As Q2 2026 wraps up, the quantum computing race is as fierce as ever, and established pure-play companies like D-Wave Quantum Inc. (NYSE: QBTS) are facing new pressures. On one hand, D-Wave has to contend with increased activity in the quantum space by larger tech companies like Intel Corp. (NASDAQ: INTC) and IBM Corp. (NYSE: IBM), both of which have made big pushes with new investments or major partnerships that leverage their size and operational advantages. This is made more complicated by an infusion of about $2 billion in funding across the industry from the Commerce Department, only a small portion of which is slated to go to D-Wave.
On the other hand, D-Wave also faces often-overlooked threats from smaller, up-and-coming quantum companies. One in particular—Arqit Quantum Inc. (NASDAQ: ARQQ)—may stand out in the field as a new rival. Below, we look at Arqit and a larger company traditionally outside of the quantum space, Qualcomm Inc. (NASDAQ: QCOM), that may also threaten D-Wave's status as a leader in the field.
