D-Wave develops and sells quantum computers and quantum computing services. D-Wave's core product is its annealing quantum computer — currently the sixth-generation Advantage2 system with 4,400+ qubits — purpose-built to solve large-scale combinatorial optimization problems such as workforce scheduling, vehicle routing, and logistics optimization. Customers access D-Wave's systems primarily through its Leap cloud service (sold as a subscription), through professional services engagements, or by purchasing on-premises systems. Enterprise customers span manufacturing, logistics, financial services, telecom, life sciences, and government. D-Wave also sells through partners including Deloitte, PwC, NEC, and Carahsoft, and its systems are available on AWS Marketplace. In January 2026, D-Wave acquired Quantum Circuits, adding gate-model quantum computing capabilities and making D-Wave the only company offering both annealing and gate-model systems. Gate-model systems address different problems such as quantum chemistry and drug discovery, and are in early commercial stages. D-Wave's commercial model follows a land-and-expand pattern: professional services engagements help customers build and pilot applications, which then move into production on the Leap cloud service, generating recurring revenue. System sales — large, one-time on-premises transactions primarily to research institutions and government agencies — represent a third revenue stream and carry the highest margins. D-Wave remains unprofitable, reflecting heavy R&D investment across both platforms and go-to-market expansion.