D-Wave said the Quantum Circuits deal adds gate-model architecture to its quantum annealing business, broadening its product lineup beyond optimization-focused systems.
That wider offering underpins the bullish case for D-Wave even as first-half 2026 revenue fell to $5.9 million from $18.1 million a year earlier.
Bookings point to a possible rebound: D-Wave reported $35.5 million in first-half 2026 bookings, up 1,120% year over year, while fiscal 2025 revenue had surged 178.5% to $24.6 million.
Rigetti, by contrast, posted stronger recent sales momentum—first-half 2026 revenue rose to $9.5 million from $3.3 million—but its fiscal 2025 revenue fell 34.3% to $7.1 million.
Both companies remain deeply unprofitable and richly valued, but D-Wave's low debt, expanding commercial partnerships and broader architecture are presented as giving it the stronger 2026 investment case.
Can Rigetti's desperate August restructuring save its falling revenues, or has D-Wave's dual-platform gamble already crowned the 2026 quantum winner?
With a massive net loss, is D-Wave's shocking 1,120% bookings surge a true commercial breakthrough or just a well-timed illusion for investors?
Are enterprise customers blindly buying into D-Wave's dual-platform hype while ignoring the massive execution risks still plaguing the entire quantum computing industry?