Our Stance on
D-Wave Quantum
(NYSE: QBTS)
D-Wave ($QBTS) has portrayed itself as the leading quantum computing provider – the only such company that has proven quantum supremacy, genuine commercial traction (with over 100+ customers!), a thriving quantum AI ecosystem, and a business model that scale.
Unfortunately, none of it is true.
Pierce Through The Hype
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.
Coherence Report is founded by a former D-Wave insider (see the LinkedIn profile for Josh Speyer). In that role, he had dotted line reports to both the technical and revenue side (CRO Lorenzo Martinelli and CDO Trevor Lanting). Due to this unprecedented access, he developed a unique understanding of how their technology can or cannot be applied to revenue… and thus, why there is disintegrating commercial traction.
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.
Coherence Report is founded by a former D-Wave insider (see the LinkedIn profile for Josh Speyer). In that role, he had dotted line reports to both the technical and revenue side (CRO Lorenzo Martinelli and CDO Trevor Lanting). Due to this unprecedented access, he developed a unique understanding of how their technology can or cannot be applied to revenue… and thus, why there is disintegrating commercial traction.
Watch and Learn
Watch our June 2026 update on what is happening to D-Wave, and why the investment story is rapidly coming undone.
Watch our June 2026 update on what is happening to D-Wave, and why the investment story is rapidly coming undone.
D-Wave’s Rapidly Disintegrating Story
Despite the heavily-engineered public hype, the fact is that D-Wave’s commercial prospects are rapidly dissolving, for reasons that are hiding in plain sight. And investors have yet to catch on.
In our investment report, we lay out concrete evidence showing how their investment story is falling apart, with evidence that is easily verifiable, and context that only Coherence Report can provide.
D-Wave’s Rapidly Disintegrating Story
Despite the heavily-engineered public hype, the fact is that D-Wave’s commercial prospects are rapidly dissolving, for reasons that are hiding in plain sight. And investors have yet to catch on.
In our investment report, we lay out concrete evidence showing how their investment story is falling apart, with evidence that is easily verifiable, and context that only Coherence Report can provide.
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.
Learn More About Coherence Report
Our Research Coverage
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.
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