D-WAVE QUANTUM INC., 10-Q filed on 8/7/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Aug. 05, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-41468  
Entity Registrant Name D-WAVE QUANTUM INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 88-1068854  
Entity Address, Address Line One 2650 East Bayshore Road  
Entity Address, City or Town Palo Alto  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94303  
City Area Code 604  
Local Phone Number 630-1428  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   338,605,149
Entity Central Index Key 0001907982  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Common stock, par value $0.0001 per share    
Document Information [Line Items]    
Title of 12(b) Security Common stock, par value $0.0001 per share  
Trading Symbol QBTS  
Security Exchange Name NYSE  
Warrants, each whole warrant exercisable for 1.4541326 shares of common stock at an exercise price of $11.50    
Document Information [Line Items]    
Title of 12(b) Security Warrants, each whole warrant exercisable for 1.4541326 shares of common stock at an exercise price of $11.50  
Trading Symbol QBTS.WT  
Security Exchange Name NYSE  
v3.25.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 819,312 $ 177,980
Trade accounts receivable, net of allowance for doubtful accounts of $1 and $176 1,442 1,420
Inventories 2,448 1,686
Prepaid expenses and other current assets 5,338 3,954
Total current assets 828,540 185,040
Property and equipment, net 4,504 4,133
Operating lease right-of-use assets 6,915 7,261
Intangible assets, net 586 490
Other non-current assets, net 3,057 2,929
Total assets 843,602 199,853
Current liabilities:    
Trade accounts payable 1,190 815
Accrued expenses and other current liabilities 11,582 8,784
Current portion of operating lease liabilities 1,596 1,512
Loans payable, net, current 0 348
Deferred revenue, current 4,906 18,686
Total current liabilities 19,274 30,145
Warrant liabilities 91,037 69,875
Operating lease liabilities, net of current portion 6,322 6,389
Loans payable, net, non-current 32,061 30,128
Deferred revenue, non-current 654 670
Total liabilities 149,348 137,207
Commitments and contingencies (Note 9)
Stockholders' equity:    
Common stock, par value $0.0001 per share; 675,000,000 shares authorized at both June 30, 2025 and December 31, 2024; 339,837,650 shares and 266,595,867 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively. 33 27
Additional paid-in capital 1,503,136 700,069
Accumulated deficit (799,690) (626,940)
Accumulated other comprehensive loss (9,225) (10,510)
Total stockholders' equity 694,254 62,646
Total liabilities and stockholders’ equity $ 843,602 $ 199,853
v3.25.2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Trade accounts receivable, net of allowance for doubtful accounts $ 1 $ 176
Common stock, par value (in usd per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 675,000,000 675,000,000
Common stock, issued (in shares) 339,837,650 266,595,867
Common stock, outstanding (in shares) 339,837,650 266,595,867
v3.25.2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Revenue $ 3,095 $ 2,183 $ 18,096 $ 4,648
Cost of revenue 1,119 795 2,243 1,601
Total gross profit 1,976 1,388 15,853 3,047
Operating expenses:        
Research and development 12,694 8,355 22,982 16,880
General and administrative 9,151 7,471 17,108 15,037
Sales and marketing 6,633 4,401 13,556 7,485
Total operating expenses 28,478 20,227 53,646 39,402
Loss from operations (26,502) (18,839) (37,793) (36,355)
Other income (expense), net:        
Interest expense (206) (1,160) (432) (2,300)
Change in fair value of Term Loan 0 (275) 0 924
Gain (loss) on investment in marketable securities 0 (157) 0 1,503
Change in fair value of warrant liabilities (142,048) 2,195 (138,105) (457)
Other income (expense), net 1,427 458 3,580 1,595
Total other income (expense), net (140,827) 1,061 (134,957) 1,265
Net loss $ (167,329) $ (17,778) $ (172,750) $ (35,090)
Net loss per share, basic (in usd per share) $ (0.55) $ (0.10) $ (0.59) $ (0.21)
Net loss per share, diluted (in usd per share) $ (0.55) $ (0.10) $ (0.59) $ (0.21)
Weighted-average shares used in computing net loss per share, basic (in shares) 302,288,793 172,139,085 294,398,419 166,723,787
Weighted-average shares used in computing net loss per share, diluted (in shares) 302,288,793 172,139,085 294,398,419 166,723,787
Comprehensive loss:        
Net loss $ (167,329) $ (17,778) $ (172,750) $ (35,090)
Foreign currency translation adjustment 787 22 1,285 69
Net comprehensive loss $ (166,542) $ (17,756) $ (171,465) $ (35,021)
v3.25.2
Condensed Consolidated Statements of Stockholders’ Equity (Deficit) - USD ($)
$ in Thousands
Total
Lincoln Park Purchase Agreement
At-the-Market Offering
Common stock
Common stock
Lincoln Park Purchase Agreement
Common stock
At-the-Market Offering
Additional paid-in capital
Additional paid-in capital
Lincoln Park Purchase Agreement
Additional paid-in capital
At-the-Market Offering
Accumulated deficit
Accumulated other comprehensive loss
Beginning balance (in shares) at Dec. 31, 2023       161,113,744              
Beginning balance at Dec. 31, 2023 $ (24,481)     $ 16     $ 469,081     $ (483,061) $ (10,517)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of common stock in connection with the Purchase Agreement/ATM agreement (in shares)         14,948,550            
Issuance of common stock in connection with the Purchase Agreement/ATM agreement   $ 20,288     $ 1     $ 20,287      
Issuance of common stock in connection with the Employee Stock Purchase Plan (in shares)       262,777              
Issuance of common stock in connection with the Lincoln Park Purchase Agreement 171           171        
Issuance of common stock in connection with exercise of stock options and vesting of RSUs (in shares)           8,279,098          
Issuance of common stock in connection with exercise of stock options and vesting of RSUs     $ 9,101     $ 1     $ 9,100    
Issuance of common stock under stock-based compensation plans (in shares)       1,468,918              
Issuance of common stock under stock-based compensation plans 43           43        
Stock-based compensation 9,736           9,736        
Tax withholding related to vesting of restricted stock units (1,351)           (1,351)        
Foreign currency translation adjustment, net of tax 69                   69
Net loss (35,090)                 (35,090)  
Ending balance (in shares) at Jun. 30, 2024       186,073,087              
Ending balance at Jun. 30, 2024 (21,514)     $ 18     507,067     (518,151) (10,448)
Beginning balance (in shares) at Mar. 31, 2024       161,675,010              
Beginning balance at Mar. 31, 2024 (36,957)     $ 16     473,870     (500,373) (10,470)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of common stock in connection with the Purchase Agreement/ATM agreement (in shares)         14,948,550 8,279,098          
Issuance of common stock in connection with the Purchase Agreement/ATM agreement   20,288 9,101   $ 1 $ 1   20,287 9,100    
Issuance of common stock in connection with the Employee Stock Purchase Plan (in shares)       262,777              
Issuance of common stock in connection with the Lincoln Park Purchase Agreement 171           171        
Issuance of common stock under stock-based compensation plans (in shares)       907,652              
Issuance of common stock under stock-based compensation plans 35           35        
Stock-based compensation 4,221           4,221        
Tax withholding related to vesting of restricted stock units (617)           (617)        
Foreign currency translation adjustment, net of tax 22                   22
Net loss (17,778)                 (17,778)  
Ending balance (in shares) at Jun. 30, 2024       186,073,087              
Ending balance at Jun. 30, 2024 $ (21,514)     $ 18     507,067     (518,151) (10,448)
Beginning balance (in shares) at Dec. 31, 2024 266,595,867     266,595,867              
Beginning balance at Dec. 31, 2024 $ 62,646     $ 27     700,069     (626,940) (10,510)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of common stock in connection with the Purchase Agreement/ATM agreement (in shares)         3,873,113 50,948,852          
Issuance of common stock in connection with the Purchase Agreement/ATM agreement   37,787 536,741     $ 5   37,787 536,736    
Issuance of common stock in connection with the Employee Stock Purchase Plan (in shares)       95,331              
Issuance of common stock in connection with the Lincoln Park Purchase Agreement 291           291        
Issuance of common stock in connection with exercise of stock options and vesting of RSUs (in shares)       5,766,016              
Issuance of common stock in connection with exercise of stock options and vesting of RSUs 6,860           6,860        
Issuance of common stock in connection with exercise of warrants (in shares)       12,558,471              
Issuance of common stock in connection with exercise of warrants 216,262     $ 1     216,261        
Stock-based compensation 10,796           10,796        
Tax withholding related to vesting of restricted stock units (5,664)           (5,664)        
Foreign currency translation adjustment, net of tax 1,285                   1,285
Net loss $ (172,750)                 (172,750)  
Ending balance (in shares) at Jun. 30, 2025 339,837,650     339,837,650              
Ending balance at Jun. 30, 2025 $ 694,254     $ 33     1,503,136     (799,690) (9,225)
Beginning balance (in shares) at Mar. 31, 2025       291,351,403              
Beginning balance at Mar. 31, 2025 207,389     $ 29     849,733     (632,361) (10,012)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of common stock in connection with the Purchase Agreement/ATM agreement (in shares)         3,873,113 26,344,831          
Issuance of common stock in connection with the Purchase Agreement/ATM agreement   $ 37,787 $ 390,633     $ 3   $ 37,787 $ 390,630    
Issuance of common stock in connection with the Employee Stock Purchase Plan (in shares)       95,331              
Issuance of common stock in connection with the Lincoln Park Purchase Agreement 291           291        
Issuance of common stock in connection with exercise of stock options and vesting of RSUs (in shares)       5,614,895              
Issuance of common stock in connection with exercise of stock options and vesting of RSUs 6,837           6,837        
Issuance of common stock in connection with exercise of warrants (in shares)       12,558,077              
Issuance of common stock in connection with exercise of warrants 216,256     $ 1     216,255        
Stock-based compensation 6,750           6,750        
Tax withholding related to vesting of restricted stock units (5,147)           (5,147)        
Foreign currency translation adjustment, net of tax 787                   787
Net loss $ (167,329)                 (167,329)  
Ending balance (in shares) at Jun. 30, 2025 339,837,650     339,837,650              
Ending balance at Jun. 30, 2025 $ 694,254     $ 33     $ 1,503,136     $ (799,690) $ (9,225)
v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (172,750,000) $ (35,090,000)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 714,000 510,000
Stock-based compensation 10,664,000 7,730,000
Amortization of operating right-of-use assets 346,000 398,000
Non-cash interest expense 387,000 2,211,000
Change in fair value of Warrant liabilities 138,105,000 457,000
Change in fair value of Term Loan 0 (924,000)
Gain on marketable securities 0 (1,503,000)
Unrealized foreign exchange loss (gain) 1,998,000 (1,274,000)
Other noncash items 267,000 0
Change in operating assets and liabilities:    
Trade accounts receivable (57,000) 9,000
Inventories (762,000) (147,000)
Prepaid expenses and other current assets (1,368,000) (339,000)
Trade accounts payable 416,000 (502,000)
Accrued expenses and other current liabilities 2,695,000 1,741,000
Deferred revenue (13,796,000) (125,000)
Operating lease liability (344,000) 364,000
Other non-current assets, net (1,080,000) (103,000)
Net cash used in operating activities (34,565,000) (26,587,000)
Cash flows from investing activities:    
Purchase of property and equipment (1,187,000) (850,000)
Purchase of convertible note (Note 4) 0 (1,000,000)
Proceeds from recovery of previously written-off note receivable (Note 4) 959,000 0
Sales of marketable securities (Note 4) 0 254,000
Expenditures for internal-use software (129,000) (213,000)
Net cash used in investing activities (357,000) (1,809,000)
Cash flows from financing activities:    
