D-Wave Quantum Inc. (NYSE: QBTS) Secures $400 Million in Equity Offering, Eyes Acquisitions and Expansion

• The $400M at-the-market equity offering was completed in just over two weeks.
• The average sale price in the offering was at a 149% premium compared to the company’s previous ATM raise in January 2025.
• The company holds a cash balance of approximately $815 million as of July 1.
• Proceeds will support strategic acquisitions, capital expenditures, and working capital needs.
• The ATM program comes as D-Wave’s Q1 2025 revenue surged 509% year-over-year, boosted by a major system sale to Germany’s Julich Supercomputing Center.

D-Wave Quantum Inc. (NYSE: QBTS) (“D-Wave”), a leader in quantum computing systems, software, and services, has completed sales of $400 million in gross proceeds of its common stock in an at-the-market equity (“ATM”) offering, a move that strengthens its financial position as the company looks to scale operations and pursue strategic acquisitions. The raise, conducted between June 11 and June 27, was priced at an average of $15.18 per share. This represents a $9.08 or 149% premium to the $6.10 average price per share of the previous $150 million ATM program completed in January, according to the company (https://ibn.fm/AYkup).

This latest capital infusion brings D-Wave’s cash balance to roughly $815 million as of July 1. The company intends to use the proceeds from this financing primarily for strategic acquisitions and general corporate purposes including additional working capital and capital expenditures.

“We intend to invest in acquisitions and programs that will enable us to expand our already significant lead as the only commercial quantum computing company with applications in production,” said Dr. Alan Baratz, CEO of D-Wave.

For the first quarter of 2025, the company reported a 509% year-over-year revenue increase, driven in large part by sale of its Advantage2(TM) quantum system to the Julich Supercomputing Center in Germany. The company has a hybrid business model, combining high-value hardware sales with a growing subscription base for its Quantum Computing-as-a-Service (“QCaaS”) platform. In Q1, D-Wave also posted a GAAP gross margin of 92.5% and achieved its lowest net loss since going public.

D-Wave remains the only commercial quantum computing company with applications in production, a position it continues to emphasize. The company’s cash position provides D-Wave flexibility to execute on its goals without near-term capital constraints.

About D-Wave Quantum Inc.

D-Wave is a leader in the development and delivery of quantum computing systems, software, and services. We are the world’s first commercial supplier of quantum computers, and the only company building both annealing and gate-model quantum computers. Our mission is to help customers realize the value of quantum, today. Our quantum computers — the world’s largest — feature QPUs with sub-second response times and can be deployed on-premises or accessed through our quantum cloud service, which offers 99.9% availability and uptime. More than 100 organizations trust D-Wave with their toughest computational challenges. With over 200 million problems submitted to our quantum systems to date, our customers apply our technology to address use cases spanning optimization, artificial intelligence, research and more. Learn more about realizing the value of quantum computing today and how we’re shaping the quantum-driven industrial and societal advancements of tomorrow: www.dwavequantum.com.

NOTE TO INVESTORS: The latest news and updates relating to QBTS are available in the company’s newsroom at https://ibn.fm/QBTS

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