At first glance, the "Advantage" looks like an ordinary mainframe. Three meters wide and high, and 2.10 meters deep, the dark cabinet stands inconspicuously in the Jülich Research Center. Yet with the help of this power machine, scientists were able to gain groundbreaking insights. The study of protein folding, which could help better understand serious diseases like Alzheimer’s or Parkinson’s, was just as much a part of this as gaining insight into quantum physical processes in the formation of the universe. After the system was successfully hosted and used in Jülich for three years, the research center took action: In mid-February, the world’s largest and Europe’s first annealing quantum computer was purchased. Just over three months later, the acquisition received an upgrade. The Jülich computer was upgraded to the "Advantage2" quantum processor.
Since May 20, 2025, the 6th generation of the computer developed by the US company D-Wave Quantum has been available. A simple example shows how superior the novel technology is: with the quantum system, complex simulations that would require the world’s most powerful supercomputers almost a million years to complete can be carried out within minutes. These advantages have spread rather slowly on Wall Street. Earlier this month marked the third anniversary of D-Wave Quantum’s IPO. The merger with a so-called SPAC brought the California-based tech company to the stock market on August 8, 2022. After a strong start, the stock disappeared into obscurity. At times, it even lived as a penny stock. Heavy losses made investors doubt the prospects of D-Wave Quantum. In 2024, the company generated less than USD 10 million in revenue and posted a net loss of nearly USD 144 million. Operationally, more than USD 100 million of cash outflow accumulated over the past two fiscal years.
Through share issuance, D-Wave Quantum was able to replenish its cash reserves. Most recently, the company raised gross proceeds of USD 400 million this way, thereby achieving a comfortable cash position. CEO Alan Baratz intends to use the fresh capital, among other things, for strategic acquisitions. Not only in terms of liquidity but also operationally, D-Wave Quantum is making progress. In Q2 2025, revenue rose by 42% to USD 3.1 million. Gross profit increased by the same margin to USD 2.0 million. During the quarter, the Californians convinced a number of prominent customers of their solutions. Among others, the German utility company E.ON and the electronics giant Sharp from Japan signed new contracts or extended existing agreements. The D-Wave stock had climbed above USD 20 for the first time even before the earnings release. However, it initially did not manage to break decisively above this round number.
Even if the upward jump does not succeed, high returns are possible with the new soft-callable barrier reverse convertibles on D-Wave Quantum. Leonteq has launched two variants. In the product currency CHF, the guaranteed coupon amounts to 18.60% p.a. With an allocation in USD, the payout rises to 22.80% p.a. The barrier is uniformly set at a low 49% of the initial level. As long as the underlying asset does not fall to or below this mark, investors receive the full nominal amount at the end of the 15-month term. Due to the soft-callable feature, early termination and redemption of this issue is possible. Please also note that the attractive conditions are directly linked to the high volatility of D-Wave Quantum. The enormous price fluctuations not only drive the coupon or allow the barrier to move downward but also come with increased risks in the BRC.
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