QBTS · CIK 0001907982
What D-Wave Quantum, Inc. told the SEC could break it.
D-Wave's disclosures cluster on cross-border concentration for a U.S.-listed quantum-computing company. Its core R&D and quantum-system manufacturing — and about 58% of its employees — sit near Burnaby, British Columbia and New Haven, Connecticut, while its revenue leans heavily on a single foreign market, with one country accounting for roughly $16.8 million of $24.6 million in 2025 revenue (the U.S. only about $2.7 million). Cutting across both, quantum computing is designated a national-security technology in the U.S. and Canada, exposing it to export and import controls, sanctions and U.S.–Canada tariff risk that could impair its cross-border supply and its ability to sell in some jurisdictions.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- R&D / manufacturing concentrated in Burnaby, BC, Canadamedium
About 58% of D-Wave's employees and its core R&D and quantum-system manufacturing are concentrated near Burnaby, British Columbia (Canada) and New Haven, Connecticut, creating cross-border operational concentration for the U.S.-listed company.
“Approximately 58 percent of our employees are based near our research and development and manufacturing facilities located in Burnaby, British Columbia, Canada and New Haven, Connecticut, United States.”
SEC filing →As of 2026 - single largest country ~68% of revenuemedium
D-Wave's revenue is geographically concentrated: a single (unnamed in excerpt) country accounted for $16.8M of $24.6M total 2025 revenue (~68%), with the U.S. only ~$2.7M, exposing it to that one market.
“16,765 $ 1,894 United States 2,654 2,151 Japan 1,316 1,133 Switzerland 960 778 Canada 878 1,101 Other 2,014 1,770 Total revenue $ 24,587 $ 8,827”
SEC filing →As of 2026
Regulatory & policy
- quantum-computing national-security designation, export controls & US-Canada tariffsmedium
Quantum computing is designated a national-security technology in the U.S. and Canada; D-Wave faces export/import controls, sanctions, and US-Canada tariff risk that could impair cross-border supply and its ability to sell in some jurisdictions.
“quantum computing has been designated as a technology with national security implications in many countries, including the United States and Canada.”
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