Proceeds from the issuance of common stock pursuant to the Lincoln Park Purchase Agreement 37,787,000 20,288,000
Proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs 536,741,000 9,100,000
Proceeds from issuance of common stock upon exercise of warrants 99,319,000 0
Proceeds from the issuance of common stock upon exercise of stock options 6,860,000 43,000
Proceeds from common stock issued under the Employee Stock Purchase Plan 291,000 171,000
Payment of tax withheld pursuant to stock-based compensation settlements (5,664,000) (1,351,000)
Repayments on TPC loan (365,000) (370,000)
Net cash provided by financing activities 674,969,000 27,881,000
Effect of exchange rate changes on cash and cash equivalents 1,285,000 69,000
Net increase (decrease) in cash and cash equivalents 641,332,000 (446,000)
Cash and cash equivalents at beginning of period 177,980,000 41,307,000
Cash and cash equivalents at end of period 819,312,000 40,861,000
Supplemental disclosure of non-cash investing and financing activities:    
Capitalized stock-based compensation 132,000 0
Reclassification of warrant liability to equity upon exercise 116,943,000 0
Operating lease right-of-use assets exchanged for new operating lease obligations 0 476,000
Purchases of property and equipment included in accounts payable 0 239,000
Bonus settled in vested share based compensation awards $ 0 $ 2,006,000
v3.25.2
DESCRIPTION OF BUSINESS
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS
1. DESCRIPTION OF BUSINESS
D-Wave Quantum Inc. ("D-Wave" or the “Company”) was incorporated as a corporation organized and existing under the General Corporation Law of the State of Delaware on January 24, 2022. The Company was formed for the purpose of effecting a merger between DPCM Capital, Inc. (“DPCM”), D-Wave Systems Inc. (“D-Wave Systems”), and certain other affiliated entities through a series of transactions (the “Merger”) pursuant to the definitive agreement entered into on February 7, 2022 (the “Transaction Agreement”). On August 5, 2022, in conjunction with the Merger, DPCM and D-Wave Systems became wholly-owned subsidiaries of, and are operated by, the Company. Upon the completion of the Merger, the Company succeeded to all of the operations of its predecessor, D-Wave Systems.
D-Wave is a commercial quantum computing company that provides customers with a full suite of professional services and web-based access to its superconducting quantum computer systems and integrated software environment through the LeapTM quantum cloud service. The Company also sells its superconducting quantum computer systems to customers. Historically, the Company has developed its own annealing superconducting quantum computer and associated software, with its current sixth-generation quantum computing system being the Advantage2TM.
D-Wave has three operating facilities, which it leases, in North America. These facilities are located in Burnaby, British Columbia, Richmond, British Columbia, and Palo Alto, California.
v3.25.2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The unaudited interim condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial reporting and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosure normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the United States Securities and Exchange Commission ("SEC"). In the opinion of the Company, the unaudited financial information for the interim periods presented reflects all adjustments, which are normal and recurring, necessary for a fair presentation of the condensed consolidated balance sheets, condensed consolidated statements of operations and comprehensive loss, and condensed consolidated statements of cash flows. Interim results should not be regarded as indicative of results that may be expected for any other period or the entire year.
The interim condensed consolidated financial statements included herein have been prepared on the same basis as the audited annual consolidated financial statements and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K as of and for the year ended December 31, 2024 filed with the SEC on March 14, 2025.
Principles of Consolidation
The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements upon consolidation.
Use of estimates
The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes as of the date of the condensed consolidated financial statements. The most significant estimates and assumptions are used in determining: (i) inputs used to recognize revenue over time relating to hours estimated to complete the remaining performance obligations, (ii) fair value of financial instruments, and (iii) long term revenue forecasts used in the accounting for the SIF Loan (see below and Note 6 for further information). These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts, and experience.
The Company’s accounting estimates and assumptions may change over time in response to risks and uncertainties, including uncertainty in the current economic environment due to inflation, tariffs, changes in interest rates and monetary policy, various geopolitical conflicts, and any evolutions thereof. The change could be material in future periods. As of the date of issuance of these condensed consolidated financial statements, the Company is not aware of any specific event or circumstances that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Actual results may differ from those estimates or assumptions.
Investment in securities
The Company holds investments in the equity securities of privately held companies, which are valued based on their original cost. Adjustments are made for observable price changes in orderly transactions involving identical or similar securities of the same issuer, as there are no quoted market prices available.
The Company also held an investment in a convertible note (the "Note") of Zapata Computing, Inc. ("Zapata"). The Company accounted for the Note as a loan receivable pursuant to ASC 310, as the Note did not meet the definition of a security. On April 1, 2024, Zapata stock began trading on the Nasdaq Stock Market and as such became readily convertible to cash. The Company then bifurcated the conversion feature at fair value.
On October 11, 2024, Zapata announced that it was insolvent and would cease operations. Considering this and other financial information available prior to the balance sheet date as of December 31, 2024, the Note was provisionally determined to be uncollectible, and the Company has recognized a credit loss provision for the entire balance owed of $1.0 million as of December 31, 2024. The charge was recorded within general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss.
The Company was one of two senior-most secured creditors to Zapata. The Note was secured by substantially all of Zapata's assets, including cash accounts, accounts receivables, inventory, contract rights and general intangibles, intellectual property, and equipment, as set forth in the security agreements pertaining to the Note.
Subsequent to the write-off of the Note, in June 2025, the Company recovered the full principal balance of the Note, along with $0.2 million in interest and $0.1 million in legal fees. The recovery was recorded within general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss, offsetting the previously recorded credit loss provision and legal expenses. The cash received for the principal balance of the Note is presented within investing activities in the statement of cash flows. The interest was recorded within interest income (expense) in the condensed consolidated statements of operations and comprehensive loss.
Sales of future revenues
On November 20, 2020, the Company entered into an agreement with the Canada Strategic Innovation Fund ("SIF"), wherein SIF committed to providing a conditionally repayable loan to the Company in the amount of up to C$40.0 million (the "SIF Loan"). The SIF Loan is conditionally repayable according to a revenue-based formula. See Note 6 - Loans payable, net for additional information concerning the SIF Loan.
The accounting treatment for the SIF Loan considers the "sale of future revenues" guidance promulgated by ASC 470-10-25. The debt arising from the SIF Loan was recorded at face value and will be amortized using the effective interest method, leading to the accrual of interest expenses over the estimated term of the SIF Loan. The amortization schedule is based on projected cash flows derived from the Company's long-term revenue forecast. Subsequent changes in forecasted cash flows will be accounted for under the catch-up method, which entails adjusting the accrued interest portion of the principal balance through earnings to reflect the currently projected effective interest rate. The liability is classified as non-current, as the current forecast indicates that repayments will not commence within the 12 months following the balance sheet date.
As the SIF Loan is originated through a government program, a market rate of interest is not imputed in accordance with the scope limitation provisions of ASC 835.
Fair value of financial instruments
Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:
•Level 1—Quoted prices in active markets for identical assets or liabilities.
•Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.
•Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.
The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. The Company did not transfer any assets or liabilities in or out of Level 3 during the six months ended June 30, 2025 or 2024.

The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis as of June 30, 2025 and indicates the place in the fair value hierarchy of the valuation inputs the Company utilized to determine each such fair value (in thousands):
DescriptionLevelAs of June 30, 2025
Liabilities:
Warrant Liabilities – Public Warrants1$36,343 
Warrant Liabilities – Private Placement Warrants2$54,694 
The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities in the condensed consolidated balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the condensed consolidated statements of operations and comprehensive loss.
For periods subsequent to the detachment of the Public Warrants (as defined below) from the units, the close price of the Public Warrants was used as the fair value of the Warrants as of each relevant date. The subsequent measurements of the Public Warrants after the detachment of the Public Warrants from the Units are classified as Level 1 fair value measurements due to the use of an observable market quote in an active market. The subsequent measurements of the Private Warrants after the detachment of the Public Warrants from the Units are classified as Level 2 fair value measurements due to the use of an observable market quote for the Public Warrants, which are considered to be a similar asset in an active market.
Recent accounting pronouncements issued and adopted
None.
Recent accounting pronouncements not yet adopted
Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about our effective tax rate reconciliation as well as information on income taxes paid. The new guidance will first be effective in our annual disclosures for the year ending December 31, 2025, and should be applied on a prospective basis with the option to apply retrospectively. Early adoption is permitted. We are in the process of assessing the impact of ASU 2023-09 on our disclosures.
Expense Disaggregation Disclosures
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.
Climate Disclosures
In March 2024, the SEC adopted new climate disclosure rules requiring public companies to report on material climate-related risks, greenhouse gas emissions (Scopes 1 and 2), climate-related targets, and the financial impacts of severe weather events. However, following multiple legal challenges, the SEC stayed the implementation of these rules in April 2024 pending judicial review.
On March 27, 2025, the SEC announced it would cease defending these climate disclosure rules in court, effectively withdrawing its support for their enforcement.
On April 4, 2025, a group of 18 states and the District of Columbia moved to hold the cases in abeyance until the SEC amends or rescinds the regulations. The motion was granted by the U.S. Court of Appeals for the Eighth Circuit (the "Court") on April 24, 2025. Further, the Court directed the SEC to file a status report by July 23, 2025 to advise the Court whether the SEC intends to review or reconsider the rules at issue in the case. On July 23, 2025, the SEC requested that the Court lift the abeyance imposed on the litigation for the Court to issue a ruling.
