QBTS

D-Wave Quantum Inc

research_scan theme='quantum-computing'; value_chain_position='pure-play'; Pivoted 2026-06-01 from annealing-only to dual-architecture annealing-plus-gate-model with a published 6-year fault-tolerant roadmap (17 physical qubits 2026, 49 in 2027, 181 in 2028, 10 logical 2030, 100 logical 2032). DOC CHIPS LoI signed 2026-05-21 ($100M disclosed); Microelectronics Commons Year-2 funding 2026-05-26. The gate-model pivot concedes annealing does not reach the fault-tolerant prize alone; structurally crowds the gate-model competitive set with a sixth entrant.