DPCM Capital and D-Wave Systems Announce Completion of Business Combination
DPCM Capital, a publicly traded special purpose acquisition company, announced the completion of its business combination (the “Business Combination”) with D-Wave Systems Inc. (“D-Wave”), a leader in quantum computing systems, software, and services—and the only provider building both annealing and gate-model quantum computers.
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“We are pleased to complete our Business Combination with D-Wave, a market-leading company that we expect to remain at the forefront of commercializing the quantum computing market”
Pursuant to the Business Combination, D-Wave Quantum Inc. (“D-Wave Quantum” or the “Company”) became the parent company of DPCM Capital and D-Wave, and its shares of common stock and warrants are expected to commence trading, on Monday, August 8, 2022 on the New York Stock Exchange (the “NYSE”) under the ticker symbols “QBTS” and “QBTS WS,” respectively. DPCM Capital’s shares of common stock, units and warrants have been delisted from the NYSE.
Company management will ring the NYSE opening bell Monday, August 8, 2022, at 9:30 a.m. ET in honor of D-Wave Quantum’s listing and celebrating the advent of commercial quantum computing into public markets.
“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. “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.”
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D-Wave provides the only complete end-to-end quantum solution, encompassing hardware, software, real-time quantum cloud service, developer tools and powerful quantum hybrid solvers, and is the only company building both annealing and gate-model quantum computers. With a focus on relentless innovation and product delivery, D-Wave has brought to market five generations of quantum computers to date and, in June 2022, launched an experimental prototype of its sixth-generation machine, Advantage2. D-Wave also holds a broad portfolio of 200+ patents applicable to both annealing and gate-based quantum computing.
D-Wave’s commercial customers include nearly two dozen Forbes Global 2000 companies and industry leaders like Volkswagen, Accenture, BBVA, NEC Corporation, Save-On-Foods, DENSO, and Lockheed Martin, which are exploring quantum hybrid applications. In addition to enterprise customers actively utilizing D-Wave to solve their complex computational problems, thousands of developers across the globe have built hundreds of early quantum applications in diverse areas that include resource scheduling, mobility, logistics, drug discovery, portfolio optimization, manufacturing processes, and many more.
CEO Alan Baratz will continue to lead the Company’s operations. As part of the Business Combination, Emil Michael, CEO and Chairman of DPCM Capital, joins D-Wave Quantum’s board of directors.
“We are pleased to complete our Business Combination with D-Wave, a market-leading company that we expect to remain at the forefront of commercializing the quantum computing market,” said Emil Michael, CEO, DPCM Capital, Inc. “Today D-Wave is the only commercial quantum computing company in the world, and the only quantum computing company that is building both annealing and gate-model quantum computers. As a result, we believe the company will be able to unlock a significant portion of the multi-billion dollar quantum computing total addressable market (TAM). We have confidence that D-Wave will deliver long-term value to stockholders and look forward to continuing to support them in the years ahead.”
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