While the rules technically remain in place, their future is uncertain as the litigation continues in the Court (Iowa v. SEC, No. 24-1522).
Despite the federal uncertainty, several U.S. states and international jurisdictions have enacted or proposed their own climate disclosure requirements. For instance, California's SB 253 and SB 261 mandate certain companies to disclose greenhouse gas emissions and climate-related financial risks. Additionally, the European Union's Corporate Sustainability Reporting Directive imposes extensive climate-related disclosure obligations on companies operating within its member states.
The Company is actively monitoring these developments and evaluating the potential impact of state and international climate disclosure requirements on its operations and reporting obligations.
v3.25.2
REVENUE FROM CONTRACTS WITH CUSTOMERS
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS
3. REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of revenue
Nature of Products and Services
The following table depicts the disaggregation of revenue by type of products or services and timing of transfer of products or services (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Type of products or services
System sales$1,025 $— $13,672 $— 
QCaaS1,241 1,779 2,774 3,471 
Professional services785 342 1,562 1,034 
Other revenue*44 62 88 143 
Total revenue$3,095 $2,183 $18,096 $4,648 
Timing of revenue recognition
Revenue recognized over time$3,082 $2,165 $5,419 $4,624 
Revenue recognized at a point in time13 18 12,677 24 
Total revenue$3,095 $2,183 $18,096 $4,648 
*Other revenue includes support and maintenance and printed circuit board sales.
During the three months ended June 30, 2025, the Company recognized revenue of $1.0 million from a system upgrade project, which was classified under system sales.
Geographic Information
The following table presents a summary of revenue by geography for the three and six months ended June 30, 2025 and 2024, based on customer location (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Germany$1,186 $492 $13,990 $1,005 
United States710 638 1,207 1,361 
Japan156 124 638 449 
Canada268 350 572 545 
Switzerland331 129 552 304 
United Kingdom62 69 227 197 
Other382 381 911 787 
Total revenue$3,095 $2,183 $18,096 $4,648 
"Other" includes the rest of Europe, the Middle East, the rest of Asia and Australia where the revenue from a single country is not greater than 10% of total consolidated revenue. In accordance with Company policy, the Company has not had any sales in China, Russia or Ukraine.
Significant customers
A significant customer is defined as one that comprises up to ten percent or more of total revenues in a particular year or ten percent of outstanding accounts receivable balance as of the period end.
The tables below present the significant customers on a percentage of total revenue basis for the three and six months ended June 30, 2025 and 2024.
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Customer A35 %18 %76 %18 %
Customer B11 %— %— %— %
Customer C— %10 %— %— %
As of each of June 30, 2025 and 2024, there were five and one significant customers, respectively, that comprised ten percent or more of outstanding accounts receivable balances.
Contract balances
The following table provides information about accounts receivable, contract assets and liabilities as of June 30, 2025 and December 31, 2024 (in thousands):
As of June 30, 2025As of December 31, 2024
Trade accounts receivable and contract assets, net:
Trade accounts receivable, net of allowance for doubtful accounts and excluding unbilled receivables$820 $867 
Contract asset for unbilled receivables622 553 
Contract acquisition costs287 174 
Total contract assets$1,729 $1,594 
Contract liabilities:
Deferred revenue, current$4,906 $18,686 
Deferred revenue, non-current654 670 
Customer deposit1
— 48 
Total contract liabilities$5,560 $19,404 
1Customer deposit is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets.
The allowance for credit losses related to trade accounts receivable was immaterial and $0.2 million as of June 30, 2025 and December 31, 2024. During the three months and six months ended June 30, 2025, the Company recorded $0.1 million write-offs of accounts receivable deemed uncollectible, respectively. During the three months and six months ended June 30, 2024, the Company recorded minimal write-offs of accounts receivable deemed uncollectible.
The revenue recognized in the condensed consolidated statements of operations and comprehensive loss that was included in the contract liability balance at the beginning of each period was $14.6 million and $1.5 million for the six months ended June 30, 2025 and 2024, respectively.
Changes in deferred revenue from contracts with customers were as follows (in thousands):
Six Months Ended June 30,
20252024
Balance at beginning of period$19,356 $2,748 
Deferral of revenue4,313 4,553 
Recognition of deferred revenue(18,109)(4,678)
Balance at end of period$5,560 $2,623 
Remaining performance obligations
A significant number of the Company’s product and service sales are short-term in nature with a contract term of one year or less. For those contracts, the Company has utilized the practical expedient in ASC 606-10-50-14, exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less.
As of June 30, 2025, the aggregate amount of remaining performance obligations that were unsatisfied or partially unsatisfied related to customer contracts was $5.3 million, of which approximately 79% is expected to be recognized to revenue in the next 12 months, 91% is expected to be recognized to revenue in the next two years, and 96% is expected to be recognized within three years. Revenues allocated to remaining performance obligations represents the transaction price of noncancellable orders for which service has not been performed, which include deferred revenue and the amounts that will be invoiced and recognized as revenues in future periods from open contracts and excludes unexercised renewals.
v3.25.2
BALANCE SHEET DETAILS
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BALANCE SHEET DETAILS
4. BALANCE SHEET DETAILS
Inventories
Inventories consisted of the following (in thousands):
As of June 30,
2025		As of December 31,
2024
Raw materials$2,446 $1,677 
Work-in-process2 9 
Total inventories$2,448 $1,686 
Prepaid expenses and other current assets
Prepaid expenses and other current assets consisted of the following (in thousands):
As of June 30,
2025		As of December 31,
2024
Prepaid services$2,058 $977 
Interest receivable995 — 
Prepaid software928 845 
Prepaid insurance458 382 
Prepaid rent108 156 
Other791 1,594 
Total prepaid expenses and other current assets$5,338 $3,954 
Other non-current assets, net
Other non-current assets, net consisted of the following (in thousands):
As of June 30,
2025		As of December 31,
2024
Investment in equity securities$2,574 $2,574 
Long-term deposits196 181 
Contract acquisition costs, net287 174 
Total $3,057 $2,929 
On January 5, 2024, an entity the Company had invested in was acquired by another entity and the transaction was determined to result in an observable price change in the equity security. Consequently, the carrying value of the Company's investment was adjusted based on the consideration received, resulting in a net gain of approximately $1.7 million, recorded in gain on investment in marketable securities on the condensed consolidated statements of operations and comprehensive loss during the six months ended June 30, 2024.
On February 8, 2024, the Company entered into a collaboration arrangement with Zapata to develop and bring to market commercial applications that combine generative AI and quantum computing technologies. As part of the collaboration, the Company purchased the Note with a principal amount of $1.0 million from Zapata. The Note matures on December 15, 2026, and bears interest at 15% per annum. The Note is prepayable without penalty after December 15, 2025 or if the aggregate value of Zapata's convertible notes outstanding falls below $3.0 million. The Note was convertible into Zapata common stock at the Company's option at a conversion price of $8.50, subject to adjustment for stock splits, recapitalizations, and other similar corporate transactions.
On April 1, 2024 the conversion feature associated with the Note was bifurcated from the debt host instrument in connection with the underlying stock becoming readily convertible to cash as the result of a de-SPAC transaction. As a result, the fair value of the conversion feature of $0.2 million was given separate recognition. During the six months ended June 30, 2024, the fair value of the conversion feature was immaterial, resulting in a loss of $0.2 million recorded to gain on investment in marketable securities on the condensed consolidated statements of operations and comprehensive loss.
On October 11, 2024, Zapata announced that it was insolvent and would cease operations. Considering this and other financial information available prior to the balance sheet date as of December 31, 2024, the Note was provisionally determined to be uncollectible, and the Company has recognized a credit loss provision for the entire balance owed of $1.0 million during the year ended December 31, 2024. The charge was recorded within general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss.
The Company was one of two senior-most secured creditors to Zapata. The Note was secured by substantially all of Zapata's assets, including cash accounts, accounts receivables, inventory, contract rights and general intangibles, intellectual property, and equipment, as set forth in the security agreements pertaining to the Note.
Subsequent to the write-off of the Note, in June 2025, the Company recovered the full principal balance of the Note, along with $0.2 million in interest and $0.1 million in legal fees. The recovery was recorded within general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss, offsetting the previously recorded credit loss provision and legal expenses. The cash received for the principal balance of the Note is presented within investing activities in the statement of cash flows. The interest was recorded within Other income, net in the condensed consolidated statements of operations and comprehensive loss.
See Note 2 - Basis of Presentation and Summary of Significant Accounting Policies for additional discussion.
Accrued expenses and other current liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
As of June 30,
2025		As of December 31,
2024
Accrued compensation and related benefits$7,308 $5,499 
Accrued professional services1,485 529 
Other accruals2,789 2,756 
Total accrued expenses and other current liabilities$11,582 $8,784 
v3.25.2
PROPERTY AND EQUIPMENT, NET
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET
5. PROPERTY AND EQUIPMENT, NET
Property and equipment, net consisted of the following (in thousands):
As of June 30,
2025		As of December 31,
2024
Quantum computer systems$13,781 $14,471 
Lab equipment7,140 6,862 
Computer equipment4,918 4,701 
Leasehold improvements2,213 1,889 
Furniture and fixtures509 381 
Construction-in-progress1,064 836 
Total property and equipment29,625 29,140 
Less: Accumulated depreciation(25,121)(25,007)
Total property and equipment, net$4,504 $4,133 
Depreciation expense for the three months ended June 30, 2025 and 2024 was $0.3 million and $0.2 million, respectively. Depreciation expense for the six months ended June 30, 2025 and 2024 was $0.6 million and $0.4 million, respectively.
v3.25.2
LOANS PAYABLE, NET
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
LOANS PAYABLE, NET
6. LOANS PAYABLE, NET
As of June 30, 2025 and 2024, loans payable, net, consisted of the SIF Loan, the TPC loan (as defined below) and the Term Loan (as defined below). The following tables show the components of loans payable (in thousands):
Effective Interest RateAs of June 30,
2025		As of December 31,
2024
Loans payable, net, current:
TPC Loan, currentInterest free$— $348 
Total loans payable, net, current$— $348 
Loans payable, net, non-current:
SIF Loan
Variable1
$32,061 $30,128 
Total loans payable, net, non-current$32,061 $30,128 
1Refer below for additional information on the SIF Loan repayment period and effective interest rate.
