Jun. 4 at 6:09 AM
🚀 The Quantum Story Wall Street Keeps Getting Wrong
D-Wave's Q1 revenue collapsed 81% to
$2.9M. Everyone declared the quantum bubble dead.
They missed the real story.
Same release: bookings exploded 1,994% to
$33.4M. Cash
$588M, zero debt, 73% commercial revenue.
CEO Baratz then unveiled the roadmap: 100 logical qubits by 2032, >1 MILLION operations.
The dirty secret of quantum: most "supremacy" demos solve problems nobody has. Google + Quantinuum chase random circuit sampling. Cool math. Zero utility.
D-Wave demonstrated supremacy on a REAL magnetic materials problem.
Dual-rail qubits catch ~90% of errors at HARDWARE level. Correction 100-1,000x faster than rivals. 99.9% gate fidelity.
That's a physics moat.
The kicker: IonQ + Rigetti revenue DOMINATED by government grants per SEC filings. D-Wave sells to enterprises.
IBM threw
$10B targeting 2029. D-Wave lags 3 years on paper, but needs FEWER physical qubits per logical.
Plays:
$QBTS,
$IONQ,
$RGTI,
$IBM.
Pioneers don't always finish first.
