D-Wave Quantum Expects To Close 2024 With $160M in Cash as ATM Completes

D-Wave Quantum Inc (NYSE: QBTS), one of the leaders in quantum computing, confirmed via an 8-k filing that the company has successfully raised $175 million through its at-the-market equity offering programs. This capital injection bolsters the company's financial health, ensuring it will close Q4 2024 with at least $160 million in cash reserves.

The raise was completed in multiple phases, with the latest $75 million ATM Program on Monday (9th December) completed at an average price per share of $4.8149.

CEO Alan Baratz emphasized the strategic importance of their latest 5,000-qubit quantum computer, stating, “Annealing quantum computing is driving commercial adoption, delivering near-term value to businesses and researchers worldwide.” D-Wave plans to utilize the funds to advance technical development and execute its growth roadmap, cementing its leadership in the sector.

QBTS stock, and the broader quantum computing sector at large has been hugely volatile in recent weeks, with the latest developments from Google, via the Willow chip also increasing attention and driving GOOGL to fresh highs.

D-Wave's own stock has added a little over 400% on a year-to-date basis, but has cooled a little in recent days as the ATM was announced. Whilst the company is stated as the first commercial quantum name, with a slate of clients, there is more to do for the industry to become profitable. One hurdle cleared, more to come.