industry, spread across nine companies. On September 8, it converted most of that into real contracts. D-Wave Quantum, Rigetti Computing, Quantinuum, PsiQuantum, and GlobalFoundries each signed a definitive agreement for up to
September 14, 2026Read More -
Quantinuum Q2: Revenue Story backs Technology Leadership
Quantinuum (QNT) posted its first quarter as a public company on Tuesday evening, and it’s clear that both the technology and commercial traction are moving in the same direction. Q2 revenue was up almost 3x, they raised full-year guidance on the way out of the IPO gate, and confirmed a named system sale to Oracle.
August 14, 2026Read More -
Understanding D-Wave: No Growth, Just Press Releases
In late July, investor interest surged with news that AT&T would expand its use of D-Wave’s quantum annealing technology “across network operations”. There were claims about success, speedup, etc. but investors need to understand what the project actually was.
August 12, 2026Read More -
D-Wave’s Quantum AI Published: Read Between the Lines
D-Wave and Japan Tobacco published a peer-reviewed paper in Scientific Reports on July 9 describing quantum-assisted molecular design.
July 23, 2026Read More -
Why is Quantum Gaining Traction in Japan & South Korea?
On April 14, 2026, Nvidia announced Ising: a set of open-source AI tools designed to make quantum computers more reliable and easier to operate.
June 23, 2026Read More
Edcational (Quantum)
Clear explanations of quantum computing concepts, technologies, and industry terms written for readers who want to understand the space without heavy technical jargon.
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Free Access! Download the D-Wave Investment Report
Free Access! Download the D-Wave Investment Report About D-Wave: The Quantum Mirage After a year of compiling data, Josh Speyer, founder of Coherence Report and a former insider of D-Wave, has released a set of comprehensive reports for investors and tech enthusiasts alike. It covers the core arguments behind our position: that the customer metrics
April 3, 2026Read More -
Due Diligence Report for Investors: D-Wave (NYSE:QBTS)
Due Diligence Report for Investors: D-Wave (NYSE:QBTS) For Institutional Investors Only This is the most comprehensive independent analysis of D-Wave Quantum available anywhere. Drawing on first-hand operational experience inside the organization, primary sourcing from multiple insiders, and detailed technical and commercial analysis, this report examines the significant gap between D-Wave’s public investor narrative and the
March 30, 2026Read More -
The Synthetic Mirage: Why AI Respondent Panels Are Selling Market Research Buyers a Methodology That Doesn’t Exist
The Synthetic Mirage: Why AI Respondent Panels Are Selling Market Research Buyers a Methodology That Doesn’t Exist This is the most technically rigorous independent analysis of the synthetic respondent industry available anywhere. Drawing on deep quantitative research expertise, extensive evaluation of vendor tools and claims, and awarded patents in statistical analysis and data imputation, this
January 13, 2026Read More
Scorecards
Structured evaluations of quantum companies, technologies, and claims using clear criteria so readers can quickly compare credibility, progress, and commercial potential.
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Free Access! Download the D-Wave Investment Report
Free Access! Download the D-Wave Investment Report About D-Wave: The Quantum Mirage After a year of compiling data, Josh Speyer, founder of Coherence Report and a former insider of D-Wave, has released a set of comprehensive reports for investors and tech enthusiasts alike. It covers the core arguments behind our position: that the customer metrics
April 3, 2026Read More -
Due Diligence Report for Investors: D-Wave (NYSE:QBTS)
Due Diligence Report for Investors: D-Wave (NYSE:QBTS) For Institutional Investors Only This is the most comprehensive independent analysis of D-Wave Quantum available anywhere. Drawing on first-hand operational experience inside the organization, primary sourcing from multiple insiders, and detailed technical and commercial analysis, this report examines the significant gap between D-Wave’s public investor narrative and the
March 30, 2026Read More -
The Synthetic Mirage: Why AI Respondent Panels Are Selling Market Research Buyers a Methodology That Doesn’t Exist
The Synthetic Mirage: Why AI Respondent Panels Are Selling Market Research Buyers a Methodology That Doesn’t Exist This is the most technically rigorous independent analysis of the synthetic respondent industry available anywhere. Drawing on deep quantitative research expertise, extensive evaluation of vendor tools and claims, and awarded patents in statistical analysis and data imputation, this
January 13, 2026Read More