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D-Wave Quantum Valuation Multiples
Discover revenue and EBITDA valuation multiples for D-Wave Quantum and similar public comparables like Oracle Corp Japan, Moratelindo, INWIT, GDS Holdings and more.
D-Wave Quantum Overview
About D-Wave Quantum
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.
Founded
2022
HQ
Employees
220
Website
Financials (LTM)
EV
$7B
D-Wave Quantum Financials
D-Wave Quantum reported last 12-month revenue of $30M and negative EBITDA of ($90M).
In the same LTM period, D-Wave Quantum generated $25M in gross profit, ($90M) in EBITDA losses, and had net loss of ($290M).
Revenue (LTM)
D-Wave Quantum P&L
In the most recent fiscal year, D-Wave Quantum reported revenue of $25M and EBITDA of ($73M).
D-Wave Quantum expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $30M | XXX | $25M | XXX | XXX | XXX |
| Gross Profit | $25M | XXX | $20M | XXX | XXX | XXX |
| Gross Margin | 82% | XXX | 83% | XXX | XXX | XXX |
| EBITDA | ($90M) | XXX | ($73M) | XXX | XXX | XXX |
| EBITDA Margin | (297%) | XXX | (295%) | XXX | XXX | XXX |
| EBIT Margin | (286%) | XXX | (292%) | XXX | XXX | XXX |
| Net Profit | ($290M) | XXX | ($355M) | XXX | XXX | XXX |
| Net Margin | (957%) | XXX | (1444%) | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
D-Wave Quantum Stock Performance
D-Wave Quantum has current market cap of $8B, and enterprise value of $7B.
Market Cap Evolution
D-Wave Quantum's stock price is $21.69.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $7B | $8B | 0.0% | XXX | XXX | XXX | $-0.96 |
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Start Free TrialD-Wave Quantum Valuation Multiples
D-Wave Quantum trades at 236.7x EV/Revenue multiple, and (79.8x) EV/EBITDA.
EV / Revenue (LTM)
D-Wave Quantum Financial Valuation Multiples
As of April 20, 2026, D-Wave Quantum has market cap of $8B and EV of $7B.
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 (27.6x).
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $8B | XXX | $8B | XXX | XXX | XXX |
| EV (current) | $7B | XXX | $7B | XXX | XXX | XXX |
| EV/Revenue | 236.7x | XXX | 292.1x | XXX | XXX | XXX |
| EV/EBITDA | (79.8x) | XXX | (99.1x) | XXX | XXX | XXX |
| EV/EBIT | (82.7x) | XXX | (100.1x) | XXX | XXX | XXX |
| EV/Gross Profit | 289.0x | XXX | 353.7x | XXX | XXX | XXX |
| P/E | (27.6x) | XXX | (22.6x) | XXX | XXX | XXX |
| EV/FCF | (73.2x) | XXX | (94.1x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified D-Wave Quantum Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
D-Wave Quantum Margins & Growth Rates
D-Wave Quantum's revenue in the last 12 month grew by 85%.
D-Wave Quantum's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $0.5M for the same period.
D-Wave Quantum's rule of 40 is (220%) (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
D-Wave Quantum's rule of X is (103%) (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
D-Wave Quantum Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 85% | XXX | 78% | XXX | XXX | XXX |
| EBITDA Margin | (297%) | XXX | (295%) | XXX | XXX | XXX |
| EBITDA Growth | 55% | XXX | 81% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | (220%) | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | (103%) | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.5M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 103% | XXX | 117% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 122% | XXX | 168% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 185% | XXX | 206% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 491% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
D-Wave Quantum Public Comps
See public comps and valuation multiples for other Data Centers and Data Storage comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| D-Wave Quantum | XXX | XXX | XXX | XXX | XXX | XXX |
| Oracle Corp Japan | XXX | XXX | XXX | XXX | XXX | XXX |
| Moratelindo | XXX | XXX | XXX | XXX | XXX | XXX |
| INWIT | XXX | XXX | XXX | XXX | XXX | XXX |
| GDS Holdings | XXX | XXX | XXX | XXX | XXX | XXX |
| Lumen | 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 M&A Activity
D-Wave Quantum acquired XXX companies to date.
Last acquisition by D-Wave Quantum was on XXXXXXXX, XXXXX. D-Wave Quantum acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by D-Wave Quantum
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialD-Wave Quantum Investment Activity
D-Wave Quantum invested in XXX companies to date.
D-Wave Quantum made its latest investment on XXXXXXXX, XXXXX. D-Wave Quantum invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by D-Wave Quantum
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout D-Wave Quantum
| 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. |
| How many employees does D-Wave Quantum have? | As of today, D-Wave Quantum has over 220 employees. |
| Who is the CEO of D-Wave Quantum? | D-Wave Quantum's CEO is Alan Baratz. |
| Is D-Wave Quantum publicly listed? | Yes, D-Wave Quantum is a public company listed on NYSE. |
| 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? | D-Wave Quantum main competitors are Oracle Corp Japan, Moratelindo, INWIT, GDS Holdings. |
| What is the current market cap of D-Wave Quantum? | D-Wave Quantum's current market cap is $8B. |
| What is the current revenue of D-Wave Quantum? | D-Wave Quantum's last 12 months revenue is $30M. |
| What is the current revenue growth of D-Wave Quantum? | D-Wave Quantum revenue growth (NTM/LTM) is 85%. |
| What is the current EV/Revenue multiple of D-Wave Quantum? | Current revenue multiple of D-Wave Quantum is 236.7x. |
| Is D-Wave Quantum profitable? | No, D-Wave Quantum is not profitable. |
| What is the current EBITDA of D-Wave Quantum? | D-Wave Quantum has negative EBITDA and is not profitable. |
| What is D-Wave Quantum's EBITDA margin? | D-Wave Quantum's last 12 months EBITDA margin is (297%). |
| What is the current EV/EBITDA multiple of D-Wave Quantum? | Current EBITDA multiple of D-Wave Quantum is (79.8x). |
| What is the current FCF of D-Wave Quantum? | D-Wave Quantum's last 12 months FCF is ($98M). |
| What is D-Wave Quantum's FCF margin? | D-Wave Quantum's last 12 months FCF margin is (324%). |
| What is the current EV/FCF multiple of D-Wave Quantum? | Current FCF multiple of D-Wave Quantum is (73.2x). |
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