Free Access! Download the D-Wave Investment Report
D-Wave’s Quantum Mirage is the essential document for any investor trying to understand QBTS as an investment. We have spent a year compiling data and 1st party evidence, to bring you an unbiased view that uncovers quite possibly the greatest investor story in the quantum computing industry, in 2026.
This report includes:
→ Supporting evidence, case studies, and executive quotes
→ Direct excerpts from disclosures, earnings calls, and internal perspectives
→ A structured breakdown of the company’s commercial and technical positioning
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 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.
The Quantum Mirage is the essential document for any investor trying to understand whether QBTS is investable, and where it is truly heading in late 2026.
Unlock the Short 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 Short Report on D-Wave (NYSE:QBTS).
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About Potential MNPI Conflicts
The founder of Coherence Report recognizes that his former position with D-Wave might raise concerns about MNPI and breach of confidentiality. We assert that all federal securities laws have been followed in the preparation and distribution of this report.
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).
Disclaimer:
The views expressed in this report are based on information the author believes to be accurate and reliable. However, no representation is made as to their completeness or accuracy. This report is intended for informational purposes only and does not constitute investment advice, a solicitation, or a recommendation to buy or sell any security. All investment decisions carry risk. Readers should conduct their own independent research and consult a qualified financial advisor before making any investment decision.
The author of this report currently holds a short position in D-Wave Quantum Inc. (NYSE: QBTS) and will benefit financially if the company’s share price declines. This position was established prior to the publication of this research. Readers should be aware of this conflict of interest when evaluating the analysis presented here.