Do we believe AT&T is any different?

Nothing New to See, Where Is the Revenue Growth?

D-Wave Quantum (Nasdaq: QBTS) announced on July 27 that AT&T has signed an agreement to expand its use of D-Wave’s annealing quantum computing technology across network operations. The release describes AT&T’s initial focus as layering the technology into tools that already power its agentic AI systems.

The announcement builds on work AT&T has already done, using D-Wave’s annealing technology to speed up a network optimization task. From there, the release turns exploratory. AT&T “plans to explore” a range of additional network operations use cases and is separately “evaluating” D-Wave’s forthcoming, still-unreleased gate-model systems. No contract value, no deployment timeline, and no dollar figure appears anywhere in the release.

The Full Supporting Report

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 overstate real commercial adoption, the Quantum AI narrative we believe has no technical foundation, and a business model that cannot generate the recurring revenue the current valuation requires. Each argument is supported by specific evidence, including first-hand accounts from inside the organization.

Unlock the Investment Report for FREE Today!

In our commitment to make public the true nature of D-Wave’s investment story, we’re opening up free access to our Investment Report on D-Wave (NYSE:QBTS).

What follows is a systematic examination of each of these failures. We believe investors who read it will conclude, as we have, that NYSE: QBTS is priced for a future that will never arrive.