D-Wave Quantum Inc.

CGI has signed a partnership with D-Wave Quantum Inc. that folds D-Wave's hardware and hybrid solvers into CGI's client-facing technology services, moving the company's quantum computing efforts from slideware to a signed agreement. The deal lands as CGI's momentum has been mixed: its CA$101.39 share price sits after a 7 day share price return of 5.72% and a 90 day share price return of 5.90%, while its year to date share price return and 1 year total shareholder return are both down close to 20%. On the most widely followed view of the stock, a fair value of about CA$119.85 sits above the current CA$101.39 share price, putting the new D-Wave partnership into a context of already modelled AI and modernization upside. CGI's heavy reliance on large government and enterprise contracts, combined with integration risk from recent acquisitions, could weaken that upbeat, AI-driven valuation case.

D-Wave Quantum entered the third quarter with a definitive agreement with the U.S. Department of Commerce, providing access to up to $100 million in funding under the U.S. CHIPS and Science Act. The agreement, signed Sept. 8, builds on a previously announced Letter of Intent and supports efforts to advance domestic quantum computing capabilities. First-half bookings reached $35.5 million, up 1,120% year over year, while production applications accounted for 37.3% of first-half QCaaS revenues. On Aug. 5, D-Wave reported a research advance published in Nature involving its superconducting dual-rail architecture and quantum error correction, and on Jul. 27 it signed an agreement with AT&T to expand AT&T's use of its quantum computing technology, with early work cutting network optimization processing time from about one hour to less than 15 seconds. Among peers, IonQ completed the SkyWater acquisition on July 31 and updated its 2026 revenue outlook to $450-$460 million, while Rigetti received finalized CHIPS R&D funding of up to $100 million in September. D-Wave shares have lost 55.3% over the past year, and the stock carries a Zacks Rank #4 (Sell).

D-Wave Quantum Inc. launched a beta program for its gate-model quantum computing simulator, offering select customers early access ahead of general availability. The simulator is built around D-Wave's dual-rail superconducting gate-model technology, which is designed to use error detection to deliver efficient quantum error correction with significantly lower hardware overhead as systems scale. Beta participants include BBVA, FirstQFM, Florida Atlantic University and the Julich Supercomputing Centre. The company said the program marks an important milestone in its gate-model development roadmap and lets customers experiment with error-aware programming and build quantum applications in preparation for its forthcoming gate-model systems.