Quantum Circuits

quantumcircuits.com →

-66%

est. 2Y upside i

Series B

Rank

#3334

Sector

Quantum Computing

Est. Liquidity

~0Y

Data Quality

Data: High

The job seeker is evaluating an offer from D-Wave, which recently acquired Quantum Circuits for $550M.

Last updated: March 10, 2026

Bull (35%)+75%

D-Wave successfully integrates Quantum Circuits' error correction and gate-model technology, accelerating its dual-platform strategy. Significant customer wins, including large enterprise and government contracts beyond the FAU deal, drive D-Wave's revenue to over $100M by 2028. This market leadership in a rapidly expanding quantum computing TAM justifies a $12B+ market cap, representing a substantial return for equity holders.

Base (30%)+20%

D-Wave continues to grow its customer base and advance its quantum computing platforms, but faces ongoing competition from major tech players and other startups. Revenue grows steadily to around $50M by 2028, with continued progress towards profitability. The market cap reaches approximately $8.5B, reflecting modest growth in line with the broader quantum computing sector's early stages.

Bear (35%)-40%

Integration challenges with Quantum Circuits' technology or intensified competition from incumbents like IBM and Google slow D-Wave's market penetration. High operating expenses and continued unprofitability lead to further dilution or a significant decline in stock price. Revenue growth stalls below $40M by 2028, and the market cap falls to around $4B, impacting employee equity value.

Est. time to liquidity~0.0 years

Preference Stack Risk

moderate

Funding Intensity

19%

As a public company, D-Wave's common stock does not carry liquidation preferences in the same way private preferred shares do. The $105M in funding for Quantum Circuits was significantly less than its $550M acquisition price, indicating a favorable outcome for prior common shareholders.

Dilution Risk

moderate

D-Wave's ongoing unprofitability and need for capital to fund R&D and operations could lead to future equity raises, potentially diluting existing shareholders.

Secondary Liquidity

active

D-Wave Quantum Inc. (QBTS) is a publicly traded company on the NYSE, offering active secondary market liquidity for its shares, subject to vesting schedules and any lock-up periods.

Software Engineering — 4 roles

Quantum Engineering — 3 roles

View all 7 open roles at Quantum Circuits →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Quantum Circuits's data — designed to show you've done your homework.

  • 1

    “How does D-Wave plan to fully integrate Quantum Circuits' error correction and gate-model technology to accelerate its dual-platform strategy, and what are the key milestones for this integration over the next 12-24 months?”

  • 2

    “Given D-Wave's current unprofitability and high operating expenses, what is the company's strategic roadmap to achieve positive free cash flow and reduce reliance on future dilutive funding rounds?”

  • 3

    “With major tech companies like IBM and Google actively investing in quantum computing, how does D-Wave plan to differentiate its offerings and defend its market position against these well-resourced incumbents?”

  • 4

    “Considering the 2-year equity horizon, what are the company's expectations for D-Wave's stock performance, and what mechanisms are in place to ensure employee equity value is maximized, beyond vesting schedules?”

Community

Valuation Sentiment

Our model estimates -66% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.