D‑Wave to buy Quantum Circuits

D-Wave has completed its $550 million purchase of Quantum Circuits, putting annealing and gate-model quantum hardware under one company. (dwavequantum.com) D-Wave announced the deal on January 7, 2026, and said on January 19 that it had closed it. The price was $300 million in D-Wave stock and $250 million in cash. (sec.gov) (businesswire.com) Annealing machines are built to search huge numbers of possible answers and pick strong ones for scheduling, routing, and other optimization jobs. Gate-model machines use step-by-step logic operations, closer to the way most people picture a quantum computer, and are the architecture most groups are pursuing for broad fault-tolerant computing. (dwavequantum.com) (thequantuminsider.com) Quantum Circuits brings a superconducting gate-model design called dual-rail, which the companies say has built-in error detection. D-Wave said that approach can reduce the number of physical qubits needed to make more reliable logical qubits and help it ship an initial gate-model system in 2026. (dwavequantum.com) (quantumcircuits.com) The deal gives D-Wave a second path at a moment when quantum companies are trying to prove they can turn research into products. D-Wave reported $24.6 million in revenue for 2025, up 179% from $8.8 million in 2024, and said the combined company would target commercial and government customers with both platforms. (ir.dwavequantum.com) (businesswire.com) Quantum Circuits was founded by quantum physicists including Yale professor Rob Schoelkopf, and Yale Ventures described it as a Yale spinout based in New Haven. D-Wave said the acquisition adds that New Haven research site and team to its own superconducting hardware and cloud platform. (businesswire.com) (ventures.yale.edu) D-Wave says the combination makes it the only company selling both annealing and gate-model quantum systems. That claim reflects a market where rivals such as International Business Machines, Google, and IonQ have largely focused on gate-model approaches rather than annealing hardware. (dwavequantum.com) (eetimes.com) Investors still have to weigh execution against ambition. D-Wave said the acquisition should speed its push toward scaled, error-corrected gate-model computing, but that roadmap now depends on integrating two hardware programs, two product lines, and a 2026 launch target into one company. (dwavequantum.com) (finance.yahoo.com)