D-Wave Quantum Adds BNP Paribas Executive Bernard Gavgani to Board

D-Wave Quantum and CGI announced a new partnership to promote quantum computing adoption across enterprise customers. The collaboration brings D-Wave's Advantage2 system and hybrid solvers into CGI's services for sectors including logistics, transportation and retail, with both parties aiming to move beyond research use cases toward commercial projects for corporate clients. The CGI partnership for D-Wave's Advantage2 and hybrid solutions is only one part of the wider investment story, and the article notes that its analysis turns up 2 warning signs for D-Wave Quantum as well. D-Wave Quantum develops and sells quantum computing hardware, software, and related services, positioning the group as a specialist infrastructure provider rather than a general-purpose software vendor. The article also cites a $35.24 fair value for D-Wave Quantum and notes that many reference customers are still stuck in proof-of-concept mode while losses continue to widen.

D-Wave Quantum has executed a definitive agreement with the U.S. Department of Commerce, based on its previously announced Letter of Intent, giving it access to up to $100 million in funding under the U.S. CHIPS and Science Act to accelerate research and development of its annealing and gate-model quantum systems. NTT DOCOMO, Japan's largest mobile operator, deployed a second D-Wave-powered quantum computing application in production, which cut location-registration signals generated when devices crossed tracking-area-list boundaries by 65.3% at the daily peak and reduced paging signals by 7.0%. D-Wave was also awarded up to CAD $300,000 from the National Research Council of Canada's Applied Quantum Computing Challenge program to advance annealing quantum computing software for commercial applications, and AT&T agreed to expand its use of D-Wave's quantum computing technology to address complex optimization challenges across its network operations. Separately, Rigetti plans to partner with HPE and Pittsburgh Supercomputing Center to build the TangleLab supercomputing testbed, delivering a 9-qubit Novera system to the testbed, which is funded by a $5 million National Science Foundation grant, while Quantum Computing signed a three-year framework agreement with Hamad Bin Khalifa University in Qatar covering quantum computing, quantum sensing and quantum communications. Over the past year, QBTS shares have lost 36.2% compared with the broader Internet Software industry's 5.8% decline, and the stock trades at a forward 12-month price-to-sales ratio of 93.25X versus the industry average of 4.40X.

B. Riley Securities is maintaining bullish ratings on IonQ, D-Wave Quantum and Rigetti Computing ahead of Quantum World Congress, betting that a shift in government policy from pure research toward commercialization could open a more meaningful revenue path for the quantum-computing sector. The firm kept Buy ratings with price targets of $100 for IonQ, $40 for D-Wave and $35 for Rigetti. Analyst Craig Ellis pointed to the Department of Energy's From Lab to Market session at the September 23-25 conference as a sign that federal policy may increasingly focus on moving quantum technologies into commercial applications. The event will also feature a two-hour National Quantum Updates session with more than 10 governments, participation from the White House Office of Science and Technology Policy, and back-to-back keynotes from Microsoft and IBM. B. Riley's thesis is sector-wide, but the report provides no fresh revenue forecasts, cash-flow estimates, technical milestones or new valuation work behind the three price targets, leaving the stocks dependent on long-term expectations rather than near-term financial evidence.