D-Wave Quantum (QBTS) Invested Capital (2020 - 2026)
D-Wave Quantum (QBTS) recorded Invested Capital of $1.12 billion in Q2 2026, up 53.9% from $726.32 million a year earlier but down 3.6% from the prior quarter.
Powered by 
Analysis
D-Wave Quantum (QBTS) Invested Capital (2020 - 2026) Analysis & Trends
For FY2025, D-Wave Quantum reported Invested Capital of $888.19 million, up 853.8% from FY2024.
- Annual Invested Capital has increased for three straight years, with a five-year compound annual growth rate of 108.1% (FY2020 to FY2025).
- Across earlier years, Invested Capital came in at $93.12 million in FY2024 (+134.2%), $39.77 million in FY2023 (+897.2%), $3.99 million in FY2022 (-67.7%) and $12.35 million in FY2021 (-45.7%).
- Quarterly Invested Capital has ranged from -$7.55 million in Q3 2022 to $1.16 billion in Q1 2026 over the past five years.
- On a year-over-year basis, Invested Capital has increased for three consecutive quarters, with growth averaging 365.0% over the last six quarters.
- Peak year-over-year performance for Invested Capital in the last five years was growth of 897.2% in Q4 2023, against a decline of 67.7% in Q4 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at $1.16 billion (Q1 2026), $888.19 million (Q4 2025) and $702.75 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 330.54 Bn | 315.61 Bn | 2.30 Bn | - |
| 2 | CrowdStrike Holdings | 271.79 Bn | 252.23 Bn | 1.10 Bn | 5.89 Bn |
| 3 | Fortinet | 138.86 Bn | 124.79 Bn | 1.64 Bn | 2.05 Bn |
| 4 | Snowflake | 117.29 Bn | 104.60 Bn | 1.04 Bn | - |
| 5 | Datadog | 97.40 Bn | 79.04 Bn | 881.34 Mn | - |
| 6 | Okta | 36.44 Bn | 26.53 Bn | 641.00 Mn | 6.97 Bn |
| 7 | Zscaler | 34.82 Bn | 20.94 Bn | - | - |
| 8 | Axon Enterprise | 32.98 Bn | 27.51 Bn | 546.45 Mn | 5.41 Bn |
| 9 | MongoDB | 29.24 Bn | 19.71 Bn | 569.77 Mn | - |
| 10 | D-Wave Quantum | 5.66 Bn | 5.66 Bn | 1.70 Mn | 1.12 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 1.12 Bn |
| Mar 31, 2026 | 1.16 Bn |
| Dec 31, 2025 | 888.19 Mn |
| Sep 30, 2025 | 702.75 Mn |
| Jun 30, 2025 | 726.32 Mn |
| Mar 31, 2025 | 238.10 Mn |
| Dec 31, 2024 | 93.12 Mn |
| Sep 30, 2024 | 29.17 Mn |
| Jun 30, 2024 | 42.60 Mn |
| Mar 31, 2024 | 26.46 Mn |
| Dec 31, 2023 | 39.77 Mn |
| Sep 30, 2023 | 47.91 Mn |
| Jun 30, 2023 | -3.51 Mn |
| Mar 31, 2023 | 1.74 Mn |
| Dec 31, 2022 | 3.99 Mn |
| Sep 30, 2022 | -7.55 Mn |
| Jun 30, 2022 | -6.51 Mn |
| Dec 31, 2021 | 12.35 Mn |
| Dec 31, 2020 | 22.74 Mn |
API Access
D-Wave Quantum Invested Capital API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=invested-capital&ticker=QBTS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "invested-capital", "ticker": "QBTS", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=invested-capital&ticker=QBTS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();