D-Wave’s Software Pivot Aims to Turn Quantum Valuation into a $100B Bet
D-Wave’s stock rally spurred by $2B CHIPS Act incentives highlights a strategic pivot from hardware to software: three revenue streams — Leap cloud subscriptions, algorithm licensing/services, and hardware sales — could collectively hit about $3.9B in run rate over a decade, with cloud subscriptions and licensing driving high-margin growth and a path to a multi‑billion software business; the market’s optimism hinges on enterprise traction and execution amid hardware-cycle risks.