TPC loan
During the period spanning 2010 through 2021, the Company received funding totaling C$12.5 million from Technology Partnerships Canada (the "TPC Loan"). On November 23, 2020, an amendment forgave C$5.0 million of unpaid accrued debt principal and interest from prior years. Additionally, the amendment waived the interest charge on the remaining C$2.5 million of principal and revised the repayment schedule to C$0.5 million due annually on each April 30 through 2025. The TPC loan was fully repaid on April 24, 2025.
SIF Loan
On November 20, 2020, the Company entered into the SIF Loan. As of December 31, 2023, the Company had received the full C$40.0 million in eight tranches between November 2020 and December 2023. Funds from the SIF Loan were used for projects involving the adaptation of research findings for commercial applications that have the potential for market disruption; development of current product and services through the implementation of new or incremental technology that will enhance the Company’s competitive capability; and development of process improvements which reduce the environmental footprint of current production through the use of new or improved technologies.
Principal and interest amounts to be repaid under the SIF Loan are determined using a revenue-based formula, and are capped at 150% of the principal amount (the "Repayment Cap"). Repayments are due in up to 15 annual installments, commencing on April 30 of the second fiscal year following the fiscal year in which the Company first reports annual revenue of at least $70.0 million (the "Benchmark Year"). If the Company fails to reach $70.0 million in annual revenue after 14 years from origination, or if the total of the 15 revenue-based annual installments is less than the principal amount, any remaining repayment obligation will be forgiven.
Repayments of the SIF Loan can also be triggered upon default of the agreement, termination of the agreement, or upon a change of control that has not been approved by the Canadian government. As of June 30, 2025, the Company is not aware of any events that would trigger default or termination of the agreement.
The gross proceeds of the SIF Loan were recorded as a liability related to the sale of future revenues (see Note 2 - Basis of Presentation and Summary of Significant Accounting Policies). As of June 30, 2025 and December 31, 2024, the Company calculated a weighted average effective interest rate for all tranches of 2.46% based on the most recent revenue projections at each reporting date.
The estimated fair value of the SIF Loan (Level 3) at June 30, 2025 was $10.1 million. The fair value of SIF Loan was valued using a discounted cash flow model, with significant assumptions relating to the amount and timing of future revenues and the appropriate discount rate.
Term Loan
On April 13, 2023, the Company entered into the Term Loan with PSPIB Unitas Investments II Inc. ("PSPIB"), a related party to the Company's then largest shareholder. Under the Term Loan, term loans in aggregate principal amount of $50.0 million were to be made available to the Company in three tranches, subject to certain terms and conditions.
The Company fully repaid and extinguished the Term Loan on October 22, 2024, including $30.0 million in principal and $4.3 million in accrued payable in kind ("PIK") interest. The Term Loan, originally set to mature on March 31, 2027, was secured by a first-priority security interest in substantially all of the Company's assets and included certain operational and financial covenants. It bore interest at either 10.0% payable in cash or 11.0% PIK, with the latter added to the principal balance. For the three months ended June 30, 2025 and 2024, the Company recognized zero and $0.9 million, respectively, in interest expense. For the six months ended June 30, 2025 and 2024, the Company recognized zero and $1.8 million, respectively, in interest expense.
Throughout 2023 and 2024, multiple amendments were made to the Term Loan, including covenant waivers, modifications to prepayment requirements, and exemptions for certain share issuance proceeds. The sixth and final amendment, entered on April 16, 2024, provided temporary prepayment exemptions for up to $30.0 million in proceeds from share issuances, with an additional $20.0 million exempt from the 10% prepayment premium.
With the full repayment of the Term Loan, the Company has no remaining obligations under this facility.
v3.25.2
WARRANT LIABILITIES
 6 Months Ended
Jun. 30, 2025
Other Liabilities Disclosure [Abstract]  
WARRANT LIABILITIES
7. WARRANT LIABILITIES
Public and Private Warrants
In conjunction with the Merger, the Company assumed 10,000,000 DPCM public warrants (the "Public Warrants") and 8,000,000 DPCM private warrants (the "Private Warrants"; collectively with the Public Warrants, the "Warrants").
During the six months ended June 30, 2025, 8,636,509 Warrants were exercised by holders in accordance with the Warrant Agreement (as defined below). As a result of these exercises, the Company issued 12,558,471 Common Shares. In connection with the exercises, the Company received cash proceeds of $99.3 million and reclassified $116.9 million, representing the fair value of the warrant liabilities at the time of exercise, from warrant liabilities to additional paid-in capital. The fair value of the liability pertaining to the exercised Warrants was remeasured immediately prior to exercise, and the change in fair value was recognized within change in fair value of warrant liabilities in the condensed consolidated statements of operations and comprehensive loss.
As of June 30, 2025, the Company has 9,280,047 Warrants outstanding. As part of the Merger, each DPCM Public Warrant and Private Warrant that was issued and outstanding immediately prior to the Merger was automatically and irrevocably converted into one warrant of the Company. The Warrants are subject to the terms and conditions of the warrant agreement entered into between DPCM and Continental Stock Transfer & Trust Company, as amended by an assignment, assumption and amendment agreement with the Company, and further amended to date (as so amended, the “Warrant Agreement”). Effective as of March 11, 2025, Equiniti Trust Company, LLC serves as the warrant agent under the Warrant Agreement.
Each such Warrant is exercisable at an exercise price of $11.50 for 1.4541326 Common Shares, or an approximate exercise price per Common Share of $7.91 (the "Per Share Exercise Price"), subject to adjustments. The Warrants may be exercised for a whole number of Common Shares. No fractional shares will be issued upon exercise of the Warrants. The Warrants will expire on August 5, 2027, or earlier upon redemption or liquidation.
The Private Warrants are identical to the Public Warrants except that, so long as they are held by the initial purchasers or their permitted transferees, the Private Warrants are exercisable by the holders on a cashless basis and are non-redeemable by the Company except as described in the third bullet below. If the Private Warrants are held by holders other than the initial purchasers or their permitted transferees, the Private Warrants are redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.
The Company may redeem the outstanding Public Warrants:
•in whole and not in part;
•at $0.01 per Warrant upon a minimum of 30 days' prior written notice of redemption; provided that the last reported sales price of the Common Shares for any twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which such prior written notice is given (subject to adjustment for stock splits, stock dividends, reorganizations, recapitalization and the like, the "Reference Value") equals or exceeds $18.00 per share;
•alternatively, at $0.10 per Warrant upon a minimum of 30 days’ prior written notice of redemption; provided that the Reference Value equals or exceeds $10.00 per share, and if the Reference Value is less than $18.00 per share, the outstanding Private Warrants must also be concurrently called for redemption on the same terms as the Public Warrants; and provided further, that the holders may elect to exercise their Warrants on a "cashless basis" prior to redemption and receive a "make-whole exercise" number of Common Shares determined based on the redemption date relative to the remaining period to expiration of the Warrants and the fair market value per Common Share (as described in the Warrant Agreement); and
•if, and only if, there is an effective registration statement covering the issuance of the Common Shares issuable upon exercise of the Warrants and a current prospectus relating thereto available throughout the 30-day period after written notice of redemption is given, or an exemption from registration is available.
If the Company calls Warrants for redemption as described in either the second or third bullet above, the Company will have the option to require all holders of such Warrants to exercise the Warrants on a “cashless basis,” as described in the Warrant Agreement.
The exercise price and number of Common Shares issuable upon exercise of the Warrants may be adjusted in certain circumstances including in the event of a stock dividend, recapitalization, reorganization, merger or consolidation. However, the Warrants will not be adjusted for issuance of Common Shares at a price below the Per Share Exercise Price. Additionally, in no event will the Company be required to net cash settle the Warrants.
D-Wave Systems Warrant Transaction Agreements
In November 2020, contemporaneously with a revenue arrangement, D-Wave Systems entered into a contract pursuant to which D-Wave Systems agreed to cancel a previously issued warrant with a customer and replace it with a warrant to acquire up to 3,247,637 shares of its Class A Preferred Shares (the “Warrant Preferred Shares”), subject to certain vesting requirements. The warrant agreement was amended on August 5, 2022, contemporaneously with the closing of the Merger, to convert the Warrant Preferred Shares to a warrant to acquire up to 2,889,282 Common Shares of the Company in accordance with the conversion ratio of 0.889657 (the "Conversion Ratio") established in the Merger. The warrants vest based on various contractual milestones. The warrant agreement was terminated on November 28, 2022. As of the termination date of the agreement, approximately 40% of the warrants had vested, resulting in warrants exercisable into 1,155,713 Common Shares remaining after the termination date. The vested warrants will remain exercisable for up to 1,155,713 Common Shares at an exercise price of $2.16 per Common Share until November 29, 2026. As of June 30, 2025, no additional Warrant Preferred Shares were vested and/or were probable of vesting.
v3.25.2
STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION
8. STOCK-BASED COMPENSATION
2020 Equity Incentive Plan
In April 2020, the Board of Directors of D-Wave Systems approved the 2020 Equity Incentive Plan (the "2020 Plan") which provides for the grant of qualified incentive stock options ("ISO") and non-qualified stock options ("NSO"), restricted stock, RSU or other awards to the Company’s employees, officers, directors, advisors, and outside consultants. Following the Merger, awards outstanding under the 2020 Plan continued to be governed by the 2020 Plan; however, the Company will not grant any further awards under the 2020 Plan.
2022 Equity Incentive Plan
On August 5, 2022, the shareholders approved the D-Wave Quantum Inc. 2022 Equity Incentive Plan (the “2022 Plan”), which became effective immediately upon the closing of the Merger. While the 2022 Plan allows for the issuance of awards with a service condition, a performance condition, a market condition, or some combination of the three, to date, the Company has only issued awards subject to a service condition. Awards issued under the 2022 Plan have vesting periods ranging from under 1 year to 4 years from the original grant date, and all awards issued to date under the 2022 Plan will expire 10 years from the original grant date.
Share-based compensation awards are settled by issuing new shares.
Common stock option activity
The following table summarizes the Company’s stock option activity during the periods presented (in thousands except share and per share data):
Number of optionsWeighted  average  exercise price  ($)Weighted average remaining contractual term (years)Aggregate intrinsic value ($)
Outstanding as of December 31, 202410,984,7381.67 6.6475,270 
Granted—— 
Exercised(4,202,187)1.65 
Forfeited and expired(6,118)4.73 
Outstanding as of June 30, 20256,776,4331.67 6.3187,857 
Options exercisable as of June 30, 20255,652,4791.48 5.9174,408 
Options unvested as of June 30, 20251,123,9542.67 8.3313,449 
During the six months ended June 30, 2025 and 2024, the total intrinsic value of options exercised was $63.5 million and immaterial, respectively.
