D-Wave (QBTS) has been active in January. The stock is up 250% over the last year but is currently down about half from its October high of $46.75. Key updates: - Acquired Quantum Circuits on Jan 20 to add gate-model computing to their annealing tech, making them a dual-platform company - Sold a $20M system to Florida Atlantic University and announced a move to Florida - Signed a $10M contract with a major corporation on Jan 27 Financials are mixed. Revenue for the first three quarters of 2025 was $21.8M (up 235%), but operating losses widened to $65.5M. The stock still looks expensive on a price-to-sales basis given the cash burn.