D-Wave Quantum announced it will acquire Quantum Circuits Inc. for a total consideration of $550 million, comprising $300 million in newly issued D-Wave shares and $250 million in cash. The transaction, pending regulatory approval and expected to close in late January 2026, brings together D-Wave’s annealing approach and Quantum Circuits’ error-corrected gate-model technology. D-Wave plans to leverage this combined expertise to develop superconducting gate-model systems, targeting initial market availability by 2026. Investors reacted positively, lifting D-Wave’s share value by 2.4% on the day of the announcement.

In Palo Alto, D-Wave demonstrated the industry’s first scalable on-chip cryogenic control of gate-model qubits. Using a multichip package that integrates a fluxonium qubit die with a multilayer control chip, the company reduced the wiring required to control large qubit arrays by more than 90%. This technology builds on NASA Jet Propulsion Laboratory processes and D-Wave’s established multiplexed digital-to-analog converters, which previously controlled tens of thousands of annealing qubits with just 200 bias wires. The milestone positions D-Wave to deliver the first commercially viable gate-model quantum systems with significantly smaller footprints.

On December 5, 2025, D-Wave director John D. DiLullo sold 8,000 directly held shares for a transaction value of $218,890, reducing his stake from 35,803 to 27,803 shares. This sale, consistent with three prior 2025 disposals of 8,000 or 57,000 shares, represented 22.3% of his direct holdings and followed a year-over-year share gain of 567%. DiLullo retains approximately 78% of his original position, signaling continued confidence in D-Wave’s long-term prospects despite harvesting gains after a period of exceptional stock performance.