Quantum computing firm D-Wave to go public via SPAC
D-Wave Systems Inc. (Burnaby, British Columbia, Canada), one of the first startups to pursue quantum computing, is going public with a capitalization of $1.6 billion.
D-Wave has agreed to merge with DPCM Capital Inc., which is traded on the New York Stock Exchange as special purpose acquisition company (SPAC) led by chairman and CEO Emil Michael.
The company will debut on the NYSE as D-Wave Quantum Inc. The combined company will receive US$300 million from DPCM Capital’s trust account.
“Today marks an inflection point signalling that quantum computing has moved beyond just theory and government-funded research to deliver commercial quantum solutions for business,” said Alan Baratz, CEO of D-Wave, in a statement. “D-Wave, along with DPCM Capital and our new and long-term investors PSP Investments, Goldman Sachs Asset Management (Goldman Sachs), NEC Corporation, Yorkville Advisors, and Aegis Group Partners, collectively believe that this isn’t a moment of hope or science. Instead, we believe this event represents a moment of practical value creation for customers and for investors.”
D-Wave said it will use the money coming from DPCM to accelerate delivery of quantum applications. D-Wave’s R&D focus will be on the next generations of annealing quantum computers, advancing its gate-model program, and continuing to enhance D-Wave’s Leap quantum cloud service, hybrid solvers, and software development tools.
D-Wave systems are in use by NEC Corp.,Volkswagen, Denso, Lockheed Martin and Los Alamos National Laboratory, amongst others.
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