OUR STANCE ON
D-WAVE QUANTUM (NYSE: QBTS)
D-Wave Quantum has built its multibillion dollar valuation based on the hope that it will grow in the near future. This is based on three claims:
→ It has genuine commercial traction with over 100 enterprise customers (Exaggerated)
→ It is a meaningful player in the Quantum AI space (Not True)
→ The business model (and revenue flow) can scale (Not True)
Unfortunately, the company has been taking advantage of a knowledge gap in the market, with exaggerated claims and manufactured narratives that have little 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.
Some example narratives that we believe to be untrue:
Rapidly deteriorating revenue story, highlighted by questionable press releases and an alarming user conference in Jan 2026
A quantum AI story that continues to be promoted to Wall Street, despite them essentially exiting the field 9 months ago
Technology that has been vastly overstated in usefulness, and has scant marketability
Click on the video to hear from a former D-Wave insider:
A Rapidly Disintegrating Story
D-Wave’s commercial story is rapidly dissolving, for reasons that insiders have been predicting for a year. And investors have yet to catch on.
Their Qubits 2026 user conference accidentally revealed just how dire the situation is for the company, as well as the highly questionable press releases they published at the same exact time.
We dive into this subject as well as other claims:
→ D-Wave’s Quantum AI Narrative Is Manufactured Hype
→ The Dual-Platform Strategy Was Never Real… and Never Will
→ Their Business Model Cannot Scale
→ Quantum Annealing is Practically Useless
→ D-Wave’s Customer Counts and Use Cases are Exaggerated Hype
Download analysis in our free D-Wave Short Report.
INSTITUTIONAL INVESTORS AND RESEARCHERS:
Misleading Claims on Market Size
Alan Baratz will tell you that optimization problems are everywhere – and he is right!
Every hospital schedules nurses. Every airline schedules flights. Every retailer manages inventory. In theory, every business on earth has a problem that D-Wave’s quantum annealer can solve.
In reality, almost none of them do.
D-Wave’s computing technology only solves a very specific (and rare) type of optimization project
Most real life projects are either too small or too large for D-Wave… very few are the right size
Total addressable market is a fraction of what has been advertised
Watch this video to understand why the market for D-Wave’s technology is smaller than advertised.
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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Why Coherence?
Who we are
The founder of Coherence worked directly for D-Wave, in a role that was strategically important to both technology and revenue. While there, he was alarmed at a number of ways that the outside narrative differed from reality.
We’re independent operators, not Wall Street insiders. Instead of leaking to the elite few, Coherence has decided to make our information public using open discourse on social media, community events and town halls, long-form education (instead of hype), and one-on-one conversations with fund managers.
We will never be the loudest voice in the room. D-Wave has an $800m war chest, media access, and the polished investor relations machine. We have something far more modest: the truth.
We’re betting that when the noise clears next quarter, the truth will win.
Subscribe to our newsletter for updates, and read our short report today.
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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).
