QBTS - D-Wave Quantum Inc.

Oldest company on the list (founded 1999) and first ever to sell a quantum computer. Received up to $100M, including $53.6M on signing, to fund a new Boise facility, a 100,000-qubit annealer and a 10,000-qubit gate-model machine targeting 100 error-corrected logical qubits.

Host describes D-Wave's quantum annealing focus on optimization problems, noting AT&T has tested the technology for 4-5 years with one workload completing in 15 seconds. He cites D-Wave's roadmap (20,000 qubits by 2029, 100,000 by 2031) and $40.7M in remaining performance obligations. However, he cautions that more qubits doesn't automatically mean better technology — fidelity, error rates, and coherence matter. Not framed as an outright buy.

D-Wave has a bull case but underperformed during the best news cycle, so he's demoting it from his list; owning it isn't daft but it's no longer a top pick.

First to commercialize quantum computing, specializes in quantum annealing, serves commercial customers via cloud platform.

Unique focus on quantum annealing for optimization problems with commercial customers and Leap cloud access; also investing in gate-model QC to hedge bets.

Unique quantum annealing approach with commercial applications today; also investing in gate-model; worth watching closely.

Featured big money trade shows a large put option purchase at $23 strike expiring August 2026. Stock has been falling since its October 2025 peak. As a speculative company with cash flows far in the future, it's particularly vulnerable to inflation-driven selloffs. Host wouldn't be surprised by continued selling pressure.

Quantum annealing specialist - machines built for optimization problems. 100+ customers paying today. Published result in Science journal showing quantum advantage. $588M cash. Suggested entry in high teens for balanced risk-reward. Risk that bookings may not convert to revenue.

Good retest buy after pullback. Ross likes the consolidation pattern and targets a move back into the 30s.

Builds quantum computers, owns its own chip fabrication facility, has new Lyra chip launching later this year, $100M UK government contract, $8M India contract, $250M Nvidia platform integration. Very early stage with limited revenue but significant catalysts ahead.