Restricted stock unit awards
The following table summarizes the restricted stock unit ("RSU") activity and related information under the 2022 Plan:
Number of RSUsWeighted average Grant Date Fair Value ($)
Unvested as of December 31, 20248,787,022 2.25 
Granted4,773,987 9.28 
Forfeited and expired(166,418)4.88 
Vested(2,499,947)2.47 
Unvested as of June 30, 202510,894,644 5.24 
Employee Stock Purchase Plan
During the six months ended June 30, 2025, 95,331 Common Shares were issued under the Employee Stock Purchase Plan (the "ESPP"), and compensation cost recognized related to the ESPP was $0.2 million.
Stock-based compensation expense
The following table summarizes the stock-based compensation expense classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Cost of revenue$231 $154 $373 $329 
Research and development2,3291,3113,7832,432
General and administrative3,083 2,248 4,9004,206
Sales and marketing1,028 508 1,608763
Total stock-based compensation$6,671 $4,221 $10,664 $7,730 
During the three months ended June 30, 2025 and 2024, total compensation cost capitalized as part of property and equipment and intangible assets was $0.1 million and zero, respectively. During the six months ended June 30, 2025 and 2024, total compensation cost capitalized as part of property and equipment and intangible assets was $0.1 million and zero, respectively.
As of June 30, 2025, total unrecognized stock-based compensation cost, net of estimated forfeitures, related to our unvested stock awards was $52.5 million. This amount is based on an estimated future forfeiture rate of 2.34% per year and will be recognized over a weighted-average period of approximately 3.41 years.
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
9. COMMITMENTS AND CONTINGENCIES
Lease obligations
The Company primarily enters into leases for office space that are classified as operating leases. During the three months ended June 30, 2025 and 2024, total operating lease costs were $0.5 million and $0.6 million, respectively. Total operating lease costs were $1.0 million for each of the six months ended June 30, 2025 and 2024.
Litigation
From time to time, the Company may become involved in various legal proceedings in the ordinary course of its business and may be subject to third-party infringement claims.
In the normal course of business, the Company may agree to indemnify third parties with whom it enters into contractual relationships, including customers, lessors, and parties to other transactions with the Company, with respect to certain matters. The Company has agreed, under certain conditions, to hold these third parties harmless against specified losses, such as those arising from a breach of representations or covenants, other third-party claims that the Company’s products, when used for their intended purposes, infringe the intellectual property rights of such other third parties, or other claims made against certain parties. It is not possible to determine the maximum potential amount of liability under these indemnification obligations due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim.
As of June 30, 2025, the Company was not subject to any material litigation or pending litigation claims.
v3.25.2
NET LOSS PER SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
NET LOSS PER SHARE
10. NET LOSS PER SHARE
The following tables set forth the computation of the basic and diluted net loss per share attributable to common stockholders for the three and six months ended June 30, 2025 and 2024 (in thousands, except share and per share data):
Three Months Ended June 30,
20252024
Numerator:
Net loss attributable to common stockholders - basic and diluted$(167,329)$(17,778)
Denominator:
Weighted-average common stock outstanding302,288,793 172,139,085 
Net loss per share attributable to common stockholders - basic and diluted$(0.55)$(0.10)

Six Months Ended June 30,
20252024
Numerator:
Net loss attributable to common stockholders - basic and diluted$(172,750)$(35,090)
Denominator:
Weighted-average common stock outstanding294,398,419 166,723,787 
Net loss per share attributable to common stockholders - basic and diluted$(0.59)$(0.21)
Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential Common Shares outstanding would have been anti-dilutive.
Potentially dilutive securities (upon conversion) that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:
Six Months Ended June 30,
20252024
Public Warrants as converted to Common Shares (Note 7)5,387,118 14,420,065 
Private Warrants as converted to Common Shares (Note 7)8,107,302 11,633,060 
D-Wave Systems Warrant Preferred Shares as converted to Common Shares (Note 7)1,155,713 1,155,713 
Stock options issued and outstanding6,776,433 12,966,583 
Unvested restricted stock unit awards10,894,644 10,237,298 
Total32,321,210 50,412,719 
v3.25.2
SEGMENT AND GEOGRAPHIC INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHIC INFORMATION
11. SEGMENT AND GEOGRAPHIC INFORMATION
The Company operates as one operating segment managed on a consolidated basis. The financial information regularly reviewed by the Chief Operating Decision Maker ("CODM") is presented on the same basis as the Company's consolidated financial statements. The measure of profit or loss used by the CODM to allocate resources and assess performance is consolidated net loss. Significant expense categories are not presented, as the expense information regularly provided to the CODM is presented on the same basis as the consolidated statements of operations and comprehensive loss. The CODM relies on consolidated net loss as a comprehensive measure of the Company, considering all revenues and expenses, including cost of revenue, research and development expenses, general and administrative expenses and sales and marketing expenses, to assess the Company’s overall performance and inform strategic decisions on cost control, pricing and investments. Additionally, the CODM also reviews total assets to assess the Company's financial position and resource allocation. The CODM also reviews forward-looking expense information contained in budgets and operating plans to manage operations and allocate resources.
See the condensed consolidated financial statements and accompanying footnotes for consolidated net loss, total expenditures for additions to long-lived assets, total assets and other financial information regarding the Company’s single operating segment. See Note 3 - Revenue from contracts with customers for additional information about revenue by geography.
The following table sets forth the long-lived assets, consisting of property and plant, net, and operating lease right-of-use assets, by geographic area as follows (in thousands):
As of June 30, 2025As of December 31, 2024
Canada$10,883 $11,005 
United States470 381 
Other66 8 
Total long-lived assets$11,419 $11,394 
v3.25.2
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
12. SUBSEQUENT EVENTS
The Company has evaluated all events occurring through August 7, 2025, the date on which the condensed consolidated financial statements were issued, and during which time, nothing has occurred outside the normal course of business operations that would require disclosure except the following:

Lease Agreement
On July 1, 2025, we entered into an operating lease commitment related to one mixed-use office and industrial property adjacent to our Burnaby, BC facility. The lease is expected to commence in the first quarter of 2026. Upon commencement, we expect to recognize aggregate right‑of‑use assets and lease liabilities of approximately $1.0 million.

Warrant Exercises
Subsequent to the end of the quarter, 1,308,658 Warrants were exercised by holders in accordance with the Warrant Agreement. As a result of these exercises, the Company issued 1,902,962 Common Shares. In connection with the exercises, the Company received cash proceeds of $15.0 million.

Equipment Financing Agreement
On August 1, 2025, we entered into an equipment financing agreement. The agreement provides for a total conditional commitment of $13.8 million, with an initial draw of $0.5 million made at execution. The remaining commitment is available until February 1, 2027, which may be extended to August 1, 2027 if at least $11.5 million is drawn by that date. A commitment fee of 1% of the conditional commitment is payable upon the initial draw, and the lender will receive a ten-year warrant to purchase 21,563 Common Shares at an exercise price of $16.05 per share. A non-utilization fee of 3% will apply to the undrawn portion of the first $11.5 million as of the termination date (defined as either February 1, 2027 or August 1, 2027, as applicable).
We will execute one or more equipment financing schedules to evidence each draw. The interest rate for each schedule is based on a spread of approximately 2.2% over the Prime Rate (which was 7.5% at the time of signing) and are fixed at the rate applicable to each respective schedule. However, the rate will not fall below the rate of the initial schedule, which is 9.7%. The lender will hold a first-priority security interest in all financed equipment.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
During the three months ended June 30, 2025, the following directors of the Company each adopted a "Rule 10b5-1 trading arrangement", as such term is defined under Item 408 of Regulation S-K:
Name of DirectorDate of Adoption
Expiration Date of Trading Arrangement1
Aggregate Number of Securities to be Sold
Rohit GhaiJune 13, 2025June 30, 2026
Up to 43,518 shares of common stock issuable upon vesting of restricted stock units
John DiLulloJune 15, 2025December 31, 2026
Up to 34,050 shares of common stock issuable upon vesting of restricted stock units
1 The trading arrangement may end earlier if all transactions under the trading arrangement are completed prior to the expiration date.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Rohit Ghai [Member]  
Trading Arrangements, by Individual  
Name Rohit Ghai
Title director
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 13, 2025
Expiration Date June 30, 2026
Arrangement Duration 382 days
Aggregate Available 43,518
John DiLullo [Member]  
Trading Arrangements, by Individual  
Name John DiLullo
Title director
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 15, 2025
Expiration Date December 31, 2026
Arrangement Duration 564 days
Aggregate Available 34,050
v3.25.2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The unaudited interim condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial reporting and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosure normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the United States Securities and Exchange Commission ("SEC"). In the opinion of the Company, the unaudited financial information for the interim periods presented reflects all adjustments, which are normal and recurring, necessary for a fair presentation of the condensed consolidated balance sheets, condensed consolidated statements of operations and comprehensive loss, and condensed consolidated statements of cash flows. Interim results should not be regarded as indicative of results that may be expected for any other period or the entire year.
The interim condensed consolidated financial statements included herein have been prepared on the same basis as the audited annual consolidated financial statements and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K as of and for the year ended December 31, 2024 filed with the SEC on March 14, 2025.
Principles of Consolidation
Principles of Consolidation
The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements upon consolidation.
Use of estimates
Use of estimates
The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes as of the date of the condensed consolidated financial statements. The most significant estimates and assumptions are used in determining: (i) inputs used to recognize revenue over time relating to hours estimated to complete the remaining performance obligations, (ii) fair value of financial instruments, and (iii) long term revenue forecasts used in the accounting for the SIF Loan (see below and Note 6 for further information). These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts, and experience.
The Company’s accounting estimates and assumptions may change over time in response to risks and uncertainties, including uncertainty in the current economic environment due to inflation, tariffs, changes in interest rates and monetary policy, various geopolitical conflicts, and any evolutions thereof. The change could be material in future periods. As of the date of issuance of these condensed consolidated financial statements, the Company is not aware of any specific event or circumstances that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Actual results may differ from those estimates or assumptions.
Investment in securities
Investment in securities
The Company holds investments in the equity securities of privately held companies, which are valued based on their original cost. Adjustments are made for observable price changes in orderly transactions involving identical or similar securities of the same issuer, as there are no quoted market prices available.
Sales of future revenues
Sales of future revenues
On November 20, 2020, the Company entered into an agreement with the Canada Strategic Innovation Fund ("SIF"), wherein SIF committed to providing a conditionally repayable loan to the Company in the amount of up to C$40.0 million (the "SIF Loan"). The SIF Loan is conditionally repayable according to a revenue-based formula. See Note 6 - Loans payable, net for additional information concerning the SIF Loan.
