Is D-Wave Quantum a Buy?

D-Wave Quantum is a rare pure-play quantum computing company with paying customers running production workloads, including AT&T's network optimization task. However, the company faces significant challenges: it's burning cash rapidly (-$119M free cash flow over last four quarters), has doubled its share count in two years through dilution, and carries a lofty 500x price-to-sales valuation that leaves no room for error. While D-Wave is the most defensible pure-play quantum stock, investors seeking quantum exposure should consider tech giants like IBM or Alphabet instead.