D-Wave Quantum Inc. (QBTS), founded in 1999, is a quantum computing pioneer specializing in optimization problems. A recent acquisition of Quantum Circuits Inc. for $550 million is a strategic move to integrate gate-model quantum computing with D-Wave's existing quantum annealing technology. This dual-platform approach aims to significantly expand D-Wave's addressable market beyond optimization to include general computing, positioning it to compete with industry giants. Recent financials (Q3 2025) show revenue doubling to $3.7 million and gross profit increasing by 156% to $2.7 million. While net loss widened due to non-cash warrant liability revaluations, the adjusted net loss improved, suggesting a healthier core business. D-Wave maintains a strong cash balance of $836.2 million, providing a financial runway for continued investment in R&D and sales. The quantum computing market is projected to reach $20 billion by 2030, implying significant growth potential for D-Wave if it captures a substantial market share. Analysts rate QBTS a strong buy with a high target price of $48, suggesting a bullish long-term outlook despite technological and valuation risks.