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Share price jumps 16% after New York Stock Exchange launch
August 10, 2022
Quantum computing company D-Wave Systems completed its planned merger with special-purpose acquisition company DPCM Capital on Monday and is now publicly listed on the New York Stock Exchange.
This milestone makes D-Wave one of only three publicly traded quantum companies, and one of only 70 SPAC transactions, to successfully go public in 2022.
The company first announced its intention to go public in February. Shares in the new parent company, D-Wave Quantum, increased nearly 16% on the first day of trading.
“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 D-Wave Systems CEO Alan Baratz.
“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 makes both annealing and gate-model quantum computers and provides software, real-time quantum cloud service, developer tools and quantum hybrid solvers. The company launched an experimental prototype of its sixth-generation machine, Advantage2, in June.
D-Wave’s commercial customers include Volkswagen, Accenture, BBVA, NEC Corporation, Save-On-Foods, DENSO, and Lockheed Martin, which are exploring quantum hybrid applications. Use cases include resource scheduling, mobility, logistics, drug discovery, portfolio optimization and manufacturing processes.
Alan Baratz will continue as D-Wave CEO and DPCM Capital CEO and Chairman Emil Michael is joining D-Wave Quantum’s board of directors.
Editor, Enter Quantum
Berenice is the editor of Enter Quantum, the companion website and exclusive content outlet for The Quantum Computing Summit. Enter Quantum informs quantum computing decision-makers and solutions creators with timely information, business applications and best practice to enable them to adopt the most effective quantum computing solution for their businesses. Berenice has a background in IT and 16 years’ experience as a technology journalist.
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