D-Wave sells $400 million USD in common shares to fund acquisitions, working capital

Canadian-founded quantum computing firm D-Wave Quantum has completed a $400-million USD ($545-million CAD) “at-the-market” (ATM) equity offering as the New York Stock Exchange (NYSE)-listed company looks to raise money for acquisitions and operating expenses. 

This is the third such offering the quantum firm has completed since December 2024, bringing its total sales in common shares to $725 million USD ($986 million CAD) since then. Yesterday’s sale was at an average price per share of $15.18 USD, a 149-percent bump from its last offering in January of $6.10 USD per share. 

The quantum firm has sold $725 million USD in common shares since December 2024.

D-Wave will use the money to fund acquisitions, working capital, and capital expenditures, the company said in a release. CEO Alan Baratz added that the funds will allow D-Wave to grow its “significant lead,” claiming the company is the only one with commercial quantum computing applications in production.

The company said the proceeds from this offering brought its cash balance to approximately $815 million USD ($1.1 billion CAD). The quantum firm saw record revenue of $15 million USD in Q1 of 2025, up 509 percent year-over-year. Despite that, the firm still recorded a net loss of $5.4 million USD—but that was a significant improvement over a Q1 2024 loss of $17.3 million USD.

Founded in 1999 as a spin-out from the University of British Columbia, D-Wave has offices in Burnaby, BC, and Palo Alto, Calif. The firm develops quantum annealing computers, which rely on principles of quantum physics to solve optimization problems more efficiently than classical computers. 

The equity offering comes as D-Wave has claimed research and product milestones this year. In March, D-Wave said it had achieved “quantum supremacy,” or the ability of a quantum computer to solve a problem no classical computer could in a feasible amount of time. In May, the company unveiled its Advantage2 quantum computer, which D-Wave says has immediate commercial applications and can be accessed by customers via its quantum cloud service. 

RELATED: D-Wave remains in the red even as revenue jumps 500 percent in Q1

D-Wave is not the only publicly traded quantum company raising money by selling shares. Hoboken, NJ-based Quantum Computing completed a $200-million USD private placement last week, and Berkeley, Calif.-based Rigetti Computing completed a $350-million USD ATM equity offering. 

D-Wave, which trades under QBTS on the NYSE, saw its shares rise slightly since yesterday and is trading up 65 percent since the beginning of 2025, as of the time of publication. 

Despite the growth, D-Wave saw its share price drop in January after Nvidia CEO Jensen Huang predicted that truly useful quantum computers were at least 15 years away. Baratz declared that Huang was “dead wrong” and maintained that D-Wave was “likely many years ahead” of rivals that had yet to commercialize their systems.

Feature image courtesy D-Wave.