D-Wave: 65% of Large UK Companies Already Testing Quantum Computing
According to a survey, 41% of business leaders believe quantum technologies could bring their company over £100 million within a year. The greatest interest is in supply chain and resource optimization tasks.
Insight: 65% of British Companies 'Testing Quantum.' The D-Wave Survey Is Not Science—It's Marketing and a Battle for Shareholders
When D-Wave published the results of a Censuswide survey on June 3, 2026, headlines blared: "65% of British companies already testing quantum computing," "41% expect profits of over £100 million a year." It sounds like the quantum revolution is already here, and if you don't have a quantum computer, you've missed the boat.
But as an independent analyst who has seen dozens of similar "industry surveys," I assure you: this news is not about science or technology. It's about D-Wave's stock price (QBTS), a desperate attempt to outpace competitors, and a PR war for the minds of digital transformation directors. And the key insight here is that D-Wave manipulates the term "testing," hiding the true state of affairs.
[The Gist]: What's Really Happening
The official version states that companies have moved from asking "why do we need quantum?" to "how do we implement it?" Murray Thom, VP of quantum technology evangelism at D-Wave, declares the arrival of the "era of corporate quantum adoption." But let's break down the numbers.
The survey was conducted among 1,003 senior business decision makers. 65% are "already implementing or testing." But within this figure lies a chasm: 26% are "actively implementing," while 39% are "experimenting through pilots or proof-of-concept." In enterprise sales, the difference between "implementation" and "proof-of-concept" is the difference between a signed check for $2 million and a free test account in the cloud.
The gist: D-Wave publishes this survey to convince investors that the market exists here and now. But reality is: D-Wave's revenue in Q1 2026 was just $2.86 million, missing analyst forecasts of $4.19 million. Even the $20 million sale of the Advantage2 system to Florida Atlantic University is a single contract, not a mass trend.
Why does this matter? Because D-Wave is in a unique position. On one hand, their stock has risen 358% over the past 12 months. On the other, they are spending huge sums on developing the gate-model direction after acquiring Quantum Circuits for $550 million. They need to maintain the narrative "quantum is already working" at any cost, otherwise investors will fear the expenses and flee to IonQ or Rigetti.
Timeline and Context
This survey is no coincidence. Look at D-Wave's timeline in 2026.
January 2026: D-Wave announces a technological breakthrough—the first scalable on-chip cryogenic control of qubits. Simultaneously, it announces the acquisition of Quantum Circuits for $550 million. The company transitions from "pure annealing" to "dual-platform"—both annealing and gate-model.
January 26, 2026: D-Wave publishes its 2026-2027 roadmap. Goal: 17 physical qubits in 2026 and 49 in 2027, with 90% error detection via dual-rail architecture.
May 2026: Censuswide conducts a survey of 1,003 senior decision makers commissioned by D-Wave (data collected from May 7 to 13).
June 3, 2026: Publication of survey results, widely covered by City AM, New Electronics, and other outlets.
Concurrently: Rigetti delays the release of its 108-qubit Cepheus-1 system due to gate fidelity issues. This is the perfect moment for D-Wave to capture market attention.
The context that isn't obvious: D-Wave chose the UK not by chance. It is the second-largest quantum services market in Europe after Germany, with projected growth from $50 million in 2025 to $379 million by 2032. Moreover, the UK is home to D-Wave's main European competitor—Oxford Quantum Circuits (OQC), which recently raised $350 million. By publishing the survey "65% of companies testing," D-Wave signals to British corporations: "Your competitors are already with us—where are you?"
Who Wins and Who Loses
Winner #1: D-Wave's Marketing Department. They created a perfect PR product. The figures "65%" and "£100 million" have viral potential. They will be quoted in board presentations and industry reports for years. It cost them almost nothing (Censuswide isn't the priciest firm), and the return in terms of increased stock confidence is enormous.
Winner #2: D-Wave's Competitors (IonQ, Rigetti, OQC). Yes, you heard that right. This survey legitimizes the quantum industry as a whole. Previously, a CEO would ask: "Isn't quantum a scam?" Now they'll ask: "If 65% of the market is already testing, what's our quantum plan?" The entire market benefits from this narrative, even if the numbers are exaggerated.
Winner #3: Accenture, Deloitte, PwC. These consultants are now selling "quantum readiness assessments" like hotcakes. Clients call and say: "We don't want to be among the 35% falling behind. Give us a quantum strategy for $500k." D-Wave didn't create a market for quantum computers; they created a market for quantum consulting.
