News Briefs

D-Wave Quantum goes public on NYSE after merging with DPCM Capital

D-Wave Systems is a Vancouver-based quantum computing systems, software and services provider.

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  • As part of the merger, Emil Michael, CEO and Chairman of DPCM Capital, joins D-Wave Quantum’s board
  • D-Wave’s technology is being used by some of the world’s most advanced organizations, including NEC Corp, Volkswagen and DENSO

D-Wave Systems, a Vancouver-based quantum computing systems, software and services provider, has completed its merger with blank-check company DPCM Capital.

The merger valued the company at about $1.2 billion, PE Hub previously reported.

The new business, D-Wave Quantum, began trading August 8, 2022 on the New York Stock Exchange under the ticker symbols “QBTS” and “QBTS WS.” It was expected to receive $340 million from DPCM’s trust account and an investment led by PSP Investments, NEC Corp, Goldman Sachs, Yorkville Advisors and Aegis Group Partners.

“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, in a statement. “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.”

Baratz will continue to lead the company’s operations. As part of the merger, Emil Michael, CEO and Chairman of DPCM Capital, joins D-Wave Quantum’s board of directors.

D-Wave’s technology is being used by some of the world’s most advanced organizations, including NEC Corp, Volkswagen, DENSO, Lockheed Martin, Forschungszentrum Jülich, the University of Southern California and Los Alamos National Laboratory.