Quantum hardware maker D-Wave: commercial customers went from 16% to 68% of revenue in a year

D-Wave Quantum, a quantum-computing hardware maker, reported Q2 2026 results on Wednesday. Commercial customers generated 67.7% of first-half revenue, up from 16.0% in the first half of 2025, and Forbes Global 2000 companies now account for nearly half of all sales. Production applications make up 37.3% of revenue from D-Wave's cloud service, up from research-pilot workloads.

D-Wave posted a $48 million net loss for the quarter, narrower than the $167.3 million loss a year earlier but driven largely by lower non-cash warrant charges. Operating expenses climbed 93% year over year to $55 million. Cash and investments stood at $546.2 million at quarter end, down from $819 million a year ago, partly because of capital used in the Quantum Circuits acquisition.

First-half bookings rose more than 1,120% year over year to $35.5 million, anchored by a single $20 million system sale and $2.3 million contributed by Quantum Circuits. Remaining performance obligations, a measure of contracted-but-unrecognized revenue, jumped 668% to $40.7 million.

D-Wave's roadmap adds a gate-model architecture from the Quantum Circuits deal, with company targets of 20,000 qubits by 2029 and 100,000 by 2031. Those figures are stated goals, not delivered systems, and the stock rallied on the bookings surge even as the operating loss widened.