D-Wave Quantum Inc. (NYSE: QBTS) has acquired Quantum Circuits Inc. (QCI), a Yale University spin-out, in a $550 million deal that marks one of the most significant moves in quantum computing M&A to date. The transaction, comprising $300 million in D-Wave common stock and $250 million in cash, closed in late January 2026 and positions D-Wave as the only major quantum company with both annealing and gate-model platforms under one roof.