D-Wave

D-Wave Systems pioneered commercial quantum computing as the world’s first company to sell quantum computers, specializing in quantum annealing systems for optimization problems with their latest Advantage system featuring over 5,000 qubits with 15-way connectivity, serving 133 total customers including Lockheed Martin (since 2010), Google/NASA (since 2013), BASF, Deloitte, and MasterCard through their Leap cloud platform, demonstrating quantum advantage in applications across logistics, scheduling, machine learning, and financial modeling with over 150 customer-developed applications.

Company Information

• Founded: 1999
• Country: Canada
• Website: https://dwavesys.com
• Categories: quantum processors, quantum cloud

Key People

Geordie Rose (Co-founder), Eric Ladizinsky (Co-founder), Haig Farris (Co-founder), Alan Baratz (CEO)

Investment Information

• Status: public
• Ticker: QBTS
• Total Raised: $1025M
• Market Cap: $5.3B (September 2025)
• Last Valuation: $5.34B

Recent Funding Rounds

• 2022-08-08: ipo - $300M - NYSE listing through SPAC merger with DPCM Capital
• 2025-01-15: strategic - $400M - At-the-market equity offering completion
• 2024-12-12: strategic - $175M - At-the-market equity offerings completion
• 2024-01-23: strategic - $150M - At-the-market equity offering at $6.10 per share

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