D-Wave Quantum Inc. (QBTS) is demonstrating meaningful commercial momentum even as second-quarter 2026 revenues held essentially flat at $3.1 million.
The share of revenue from commercial customers climbed significantly, representing 62.4% of second-quarter revenues compared to just 45.1% in the same period a year earlier.
QCaaS subscription revenues posted strong growth, rising 50% to $1.9 million during the quarter, signaling deeper adoption of quantum computing as a service.
First-half bookings surged an extraordinary 1,120%, buoyed in part by a $20 million annealing system sale to Florida Atlantic University.
Revenue visibility strengthened considerably, with remaining performance obligations jumping 668% to $40.7 million, a figure that reflects growing long-term customer commitments.
Approximately 57% of that backlog is expected to be recognized within the next 12 months, providing a clearer near-term revenue picture for investors.
Production applications also gained ground, accounting for 37.3% of first-half QCaaS revenues versus just 9.8% in the prior-year period, suggesting customers are moving beyond experimentation.
D-Wave is simultaneously advancing its gate-model roadmap, targeting a 17-qubit dual-rail system for year-end delivery alongside longer-term fault-tolerant computing milestones.
Among peers, Quantum Computing Inc. (QUBT) reported second-quarter 2026 revenues of $5.6 million, up sharply from $61,000 a year earlier, with all business units contributing to the growth.
QCi sold, delivered, and installed its DIRAC-3 quantum optimization system at a global consulting firm, while its NeuraWave platform reached deployment readiness during the period.
Rigetti Computing (RGTI) also reported a strong quarter, with revenues rising 185% year over year to $5.1 million, driven by on-premises Novera QPU sales.
Rigetti advanced its 108-qubit Cepheus-1 platform and secured a letter of intent from the U.S. Department of Commerce for up to $100 million in potential CHIPS Act funding.
On price performance, QBTS shares have risen 10.9% over the past year, far outpacing the broader Internet Software industry’s 12.6% decline over the same stretch.
Despite that outperformance, QBTS carries a rich valuation, trading at a forward 12-month Price-to-Sales ratio of 90.60X against the industry average of just 3.97X.
The company’s loss per share estimate for 2026 has moved to 29 cents in the past 30 days, and QBTS stock currently holds a Zacks Rank of 4, indicating a Sell rating.
