Sunday, August 7, 2022

D-Wave completes SPAC IPO

D-Wave, which offers quantum computing systems, software and services, was acquired by DPCM Capital, Inc., a special purpupose acquisition company. 

Pursuant to the deal, D-Wave Quantum Inc. became the parent company of DPCM Capital and D-Wave, and its shares of common stock and warrants are expected to commence trading, on Monday, August 8, 2022 on the New York Stock Exchange under the ticker symbols “QBTS” and “QBTS WS,” respectively.

From its inception more than 20 years ago, D-Wave has focused on delivering quantum computing products and services that provide the fastest path to practical, real-world applications with customer value,” said Alan Baratz, CEO, D-Wave Quantum. “Today marks a significant milestone in our journey, as we embark on our next phase as a publicly-traded company. Through this Business Combination, we are well-positioned to accelerate our growth strategy, using capital raised through the Business Combination along with our new access to the public markets to advance the production of our quantum computing solutions and continue to unlock the power of quantum computing to benefit business and society. The era of commercial quantum computing is here.”

D-Wave's end-to-end quantum solution encompasses hardware, software, real-time quantum cloud service, developer tools and powerful quantum hybrid solvers. The company has brought to market five generations of quantum computers to date and, in June 2022, launched an experimental prototype of its sixth-generation machine, Advantage2. D-Wave also holds a broad portfolio of 200+ patents applicable to both annealing and gate-based quantum computing.

D-Wave’s commercial customers include nearly two dozen Forbes Global 2000 companies and industry leaders like Volkswagen, Accenture, BBVA, NEC Corporation, Save-On-Foods, DENSO, and Lockheed Martin, which are exploring quantum hybrid applications.