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D-Wave Quantum Inc is in the development and delivery of quantum computing systems, software, and services, and it is the commercial supplier of quantum computers and the only company building both annealing quantum computers and gate-model quantum computers. It delivers customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. Its annealing quantum computers are accessible through the company’s LeapTM cloud service.
2022
220
LTM Revenue $15.3M
LTM EBITDA -$56.8M
$4.5B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
D-Wave Quantum has a last 12-month revenue (LTM) of $15.3M and a last 12-month EBITDA of -$56.8M.
In the most recent fiscal year, D-Wave Quantum achieved revenue of $8.8M and an EBITDA of -$138M.
D-Wave Quantum expects next 12-month revenue of XXX and NTM EBITDA of XXX
See D-Wave Quantum valuation multiples based on analyst estimates| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue | $15.3M | XXX | $8.8M | XXX | XXX | XXX |
| Gross Profit | $12.3M | XXX | $5.6M | XXX | XXX | XXX |
| Gross Margin | 80% | XXX | 63% | XXX | XXX | XXX |
| EBITDA | -$56.8M | XXX | -$138M | XXX | XXX | XXX |
| EBITDA Margin | -372% | XXX | -1564% | XXX | XXX | XXX |
| EBIT | -$57.3M | XXX | -$77.2M | XXX | XXX | XXX |
| EBIT Margin | -376% | XXX | -875% | XXX | XXX | XXX |
| Net Profit | -$108M | XXX | -$144M | XXX | XXX | XXX |
| Net Margin | -706% | XXX | -1630% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | n/a | XXX | XXX | XXX |
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As of May 30, 2025, D-Wave Quantum's stock price is $16.
D-Wave Quantum has current market cap of $4.8B, and EV of $4.5B.
See D-Wave Quantum trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $4.5B | $4.8B | XXX | XXX | XXX | XXX | $-0.30 |
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Start Free TrialAs of May 30, 2025, D-Wave Quantum has market cap of $4.8B and EV of $4.5B.
D-Wave Quantum's trades at 510.4x EV/Revenue multiple, and -32.6x EV/EBITDA.
Equity research analysts estimate D-Wave Quantum's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
D-Wave Quantum has a P/E ratio of -44.3x.
See valuation multiples for D-Wave Quantum and 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $4.8B | XXX | $4.8B | XXX | XXX | XXX |
| EV (current) | $4.5B | XXX | $4.5B | XXX | XXX | XXX |
| EV/Revenue | 295.4x | XXX | 510.4x | XXX | XXX | XXX |
| EV/EBITDA | -79.3x | XXX | -32.6x | XXX | XXX | XXX |
| EV/EBIT | -78.6x | XXX | -58.3x | XXX | XXX | XXX |
| EV/Gross Profit | 367.2x | XXX | n/a | XXX | XXX | XXX |
| P/E | -44.3x | XXX | -33.2x | XXX | XXX | XXX |
| EV/FCF | -80.3x | XXX | -100.0x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Start Free TrialD-Wave Quantum's last 12 month revenue growth is 97%
D-Wave Quantum's revenue per employee in the last FY averaged $40K, while opex per employee averaged $0.4M for the same period.
D-Wave Quantum's rule of 40 is -826% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
D-Wave Quantum's rule of X is -130% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
See operational valuation multiples for D-Wave Quantum and other 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 97% | XXX | 108% | XXX | XXX | XXX |
| EBITDA Margin | -372% | XXX | -1564% | XXX | XXX | XXX |
| EBITDA Growth | 3% | XXX | n/a | XXX | XXX | XXX |
| Rule of 40 | -826% | XXX | -1467% | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | -130% | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $40K | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | $0.4M | XXX | XXX | XXX |
| S&M Expenses to Revenue | XXX | XXX | 171% | XXX | XXX | XXX |
| G&A Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| R&D Expenses to Revenue | XXX | XXX | 400% | XXX | XXX | XXX |
| Opex to Revenue | XXX | XXX | 938% | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Phoenix Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Macquarie Technology Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Nextdc | XXX | XXX | XXX | XXX | XXX | XXX |
| Tata Communications | XXX | XXX | XXX | XXX | XXX | XXX |
| Netweb Technologies India | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
D-Wave Quantum acquired XXX companies to date.
Last acquisition by D-Wave Quantum was XXXXXXXX, XXXXX XXXXX XXXXXX . D-Wave Quantum acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Start Free Trial| When was D-Wave Quantum founded? | D-Wave Quantum was founded in 2022. |
| Where is D-Wave Quantum headquartered? | D-Wave Quantum is headquartered in United States of America. |
| How many employees does D-Wave Quantum have? | As of today, D-Wave Quantum has 220 employees. |
| Who is the CEO of D-Wave Quantum? | D-Wave Quantum's CEO is Dr. Alan Baratz. |
| Is D-Wave Quantum publicy listed? | Yes, D-Wave Quantum is a public company listed on NYS. |
| What is the stock symbol of D-Wave Quantum? | D-Wave Quantum trades under QBTS ticker. |
| When did D-Wave Quantum go public? | D-Wave Quantum went public in 2022. |
| Who are competitors of D-Wave Quantum? | Similar companies to D-Wave Quantum include e.g. Phoenix Group, Macquarie Technology Group, Nextdc, Tata Communications. |
| What is the current market cap of D-Wave Quantum? | D-Wave Quantum's current market cap is $4.8B |
| What is the current revenue of D-Wave Quantum? | D-Wave Quantum's last 12 months revenue is $15.3M. |
| What is the current revenue growth of D-Wave Quantum? | D-Wave Quantum revenue growth (NTM/LTM) is 97%. |
| What is the current EV/Revenue multiple of D-Wave Quantum? | Current revenue multiple of D-Wave Quantum is 295.4x. |
| Is D-Wave Quantum profitable? | Yes, D-Wave Quantum is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of D-Wave Quantum? | D-Wave Quantum's last 12 months EBITDA is -$56.8M. |
| What is D-Wave Quantum's EBITDA margin? | D-Wave Quantum's last 12 months EBITDA margin is -372%. |
| What is the current EV/EBITDA multiple of D-Wave Quantum? | Current EBITDA multiple of D-Wave Quantum is -79.3x. |
| What is the current FCF of D-Wave Quantum? | D-Wave Quantum's last 12 months FCF is -$56.1M. |
| What is D-Wave Quantum's FCF margin? | D-Wave Quantum's last 12 months FCF margin is -368%. |
| What is the current EV/FCF multiple of D-Wave Quantum? | Current FCF multiple of D-Wave Quantum is -80.3x. |
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