Drawing $300 million, D-Wave rings the bell at NYSE
Sucking in $300 million, D-Wave rings the NYSE bell on August 8, 2022 at 9:30 a.m. EDT Quantum computing company D-Wave rings the New York Stock Exchange opening bell [1]. Previously, the listed Special Purpose Acquisition Companies (SPACs) - DPCM Capital, Inc. and D-Wave Systems Inc. have merged to form D-Wave Quantum Inc. and will officially begin trading after the opening bell today with common stock and warrants under the symbols "QBTS" and "QBTS WS", respectively. Market
01D-Wave: The Age of Commercial Quantum Computing Has Arrived
(D- Wave Quantum) became the parent company of DPCM Capital and D-Wave with the commencement of trading of its common stock and warrants on the New York Stock Exchange ("NYSE") on August 8, 2022, according to the business combination filing , DPCM Capital's common stock, units and warrants have been delisted from the NYSE.
D-Wave Quantum's equity structure following the closing of the transaction
The combined company received $300 million in gross proceeds from DPCM Capital's trust account (assuming no redemptions by DPCM's public shareholders) and $40 million in gross proceeds from a group of strategic and institutional investors who participated in the transaction through committed PIPEs. d-Wave Quantum said its IPO represents the entry of commercial quantum computing into the public market.
Alan Baratz
From its inception more than 20 years ago, D-Wave has focused on providing quantum computing products and services that offer the fastest path to real-world applications of value to our customers," said Alan Baratz, CEO of Wave Quantum. Today marks an important milestone in our journey: we are beginning the next phase of our journey as a public company. With this business combination, we are well positioned to accelerate our growth strategy, leverage the capital raised through the business combination and our new access to the public markets to advance the production of quantum computing solutions and continue to unleash the power of quantum computing for the benefit of business, society. The era of commercial quantum computing has arrived."
Alan Baratz, CEO, will continue to lead the company's operations. As part of the business combination, Emil Michael, CEO and Chairman of DPCM Capital, will join D-Wave Quantum's Board of Directors.
We are pleased to complete the business combination with D-Wave, a market-leading company that we expect will remain at the forefront of commercialization in the quantum computing market," said Emil Michael. We believe the company will be able to unlock a significant portion of the multi-billion dollar Total Addressable Market for quantum computing. We believe D-Wave will deliver long-term value to shareholders and will continue to support them for years to come."
02D-Wave: the world's only quantum company producing at near-commercial scale
D-Wave offers the only complete end-to-end quantum solution, including hardware, software, real-time quantum cloud services, development tools and a powerful quantum hybrid solver, and is the only company building both annealing and gate model quantum computers. It has brought five generations of quantum computers to market to date and launched an experimental prototype of its sixth generation machine, Advantage2, in June 2022. In addition to this, D-Wave has a portfolio of more than 200 patents applicable to annealing and gate computing.
D-Wave's commercial customers include nearly two dozen Forbes Global 2000 companies and industry leaders: Volkswagen, Accenture, BBVA, NEC Corporation, Save-On-Foods, Denso Corporation, and Lockheed Martin, which are exploring quantum hybrid applications. In addition to enterprise customers actively using D-Wave to solve complex computing problems, thousands of developers around the world are building hundreds of early quantum applications in a variety of fields, including resource scheduling, mobility, logistics, drug discovery, portfolio optimization, manufacturing processes, and more.
5000 Quantum Bits Quantum Annealing Computer D-Wave Advantage
D-Wave is the first and only provider of real-time full-stack quantum systems: from the manufacturing of superconducting quantum processing unit (QPU) chips that power quantum systems, to hardware engineering, post-processing software, quantum hybrid solvers and open source developer tools. This approach, coupled with real-time quantum cloud delivery of products, delivers regular, rapid time-to-market benefits for customers.
D-Wave is also currently the only company with a quantum computer capable of supporting commercial applications at production scale. d-Wave's quantum computers are available as Quantum Computing as a Service (QCaaS) in the Leap Quantum Cloud service, available in 38 countries, providing broad access and supporting professional services for quantum hybrid application development.
All of this helps accelerate the use and demand for quantum computing.
At the end of 2021, D-Wave had total assets of $32.61 million, including liabilities of $29.59 million, although the merger of D-Wave and SPAC Inc. will bring hundreds of millions of dollars in assets, so the balance sheet can be significantly optimized. With this successful IPO, D-Wave will certainly combine the power of the market to further integrate the quantum ecosystem, focusing on large-scale applications, integrating authentication and other enterprise functions, and expanding quantum systems in the region to the Asia-Pacific region.
Reference Links：
https://www.dwavesys.com/company/newsroom/press-release/dpcm-capital-inc-and-d-wave-systems-inc-announce-completion-of-business-combination/