The accounting treatment for the SIF Loan considers the "sale of future revenues" guidance promulgated by ASC 470-10-25. The debt arising from the SIF Loan was recorded at face value and will be amortized using the effective interest method, leading to the accrual of interest expenses over the estimated term of the SIF Loan. The amortization schedule is based on projected cash flows derived from the Company's long-term revenue forecast. Subsequent changes in forecasted cash flows will be accounted for under the catch-up method, which entails adjusting the accrued interest portion of the principal balance through earnings to reflect the currently projected effective interest rate. The liability is classified as non-current, as the current forecast indicates that repayments will not commence within the 12 months following the balance sheet date.
As the SIF Loan is originated through a government program, a market rate of interest is not imputed in accordance with the scope limitation provisions of ASC 835.
Fair value of financial instruments
Fair value of financial instruments
Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:
•Level 1—Quoted prices in active markets for identical assets or liabilities.
•Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.
•Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.
The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. The Company did not transfer any assets or liabilities in or out of Level 3 during the six months ended June 30, 2025 or 2024.
The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities in the condensed consolidated balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the condensed consolidated statements of operations and comprehensive loss.
For periods subsequent to the detachment of the Public Warrants (as defined below) from the units, the close price of the Public Warrants was used as the fair value of the Warrants as of each relevant date. The subsequent measurements of the Public Warrants after the detachment of the Public Warrants from the Units are classified as Level 1 fair value measurements due to the use of an observable market quote in an active market. The subsequent measurements of the Private Warrants after the detachment of the Public Warrants from the Units are classified as Level 2 fair value measurements due to the use of an observable market quote for the Public Warrants, which are considered to be a similar asset in an active market.
Recent accounting pronouncements issued and adopted
Recent accounting pronouncements issued and adopted
None.
Recent accounting pronouncements not yet adopted
Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about our effective tax rate reconciliation as well as information on income taxes paid. The new guidance will first be effective in our annual disclosures for the year ending December 31, 2025, and should be applied on a prospective basis with the option to apply retrospectively. Early adoption is permitted. We are in the process of assessing the impact of ASU 2023-09 on our disclosures.
Expense Disaggregation Disclosures
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.
Climate Disclosures
In March 2024, the SEC adopted new climate disclosure rules requiring public companies to report on material climate-related risks, greenhouse gas emissions (Scopes 1 and 2), climate-related targets, and the financial impacts of severe weather events. However, following multiple legal challenges, the SEC stayed the implementation of these rules in April 2024 pending judicial review.
On March 27, 2025, the SEC announced it would cease defending these climate disclosure rules in court, effectively withdrawing its support for their enforcement.
On April 4, 2025, a group of 18 states and the District of Columbia moved to hold the cases in abeyance until the SEC amends or rescinds the regulations. The motion was granted by the U.S. Court of Appeals for the Eighth Circuit (the "Court") on April 24, 2025. Further, the Court directed the SEC to file a status report by July 23, 2025 to advise the Court whether the SEC intends to review or reconsider the rules at issue in the case. On July 23, 2025, the SEC requested that the Court lift the abeyance imposed on the litigation for the Court to issue a ruling.
While the rules technically remain in place, their future is uncertain as the litigation continues in the Court (Iowa v. SEC, No. 24-1522).
Despite the federal uncertainty, several U.S. states and international jurisdictions have enacted or proposed their own climate disclosure requirements. For instance, California's SB 253 and SB 261 mandate certain companies to disclose greenhouse gas emissions and climate-related financial risks. Additionally, the European Union's Corporate Sustainability Reporting Directive imposes extensive climate-related disclosure obligations on companies operating within its member states.
The Company is actively monitoring these developments and evaluating the potential impact of state and international climate disclosure requirements on its operations and reporting obligations.
v3.25.2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Liabilities Measured at Fair Value on a Recurring Basis
The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis as of June 30, 2025 and indicates the place in the fair value hierarchy of the valuation inputs the Company utilized to determine each such fair value (in thousands):
DescriptionLevelAs of June 30, 2025
Liabilities:
Warrant Liabilities – Public Warrants1$36,343 
Warrant Liabilities – Private Placement Warrants2$54,694 
v3.25.2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table depicts the disaggregation of revenue by type of products or services and timing of transfer of products or services (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Type of products or services
System sales$1,025 $— $13,672 $— 
QCaaS1,241 1,779 2,774 3,471 
Professional services785 342 1,562 1,034 
Other revenue*44 62 88 143 
Total revenue$3,095 $2,183 $18,096 $4,648 
Timing of revenue recognition
Revenue recognized over time$3,082 $2,165 $5,419 $4,624 
Revenue recognized at a point in time13 18 12,677 24 
Total revenue$3,095 $2,183 $18,096 $4,648 
*Other revenue includes support and maintenance and printed circuit board sales.
The following table presents a summary of revenue by geography for the three and six months ended June 30, 2025 and 2024, based on customer location (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Germany$1,186 $492 $13,990 $1,005 
United States710 638 1,207 1,361 
Japan156 124 638 449 
Canada268 350 572 545 
Switzerland331 129 552 304 
United Kingdom62 69 227 197 
Other382 381 911 787 
Total revenue$3,095 $2,183 $18,096 $4,648 
Schedule of Significant Customers
The tables below present the significant customers on a percentage of total revenue basis for the three and six months ended June 30, 2025 and 2024.
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Customer A35 %18 %76 %18 %
Customer B11 %— %— %— %
Customer C— %10 %— %— %
Schedule of Contract Balances and Revenue Recognized
The following table provides information about accounts receivable, contract assets and liabilities as of June 30, 2025 and December 31, 2024 (in thousands):
As of June 30, 2025As of December 31, 2024
Trade accounts receivable and contract assets, net:
Trade accounts receivable, net of allowance for doubtful accounts and excluding unbilled receivables$820 $867 
Contract asset for unbilled receivables622 553 
Contract acquisition costs287 174 
Total contract assets$1,729 $1,594 
Contract liabilities:
Deferred revenue, current$4,906 $18,686 
Deferred revenue, non-current654 670 
Customer deposit1
— 48 
Total contract liabilities$5,560 $19,404 
1Customer deposit is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets.
Changes in deferred revenue from contracts with customers were as follows (in thousands):
Six Months Ended June 30,
20252024
Balance at beginning of period$19,356 $2,748 
Deferral of revenue4,313 4,553 
Recognition of deferred revenue(18,109)(4,678)
Balance at end of period$5,560 $2,623 
v3.25.2
BALANCE SHEET DETAILS (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Inventories
Inventories consisted of the following (in thousands):
As of June 30,
2025		As of December 31,
2024
Raw materials$2,446 $1,677 
Work-in-process2 9 
Total inventories$2,448 $1,686 
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
As of June 30,
2025		As of December 31,
2024
Prepaid services$2,058 $977 
Interest receivable995 — 
Prepaid software928 845 
Prepaid insurance458 382 
Prepaid rent108 156 
Other791 1,594 
Total prepaid expenses and other current assets$5,338 $3,954 
Schedule of Other Noncurrent Assets
Other non-current assets, net consisted of the following (in thousands):
As of June 30,
2025		As of December 31,
2024
Investment in equity securities$2,574 $2,574 
Long-term deposits196 181 
Contract acquisition costs, net287 174 
Total $3,057 $2,929 
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
As of June 30,
2025		As of December 31,
2024
Accrued compensation and related benefits$7,308 $5,499 
Accrued professional services1,485 529 
Other accruals2,789 2,756 
Total accrued expenses and other current liabilities$11,582 $8,784 
v3.25.2
PROPERTY AND EQUIPMENT, NET (Tables)
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
As of June 30,
2025		As of December 31,
2024
Quantum computer systems$13,781 $14,471 
Lab equipment7,140 6,862 
Computer equipment4,918 4,701 
Leasehold improvements2,213 1,889 
Furniture and fixtures509 381 
Construction-in-progress1,064 836 
Total property and equipment29,625 29,140 
Less: Accumulated depreciation(25,121)(25,007)
Total property and equipment, net$4,504 $4,133 
v3.25.2
LOANS PAYABLE, NET (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Components of Loans Payable The following tables show the components of loans payable (in thousands):
Effective Interest RateAs of June 30,
2025		As of December 31,
2024
Loans payable, net, current:
TPC Loan, currentInterest free$— $348 
Total loans payable, net, current$— $348 
Loans payable, net, non-current:
SIF Loan
Variable1
$32,061 $30,128 
Total loans payable, net, non-current$32,061 $30,128 
1Refer below for additional information on the SIF Loan repayment period and effective interest rate.
