D-Wave Sees Rising Bookings and Production Use, But Revenue Scale Lags Behind

D-Wave Quantum (NASDAQ: QBTS) is building a case that quantum computing is moving from experimentation toward commercial reality. According to a recent analysis, the company’s bookings, remaining performance obligations (RPO), and production-level quantum usage are all trending upward — signs that customers are committing real budgets to its quantum-computing-as-a-service (QCaaS) platform rather than treating it as a science project.

The commercial traction matters in a sector where most quantum hardware makers still depend heavily on government grants and research contracts. Production deployments — where enterprises run actual workloads on quantum systems rather than proof-of-concept pilots — are considered the clearest signal that the technology is delivering practical value.

But a significant challenge remains. D-Wave’s revenue base is still small and uneven quarter to quarter, and the analysis highlights the central question facing the company: whether growing QCaaS usage can convert today’s customer commitments into recurring revenue substantial enough to justify its valuation. Bookings and RPO represent promised future business; turning those obligations into recognized, sustainable revenue is the harder step.

D-Wave operates in a broader technology hardware and data infrastructure landscape that includes established players with far larger revenue bases. Among peers tracked by Tech Presswire, Quantum Corporation (QMCO) — which specializes in data management for unstructured data — trades at $24.24, down 1.13% from its previous close of $24.5159, with a market cap of roughly $955 million. Meanwhile, Climb Global Solutions (CLMB), an IT distribution and solutions firm, sits at $27.84, up 1.23% on the day from a prior close of $27.50, with a market cap of about $466 million. Both illustrate the scale gap that early-stage quantum companies like D-Wave still face relative to mature technology businesses.

The analysis notes that stock prices referenced were market prices as of Aug. 26, 2026, with the commentary published Sept. 13, 2026.

What to watch

• D-Wave’s upcoming quarterly results, particularly how much of its bookings and RPO converts into recognized revenue.
• Whether production-grade QCaaS deployments expand beyond pilots into multi-year enterprise contracts.
• Revenue guidance and management commentary on the path to more predictable recurring revenue.
• Broad adoption trends across the quantum computing sector as competitors report their own commercial metrics.

Source: original release