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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.

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.

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).

We believe the story is false, and this report explains why.

– Our investigation, drawing on primary research, insider accounts, and detailed analysis of D-Wave’s public disclosures and commercial activity, reveals a company in fundamental distress across every dimension of its business.
– Customer metrics designed to mislead: Most “customers” are free trial accounts that never convert
– A Quantum AI narrative with no substance: Three engineers, no sales force, no validated results
– A gate-model program that existed only in press releases until a desperate $550M acquisition exposed years of neglect
– A broken business model, with no avenue for scalable growth
– Leadership dysfunction that has paralyzed commercial execution
– A business model that is fundamentally unscalable, requiring expensive consulting for one-off projects

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.