v3.25.2
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following table summarizes the Company’s stock option activity during the periods presented (in thousands except share and per share data):
Number of optionsWeighted  average  exercise price  ($)Weighted average remaining contractual term (years)Aggregate intrinsic value ($)
Outstanding as of December 31, 202410,984,7381.67 6.6475,270 
Granted—— 
Exercised(4,202,187)1.65 
Forfeited and expired(6,118)4.73 
Outstanding as of June 30, 20256,776,4331.67 6.3187,857 
Options exercisable as of June 30, 20255,652,4791.48 5.9174,408 
Options unvested as of June 30, 20251,123,9542.67 8.3313,449 
Schedule of RSU Activity and Related Information
The following table summarizes the restricted stock unit ("RSU") activity and related information under the 2022 Plan:
Number of RSUsWeighted average Grant Date Fair Value ($)
Unvested as of December 31, 20248,787,022 2.25 
Granted4,773,987 9.28 
Forfeited and expired(166,418)4.88 
Vested(2,499,947)2.47 
Unvested as of June 30, 202510,894,644 5.24 
Schedule of Stock-Based Compensation Expense
The following table summarizes the stock-based compensation expense classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Cost of revenue$231 $154 $373 $329 
Research and development2,3291,3113,7832,432
General and administrative3,083 2,248 4,9004,206
Sales and marketing1,028 508 1,608763
Total stock-based compensation$6,671 $4,221 $10,664 $7,730 
v3.25.2
NET LOSS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Loss Per Share
The following tables set forth the computation of the basic and diluted net loss per share attributable to common stockholders for the three and six months ended June 30, 2025 and 2024 (in thousands, except share and per share data):
Three Months Ended June 30,
20252024
Numerator:
Net loss attributable to common stockholders - basic and diluted$(167,329)$(17,778)
Denominator:
Weighted-average common stock outstanding302,288,793 172,139,085 
Net loss per share attributable to common stockholders - basic and diluted$(0.55)$(0.10)

Six Months Ended June 30,
20252024
Numerator:
Net loss attributable to common stockholders - basic and diluted$(172,750)$(35,090)
Denominator:
Weighted-average common stock outstanding294,398,419 166,723,787 
Net loss per share attributable to common stockholders - basic and diluted$(0.59)$(0.21)
Schedule of Potentially Dilutive Securities
Potentially dilutive securities (upon conversion) that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:
Six Months Ended June 30,
20252024
Public Warrants as converted to Common Shares (Note 7)5,387,118 14,420,065 
Private Warrants as converted to Common Shares (Note 7)8,107,302 11,633,060 
D-Wave Systems Warrant Preferred Shares as converted to Common Shares (Note 7)1,155,713 1,155,713 
Stock options issued and outstanding6,776,433 12,966,583 
Unvested restricted stock unit awards10,894,644 10,237,298 
Total32,321,210 50,412,719 
v3.25.2
SEGMENT AND GEOGRAPHIC INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Long-lived assets by geographic area
The following table sets forth the long-lived assets, consisting of property and plant, net, and operating lease right-of-use assets, by geographic area as follows (in thousands):
As of June 30, 2025As of December 31, 2024
Canada$10,883 $11,005 
United States470 381 
Other66 8 
Total long-lived assets$11,419 $11,394 
v3.25.2
DESCRIPTION OF BUSINESS (Details)
Jun. 30, 2025
facility
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of countries in which entity operates 3
v3.25.2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
 6 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
Jun. 30, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
Dec. 31, 2023
CAD ($)
Nov. 20, 2020
CAD ($)
Accounting Policies [Line Items]          
Revenues   $ 1,000,000.0      
Credit loss $ 1,000,000   $ 1,000,000.0    
Warrants exercised (in shares) | shares   8,636,509      
Class of warrant or right, number of common stock shares issued (in shares) | shares   12,558,471      
Financing Receivable, Accrued Interest, Recovery   $ 200,000      
Financing Receivable, Legal Fees Recovered   100,000      
Allowance for credit losses $ (200,000) $ 0 $ (200,000)    
SIF Loan          
Accounting Policies [Line Items]          
Face amount       $ 40,000,000.0 $ 40,000,000.0
v3.25.2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Liabilities:    
Warrants $ 91,037 $ 69,875
Fair Value, Inputs, Level 1 | Public Warrants    
Liabilities:    
Warrants 36,343  
Fair Value, Inputs, Level 2 | Private Warrants    
Liabilities:    
Warrants $ 54,694  
v3.25.2
REVENUE FROM CONTRACTS WITH CUSTOMERS - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Total revenue $ 3,095 $ 2,183 $ 18,096 $ 4,648
Germany        
Disaggregation of Revenue [Line Items]        
Total revenue 1,186 492 13,990 1,005
United States        
Disaggregation of Revenue [Line Items]        
Total revenue 710 638 1,207 1,361
Japan        
Disaggregation of Revenue [Line Items]        
Total revenue 156 124 638 449
Canada        
Disaggregation of Revenue [Line Items]        
Total revenue 268 350 572 545
Switzerland        
Disaggregation of Revenue [Line Items]        
Total revenue 331 129 552 304
United Kingdom        
Disaggregation of Revenue [Line Items]        
Total revenue 62 69 227 197
Other        
Disaggregation of Revenue [Line Items]        
Total revenue 382 381 911 787
Revenue recognized over time        
Disaggregation of Revenue [Line Items]        
Total revenue 3,082 2,165 5,419 4,624
Revenue recognized at a point in time        
Disaggregation of Revenue [Line Items]        
Total revenue 13 18 12,677 24
System sales        
Disaggregation of Revenue [Line Items]        
Total revenue 1,025 0 13,672 0
QCaaS        
Disaggregation of Revenue [Line Items]        
Total revenue 1,241 1,779 2,774 3,471
Professional services        
Disaggregation of Revenue [Line Items]        
Total revenue 785 342 1,562 1,034
Other revenue        
Disaggregation of Revenue [Line Items]        
Total revenue $ 44 $ 62 $ 88 $ 143
v3.25.2
REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
USD ($)
customer
Jun. 30, 2024
USD ($)
customer
Dec. 31, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenues $ 1,000,000.0    
Number of customers | customer 5 1  
Allowance for credit losses $ 0   $ 200,000
Restructuring and related cost, expected cost 100,000    
Revenue recognized 14,600,000 $ 1,500,000  
Remaining performance obligation $ 5,300,000    
Remaining performance obligation, percentage to be recognized in next 12 months 79.00%    
Remaining performance obligation, percentage to be recognized in next two years 91.00%    
Revenue, remaining performance obligation, percentage to be recognized in years one, two and three 96.00%    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation, period 12 months    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation, period 3 years    
Two Customers | Accounts receivable | Customer concentration risk      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Concentration risk, percentage 10.00% 10.00%  
Three Customers | Accounts receivable | Customer concentration risk      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Concentration risk, percentage 10.00% 10.00%  
v3.25.2
REVENUE FROM CONTRACTS WITH CUSTOMERS - Significant Customers (Details) - Revenue benchmark - Customer concentration risk
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Customer A        
Concentration Risk [Line Items]        
Concentration risk, percentage 35.00% 18.00% 76.00% 18.00%
Customer B        
Concentration Risk [Line Items]        
Concentration risk, percentage 11.00% 0.00% 0.00% 0.00%
Customer C        
Concentration Risk [Line Items]        
Concentration risk, percentage 0.00% 10.00% 0.00% 0.00%
v3.25.2
REVENUE FROM CONTRACTS WITH CUSTOMERS - Receivables, Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Trade accounts receivable and contract assets, net:    
Trade accounts receivable, net of allowance for doubtful accounts and excluding unbilled receivables $ 820 $ 867
Contract asset for unbilled receivables 622 553
Contract acquisition costs 287 174
Total contract assets 1,729 1,594
Contract liabilities:    
Deferred revenue, current 4,906 18,686
Deferred revenue, non-current 654 670
Customer deposit 0 48
Total contract liabilities $ 5,560 $ 19,404
v3.25.2
REVENUE FROM CONTRACTS WITH CUSTOMERS - Change in Deferred Revenue (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Contract With Customer, Liability [Roll Forward]    
Balance at beginning of period $ 19,356 $ 2,748
Deferral of revenue 4,313 4,553
Recognition of deferred revenue (18,109) (4,678)
Balance at end of period $ 5,560 $ 2,623
v3.25.2
BALANCE SHEET DETAILS - Inventories (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Raw materials $ 2,446 $ 1,677
Work-in-process 2 9
Total inventories $ 2,448 $ 1,686
v3.25.2
BALANCE SHEET DETAILS - Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid services $ 2,058 $ 977
Interest receivable 995 0
Prepaid software 928 845
Prepaid insurance 458 382
Prepaid rent 108 156
Other 791 1,594
Total prepaid expenses and other current assets $ 5,338 $ 3,954
v3.25.2
BALANCE SHEET DETAILS - Other Noncurrent Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Investment in equity securities $ 2,574 $ 2,574
Long-term deposits 196 181
Contract acquisition costs, net 287 174
Total $ 3,057 $ 2,929
v3.25.2
BALANCE SHEET DETAILS - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2024
Jan. 05, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Apr. 01, 2024
Feb. 08, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]                  
Gain (Loss) on Investments   $ 1,700 $ 0 $ (157) $ 0 $ 1,503      
Note receivable, principal amount                 $ 1,000
Note receivable, interest rate                 15.00%
Note receivable, prepayable without penalty, aggregate value, maximum                 $ 3,000
Note receivable, conversion price (in usd per share)                 $ 8.50
Fair value conversion feature $ 0           $ 0 $ 200  
Marketable securities 200           200    
Credit loss $ 1,000           $ 1,000    
v3.25.2
BALANCE SHEET DETAILS - Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued compensation and related benefits $ 7,308 $ 5,499
Accrued professional services 1,485 529
Other accruals 2,789 2,756
Total accrued expenses and other current liabilities $ 11,582 $ 8,784
v3.25.2
PROPERTY AND EQUIPMENT, NET (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Property, Plant and Equipment [Line Items]          
Total property and equipment $ 29,625   $ 29,625   $ 29,140
Less: Accumulated depreciation (25,121)   (25,121)   (25,007)
Total property and equipment, net 4,504   4,504   4,133
Depreciation expense 300 $ 200 600 $ 400  
Quantum computer systems          
Property, Plant and Equipment [Line Items]          
Total property and equipment 13,781   13,781   14,471
Lab equipment          
Property, Plant and Equipment [Line Items]          
Total property and equipment 7,140   7,140   6,862
Computer equipment          
Property, Plant and Equipment [Line Items]          
Total property and equipment 4,918   4,918   4,701
Leasehold improvements          
Property, Plant and Equipment [Line Items]          
Total property and equipment 2,213   2,213   1,889
Furniture and fixtures          
Property, Plant and Equipment [Line Items]          
Total property and equipment 509   509   381
Construction-in-progress          
Property, Plant and Equipment [Line Items]          
Total property and equipment $ 1,064   $ 1,064   $ 836
v3.25.2
LOANS PAYABLE, NET - Components of Loans Payable (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total loans payable, net, current $ 0 $ 348
Total loans payable, net, non-current 32,061 30,128
TPC Loan, current | Other notes payable    
Debt Instrument [Line Items]    
Total loans payable, net, current 0 348
SIF Loan | Other notes payable    
Debt Instrument [Line Items]    
Total loans payable, net, non-current $ 32,061 $ 30,128
v3.25.2
LOANS PAYABLE, NET - Narrative (Details)
 3 Months Ended 6 Months Ended 144 Months Ended
Oct. 22, 2024