Loser #1: IBM Quantum and Google Quantum AI. They have invested billions for decades in building universal gate-model quantum computers. Then D-Wave comes along with its annealing (which only solves optimization problems) and declares that "the quantum era has arrived." This dilutes the value of their approach. Investors might think: "Why wait for IBM's 2030? D-Wave is already here." It's unfair, but it works.
Loser #2: Quantum Skeptics. Physicists and engineers who have long argued that quantum computers are still useless for real business now look like fringe figures. The survey shows that 87% of respondents believe quantum can optimize AI processes. Scientifically, this is not yet proven. But in business, perception is reality.
Unexpected Loser: CEOs Who Take This Figure as Absolute Truth.
Those who rush to buy quantum systems without understanding the difference between annealing and gate-model risk throwing millions down the drain. D-Wave honestly notes that 88% of respondents see benefits in supply chain optimization—a classic annealing task. But a director might decide that "quantum" will solve any problem. Result: disappointment and lost money.
What the Media Isn't Saying
First and most important insight: "Testing" ≠ "Using in production."
In the survey, 39% of respondents are at the "pilots or proof-of-concept" stage. What does this mean in practice? Most likely, some junior analyst at the company created a free account on D-Wave's cloud service Leap (which, by the way, has 99.9% uptime) and ran a couple of test tasks. That's not "implementation." It's "I took a look." In enterprise sales, the gap between "testing" and "paying for production" is years and millions of dollars.
Second silence: conflict of interest. The survey was commissioned by D-Wave and conducted by Censuswide. Censuswide is a reputable firm, a member of MRS and BPC. But the survey methodology is not fully published. We don't know exactly how questions were asked. For example, the question: "Do you think quantum computing could benefit your company?" is not the same as "Do you plan to purchase quantum equipment for £100 million?" There's a high probability that respondents were offered a "hypothetical scenario" rather than a real budget. The media doesn't highlight this.
Third insight: the gap between expectations and D-Wave's reality. The company itself publishes productivity gains on Investor Day:
- Scheduling times: from 10 hours to seconds.
- Retail planning efficiency: +80%.
- Routes for 1,000 vehicles: 5 minutes instead of 30.
Impressive? Yes. But where is independent verification? These figures are provided by D-Wave itself. No third-party auditor has checked them. Industry rumors suggest that some of these cases are results of hybrid solvers, where 95% of the work is done by a classical supercomputer, and the quantum chip only participates in the final adjustment. D-Wave doesn't hide this (they actually promote hybrid solutions via the Stride solver), but in press releases about the survey, they omit it.
Fourth, the least obvious insight: this survey is groundwork for a big SPAC or secondary offering.
D-Wave shares (QBTS) trade on the NYSE. The company has a market cap of about $10 billion (according to Nasdaq data as of January 2026). But revenue is peanuts. To justify such a valuation, explosive growth is needed. Publishing such surveys creates an illusion of mass demand, necessary to attract new investments or prevent large institutional investors (like BlackRock) from exiting. This is financial engineering disguised as industry research.
Forecast: Next 30 Days and 90 Days
Next 30 days (until early July 2026).
A wave of publications about the survey will sweep business media worldwide. D-Wave will organize webinars with "quantum leaders" from among the surveyed companies (of course, those who agreed). This will support QBTS quotes at current levels.
However, Wall Street analysts will start asking uncomfortable questions. Notes like "D-Wave survey: good PR, but where is the revenue?" will begin to appear. If D-Wave doesn't announce major contracts in the next 30 days, shares could correct by 10-15%.
Next 90 days (September 2026).
D-Wave will have to present Q2 2026 results. If revenue again falls below forecasts ($4-5 million), this entire PR campaign will backfire. Investors will conclude that "experiments" aren't converting into money.
A more likely scenario: D-Wave announces a partnership with one of the "Big Three" consulting firms (McKinsey, BCG, Bain) for joint "quantum consulting." This would be the next step in monetizing their hype. Also, expect news about D-Wave's first gate-model systems—they are promised in 2026. That's when it will become clear whether D-Wave can compete with IBM and Google on their turf.
The main takeaway on June 5, 2026: the D-Wave survey is a brilliant marketing move, not a scientific fact. 65% of British companies do not have quantum computers. They have PowerPoint presentations and access to cloud test environments. Reality: the quantum computing market is still in its infancy, and mass adoption is years, if not decades, away. But D-Wave needs you to believe the opposite. And judging by the headlines, they're succeeding.
— Editorial Team
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