OUR STANCE ON D-WAVE QUANTUM
Our Stance on
D-Wave Quantum
(NYSE: QBTS)
D-Wave has portrayed itself as the leading quantum computing provider.
None of it is true.
Short-biased opinion. The author holds a short position in NYSE: QBTS.
01 The setup
A $5B+ valuation built on three claims
D-Wave is taking advantage of a knowledge gap in the market, with exaggerated claims and manufactured narratives that have no grounding in reality. They follow Wall Street trends far more carefully than technical capabilities… which has enabled them to juice the stock into a $5B+ valuation.
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Claim 1
It has genuine commercial traction with over 100 enterprise customers
Exaggerated -
Claim 2
It is a meaningful player in the Quantum AI space
Not true -
Claim 3
The business model (and revenue flow) can scale
Not true
This narrative exists because so few analysts and investors understand the technology and the market.
02 Watch · June 2026
The story is coming undone — here’s what’s happening
Watch our June 2026 update on what is happening to D-Wave, and why the investment story is rapidly coming undone.
03 The findings
D-Wave’s rapidly disintegrating story
Despite the heavily-engineered public hype, D-Wave’s commercial prospects are rapidly dissolving for reasons that are hiding in plain sight — and investors have yet to catch on. Five findings, each backed by verifiable evidence and context only Coherence Report can provide.
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01
The customer count and commercial story is a mirage
Most “enterprise customers” are sign-ups experimenting with a nearly free account — not the commercial traction the valuation implies.
-
02
D-Wave’s Quantum AI narrative is manufactured hype
The company quietly stepped back from the AI business — yet still talks about it on earnings calls.
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03
The dual-platform strategy was never real… and never will be
The story of two quantum systems developed in parallel is a narrative, not a roadmap the business can deliver.
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04
Their business model cannot scale
The economics of each deal mean revenue cannot scale the way the current valuation requires.
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05
The leadership and sales organization has failed
The sales organization can’t move customers past conversations into real deals.
About
About Coherence Report
Coherence Report produces independent research on both quantum computing and AI, with content specifically tailored to investors and technology purists. Our work draws on direct industry experience and ongoing sector coverage, translated into analysis that is directly relevant to capital allocation decisions.
We track developer ecosystems, earnings signals, and competitive positioning across the sector on an ongoing basis. Most information available to the public comes in the form of click-bait articles, corporate press releases, and difficult-to-read scientific journals. Coherence Report takes the time to understand the scientific and industry jargon, and explains it (in plain language) to readers like you. Besides our comprehensive research and engineering resources, we have invested in news feeds, proprietary data feeds, and AI — to make sure we can provide the latest intelligence and insights… before it comes to market.
- Developer ecosystems
- Earnings signals
- Competitive positioning
→ The evidence, in full
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