Among quantum computing stocks, IonQ has been notably on an acquisition spree. But investors should keep an eye on D-Wave Quantum, too.
Quantum computing works on a subatomic level and uses exotic technologies, like supercold superconductor chips. Quantum computing aims to solve problems too complex for today's classical computers.
Like IonQ, D-Wave has been raising capital. Some will go toward boosting D-Wave's research and development. In the third and fourth quarters of 2025, D-Wave expects operating expenses to rise by about 15%.
But the company is mulling acquisitions, too.
$800 Million In Cash
"We now have $800 million in the bank, and so we're well capitalized," D-Wave Chief Executive Alan Baratz told Investor's Business Daily.
D-Wave stands out as the chief developer of one flavor of quantum technology. Founded in 1999, the company pioneered the process called "quantum annealing."
However, most quantum computing companies are focused on building "gate model" quantum computers using different "qubit" technologies, such as superconducting chips, trapped ion, and photonic qubits. D-Wave is developing its own gate model technology. But an acquisition could speed up the process.
"We have the opportunity to do some more substantial acceleration of our activities," Baratz said. "And yes, gate model is potentially one of those areas where we might be able to much more rapidly address product development by looking at acquisitions."
D-Wave started evaluating potential targets a few months ago.
Over 40 Companies Being Evaluated
"We started by trying to understand the areas in which we think acquisitions could benefit the company and create shareholder value," Baratz said. "Then we started identifying companies in each of those areas. We have over 40 companies that we are evaluating and we are using that to develop a more concrete strategy."
In addition to its cash on hand, D-Wave could use its stock as part of an acquisition, Baratz noted.
"We think that between the currency of our stock and the $800 million in the bank, we do have the resources needed to pursue a small, medium or large acquisition," he added.
D-Wave reported a wider-than-expected second-quarter loss while revenue topped views. D-Wave reported an 8-cent loss on an adjusted basis versus a 10-cent loss a year earlier. Revenue rose 42% to $3.1 million.
"We continue to stay focused on driving our commercial business that differentiates us versus every other quantum company," Baratz said. "If you go look at the revenue from any other company, it's almost exclusively government grant money, whereas ours is almost exclusively commercial."
"We think that's the far better place to be, because that's what will allow us to build sustainable growth, versus being at the whim of governments and what the kind of technology du jour is and what the political landscape is willing to invest in or not invest in. We've got customers with applications in production. We think it's what will allow us to be the first, maybe only, quantum company to build a sustainable business anytime soon.
Quantum Computing Stocks: D-Wave Top Performer
D-Wave stock has advanced about 107% in 2025. That's the biggest gain among quantum computing stocks.
Shares in IonQ are up 7% this year. Shares in Rigetti have advanced about 3%. Quantum Computing is about flat.
In the March quarter, D-Wave had turned profitable on an adjusted basis on a one-time revenue pop — D-Wave in February won a big deal in Germany. The Jülich Supercomputing Centre bought one of D-Wave's quantum systems.
The company has a new quantum project underway with Davidson Technologies in Huntsville, Alabama.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
