Quantum computing pioneer D-Wave has raised US$400 million through an at-market equity offering in June, selling shares at an average price of US$15.18. The British Columbia-based firm now holds US$815 million in cash, significantly strengthening its balance sheet. CEO Alan Baratz said the funding will support acquisitions and further development of D-Wave’s quantum technologies.
The company, which lost US$143.9 million last year, previously indicated it could achieve profitability with US$304 million on hand at Q1’s end. This marks the fourth capital raise in just over a year, as D-Wave capitalizes on share-price gains to fuel its ambitious growth strategy.
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