USD ($)
Apr. 16, 2024
USD ($)
Nov. 20, 2020
USD ($)
installment
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2021
CAD ($)
Dec. 31, 2024
Dec. 31, 2023
CAD ($)
tranche
Apr. 13, 2023
USD ($)
tranche
Nov. 23, 2020
CAD ($)
Nov. 20, 2020
CAD ($)
Debt Instrument [Line Items]                          
Debt instrument, repaid, principal $ 30,000,000                        
Interest payments $ 4,300,000                        
Interest expense, other       $ 206,000 $ 1,160,000 $ 432,000 $ 2,300,000            
TPC Loan, current | Other notes payable                          
Debt Instrument [Line Items]                          
Proceeds from loan               $ 12,500,000          
Debt forgiven                       $ 5,000,000  
Debt forgiveness, interest waived principal                       2,500,000  
Annual principal payment                       $ 500,000  
SIF Loan                          
Debt Instrument [Line Items]                          
Face amount                   $ 40,000,000.0     $ 40,000,000.0
Debt, number of tranches | tranche                   8      
Repayment rate     150.00%                   150.00%
Repayment, number of installments | installment     15                    
Repayment benchmark year, revenue     $ 70,000,000.0                    
Repayment benchmark year, period     14 years                   14 years
Weighted average effective interest rate       2.46%   2.46%     2.46%        
SIF Loan | Fair Value, Inputs, Level 2                          
Debt Instrument [Line Items]                          
Loans, fair value       $ 10,100,000   $ 10,100,000              
Term Loan | Line of credit                          
Debt Instrument [Line Items]                          
Face amount                     $ 50,000,000    
Debt, number of tranches | tranche                     3    
Interest rate                     10.00%    
Debt, interest rate, payable in kind                     11.00%    
Interest expense, other       $ 0 $ 900,000 $ 0 $ 1,800,000            
Proceeds from issuance of common stock   $ 30,000,000.0                      
Additional proceeds from issuance of common stock   $ 20,000,000.0                      
Debt, premium payment, percentage of amount prepaid   10.00%                      
v3.25.2
WARRANT LIABILITIES (Details)
 6 Months Ended
Aug. 05, 2022
$ / shares
shares
Jun. 30, 2025
USD ($)
day
$ / shares
shares
Jun. 30, 2024
USD ($)
Nov. 28, 2022
Nov. 30, 2020
shares
Class of Warrant or Right [Line Items]          
Warrants exercised (in shares) | shares   8,636,509      
Class of warrant or right, number of common stock shares issued (in shares) | shares   12,558,471      
Proceeds from issuance of common stock upon exercise of warrants | $   $ 99,319,000 $ 0    
Reclassification of warrant liability to equity upon exercise | $   $ 116,943,000 $ 0    
Warrants outstanding (in shares) | shares   9,280,047      
Number of warrants into which each warrant was converted (in shares) | shares   1      
Warrants, exercise price, prior to exchange ratio (in usd per share) | $ / shares   $ 11.50      
Exchange ratio   1.4541326      
Warrants, exercise price (in usd per share) | $ / shares   $ 7.91      
Warrants, redemption notice period   30 days      
Warrants, number of shares issuable (in shares) | shares   1,155,713      
Conversion ratio 0.889657        
Class Of Warrant Or Right, Redemption Option One          
Class of Warrant or Right [Line Items]          
Warrants, redemption price (in usd per share) | $ / shares   $ 0.01      
Warrants, redemption notice period   30 days      
Warrants, redemption share price threshold trading days | day   20      
Warrants, redemption share price threshold consecutive trading days   30 days      
Sale of stock, price (in usd per share) | $ / shares   $ 18.00      
Class Of Warrant Or Right, Redemption Option Two          
Class of Warrant or Right [Line Items]          
Warrants, redemption price (in usd per share) | $ / shares   $ 0.10      
Warrants, redemption notice period   30 days      
Sale of stock, price (in usd per share) | $ / shares $ 10.00        
Reference value (in usd per share) | $ / shares   $ 18.00      
Public Warrants          
Class of Warrant or Right [Line Items]          
Merger, warrants assumed (in shares) | shares 10,000,000        
Private Warrants          
Class of Warrant or Right [Line Items]          
Merger, warrants assumed (in shares) | shares 8,000,000        
Preferred stock warrants          
Class of Warrant or Right [Line Items]          
Warrants, exercise price (in usd per share) | $ / shares   $ 2.16      
Warrants, number of shares issuable (in shares) | shares 2,889,282       3,247,637
Warrants vested, percentage       40.00%  
Warrants vested, fair value | $   $ 0      
v3.25.2
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Aug. 05, 2022
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Expiration period (in years) 10 years        
Share-based payment award, options, exercises in period, intrinsic value       $ 63,500,000 $ 0
Total stock-based compensation   $ 6,671,000 $ 4,221,000 10,664,000 7,730,000
Capitalized stock-based compensation   100,000 $ 0 132,000 $ 0
Unrecognized compensation cost related to unvested stock awards   $ 52,500,000   $ 52,500,000  
Future forfeiture rate (as a percent)       2.34%  
Period for recognition of compensation cost (in years)       3 years 4 months 28 days  
ESPP          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Total stock-based compensation       $ 200,000  
Minimum          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Vesting period (in years) 1 year        
Maximum          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Vesting period (in years) 4 years        
v3.25.2
STOCK-BASED COMPENSATION - Stock Options Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Number of options    
Beginning balance (in shares) 10,984,738  
Granted (in shares) 0  
Exercised (in shares) (4,202,187)  
Forfeited and expired (in shares) (6,118)  
Ending balance (in shares) 6,776,433 10,984,738
Exercisable (in shares) 5,652,479  
Unvested (in shares) 1,123,954  
Weighted  average  exercise price  ($)    
Beginning balance (in usd per share) $ 1.67  
Granted (in usd per share) 0  
Exercised (in usd per share) 1.65  
Forfeited and expired (in usd per share) 4.73  
Ending balance (in usd per share) 1.67 $ 1.67
Exercisable (in usd per share) 1.48  
Unvested (in usd per share) $ 2.67  
Weighted average remaining contractual term (years)    
Balance 6 years 3 months 21 days 6 years 7 months 20 days
Exercisable 5 years 10 months 28 days  
Unvested 8 years 3 months 29 days  
Aggregate intrinsic value ($)    
Beginning balance $ 75,270  
Ending balance 87,857 $ 75,270
Exercisable 74,408  
Unvested $ 13,449  
v3.25.2
STOCK-BASED COMPENSATION - RSU Awards (Details) - RSUs
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Number of RSUs  
Unvested, beginning balance (in shares) | shares 8,787,022
Granted (in shares) | shares 4,773,987
Forfeited and expired (in shares) | shares (166,418)
Vested (in shares) | shares (2,499,947)
Unvested, ending balance (in shares) | shares 10,894,644
Weighted average Grant Date Fair Value ($)  
Unvested, beginning balance (in usd per share) | $ / shares $ 2.25
Granted (in usd per share) | $ / shares 9.28
Forfeited and expired (in usd per share) | $ / shares 4.88
Vested (in usd per share) | $ / shares 2.47
Unvested, ending balance (in usd per share) | $ / shares $ 5.24
v3.25.2
STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation $ 6,671 $ 4,221 $ 10,664 $ 7,730
ESPP        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation     200  
Cost of revenue        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation 231 154 373 329
Research and development        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation 2,329 1,311 3,783 2,432
General and administrative        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation 3,083 2,248 4,900 4,206
Sales and marketing        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation $ 1,028 $ 508 $ 1,608 $ 763
v3.25.2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]        
Operating lease cost $ 0.5 $ 0.6 $ 1.0 $ 1.0
v3.25.2
NET LOSS PER SHARE - Computation (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator:        
Net loss attributable to common stockholders - basic $ (167,329) $ (17,778) $ (172,750) $ (35,090)
Net loss attributable to common stockholders - diluted $ (167,329) $ (17,778) $ (172,750) $ (35,090)
Denominator:        
Weighted-average common stock outstanding, basic (in shares) 302,288,793 172,139,085 294,398,419 166,723,787
Weighted-average common stock outstanding, diluted (in shares) 302,288,793 172,139,085 294,398,419 166,723,787
Net loss per share attributable to common stockholders - basic (in usd per share) $ (0.55) $ (0.10) $ (0.59) $ (0.21)
Net loss per share attributable to common stockholders - diluted (in usd per share) $ (0.55) $ (0.10) $ (0.59) $ (0.21)
v3.25.2
NET LOSS PER SHARE - Potentially Dilutive Securities (Details) - shares
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive securities (in shares) 32,321,210 50,412,719
Warrants | Public Warrants as converted to Common Shares (Note 7)    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive securities (in shares) 5,387,118 14,420,065
Warrants | Private Warrants as converted to Common Shares (Note 7)    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive securities (in shares) 8,107,302 11,633,060
Warrants | D-Wave Systems Warrant Preferred Shares as converted to Common Shares (Note 7)    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive securities (in shares) 1,155,713 1,155,713
Stock options issued and outstanding    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive securities (in shares) 6,776,433 12,966,583
Unvested restricted stock unit awards    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive securities (in shares) 10,894,644 10,237,298
v3.25.2
SEGMENT AND GEOGRAPHIC INFORMATION - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
v3.25.2
SEGMENT AND GEOGRAPHIC INFORMATION - Schedule of Long-lived assets by geographic area (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 11,419 $ 11,394
Canada    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 10,883 11,005
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 470 381
Other    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 66 $ 8
v3.25.2
SUBSEQUENT EVENTS (Details)
$ / shares in Units, $ in Thousands
 6 Months Ended
Aug. 07, 2025
USD ($)
$ / shares
Rate
shares
Aug. 01, 2025
USD ($)
Jun. 30, 2025
USD ($)
shares
Jun. 30, 2024
USD ($)
Mar. 31, 2026
USD ($)
Dec. 31, 2024
USD ($)
shares
Subsequent Event [Line Items]            
Operating lease right-of-use assets     $ 6,915     $ 7,261
Number of warrants into which each warrant was converted (in shares) | shares     1      
Common stock, issued (in shares) | shares     339,837,650     266,595,867
Proceeds from the issuance of common stock upon exercise of stock options     $ 6,860 $ 43    
Subsequent Event            
Subsequent Event [Line Items]            
Operating lease right-of-use assets         $ 1,000  
Total lease liabilities         $ 1,000  
Proceeds from the issuance of common stock upon exercise of stock options $ 15,000          
Debt instrument increase decrease in basis spread on variable rate (as a percent) 0.022          
Loans receivable, basis spread on variable rate (as a percent) | Rate 7.50%          
Loans receivable initial basis spread on variable rate (as a percent) | Rate 9.70%          
Subsequent Event | Trinity Capital Inc | Equipment Financing Agreement            
Subsequent Event [Line Items]            
Repayments of debt   $ 13,800        
Repayments of related party debt   500        
Repayments of other long-term debt   $ 11,500        
Commitment fee percentage (as a percent)   1.00%        
Non-utilization fee, percentage (as a percent)   0.03        
Warrant to purchase, period (in years) 10 years          
Warrants to purchase | shares 21,563          
Warrant exercise price (in usd per share) | $ / shares $ 16.05