D-Wave Quantum Inc. (QBTS) as of December 31, 2025 presents a strongly positive liquidation recovery posture relative to prior periods, driven by an extraordinary surge in cash and liquid investment balances accumulated through aggressive at-the-market equity issuances and warrant exercises during 2025. Total assets of $915.8M are dominated by cash ($635.3M, 100% recovery) and short-term U.S. government bond AFS securities ($249.1M, effectively 100% recovery given sub-12-month maturities and no unrealized losses). These two line items alone yield approximately $884M in recoverable value before any liability offset. Total liabilities stand at $63.6M at face value, consisting of $21.1M current liabilities (accrued comp $10.3M, accrued professional fees $4.1M, lease current $1.4M, other current debt $0.1M) and $42.5M noncurrent (SIF Loan $35.5M carrying value, operating lease noncurrent $6.1M, equipment financing $0.3M noncurrent). Net recovery to equity under liquidation is therefore strongly positive — estimated in excess of $820M before haircuts on minor illiquid assets — which aligns directionally with MFFAIS's reported CLV/LLV/OLV of $572M–$577M (the discount to gross liquid assets reflects the haircut approach applied to prepaid assets, inventory, PP&E, intangibles, and the face-value liability treatment). The dramatic improvement since December 31, 2024 (where the company had no AFS securities and a much smaller cash position) is attributable to four sequential ATM offerings raising approximately $775M net combined with $202.9M in warrant exercise proceeds during 2025. PP&E net is $7.8M (gross $33.7M, 77% depreciated; quantum computer systems, lab equipment, and computer equipment are highly specialized and would carry aggressive liquidation haircuts, likely 20–40% of net book value). Intangibles net of $0.9M carry zero recovery under the lens. The SIF Loan ($35.5M carrying, $18.8M Level 3 fair value) is a revenue-royalty structured Canadian government obligation that does not extinguish on liquidation unless the $70M revenue benchmark is never met within 14 years from origination; under a liquidation scenario it would be treated at face value ($35.5M). A subsequent event of material significance: on January 20, 2026, the company closed the acquisition of Quantum Circuits, Inc. for $250M cash plus 10.4M shares. This transaction, which is not reflected on the December 31, 2025 balance sheet, will substantially reduce the cash balance and add an acquired business whose intangible and goodwill values will be subject to 0% recovery under the liquidation lens. Filing discusses the QCI acquisition and a new 128-month Boca Raton HQ lease in the subsequent events note but neither is tagged in XBRL as of the balance sheet date.
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