D-Wave Systems Inc., one of the leaders in the development and delivery of quantum computing systems and software, today announced that DPCM Capital Inc. has filed with the SEC a registration statement on form S-4 regarding their proposed business combination.
“We remain excited about the pending business combination with D-Wave and look forward to working with its talented team to accelerate quantum use cases into customer segments, including manufacturing, logistics, pharmaceuticals, finance, and government,” “D-Wave is uniquely positioned as the only quantum computing company with full access to an expected $150 billion total market opportunity and is already delivering the significant benefits of quantum computing to major companies across the globe. As the only quantum computing company in the world that is building both annealing and gate-model quantum computers, we are confident that D-Wave will continue to deliver long-term value to stockholders.”
Emil Michael, CEO of DPCM Capital.
The registration statement contains information about D-Wave, and lead-in statements and prospectus in connection with the transaction. It also contains information on the unique value offered by D-Wave to its customers as the only company with:
- More than two dozen Forbes Global 2000 customers, representing a doubling of the number in 2020 with the year-over-year growth driven primarily in the financial services, manufacturing, and pharmaceuticals sectors
- A highly diversified customer base with Quantum Computing as a Service (QCaaS) from commercial customers representing 68% of 2021 total revenue
- Annealing quantum technology necessary to solve commercial combinatorial optimization problems that is estimated to represent approximately 25% of the quantum total available market (TAM)
- Fifteen plus years of developing and building annealing quantum computers, uniquely enabling D-Wave to address today’s optimization portion of the quantum market for applications in important-use cases such as employee scheduling, last-mile vehicle routing, manufacturing-plant floor optimization, supply chain optimization and many others
- A powerful combination of both professional services and quantum computing as a service (QCaaS) to aid in the development and deployment of hybrid quantum business applications
- Demonstrated application speed-ups on important real-world problems
- A dual-product approach to building both annealing and gate-model quantum computers enabling D-Wave to address the full quantum market
- Developed and introduced 5 generations of increasingly powerful quantum computing systems
- A track record of operational and commercial experience running a quantum computing business at scale
- An intent to continue to build on the more than 200 US patents that have been granted to D-Wave since its founding in 1999
“Today’s announcement invites investors to learn more about D-Wave’s commercial approach, our track record of product delivery, our blue-chip customer base, our professional services enabled QCaaS business and our deep patent portfolio,” “We are on-track with the transaction process, and we believe becoming a publicly-traded company will help us create value for our customers and for our investors through market growth, further hybrid quantum application development, and expansion of our product portfolio.”
Alan Baratz – D-Wave CEO
The transaction will be completed by 2022 and will be subject to the registration statement being declared effective by SEC, the approval of the Transaction by DPCM Capital’s stockholders and D-Wave’s shareholders, respectively; and other customary closing conditions.
On completion of the transaction, shares of D-Wave quantum stock (a new parent company of D-Wave and DPCM Capital) will be traded on the NYSE under the ticker symbols “QBTS” and “QBTS.WS”, respectively.
D-Wave is the leader in the development and delivery of quantum computing systems, software and services and is a commercial supplier of quantum computers. D-Wave’s mission is to integrate new discoveries in physics, engineering, manufacturing, and computer science into breakthrough approaches to computation. The company’s systems are being used by some of the world’s most advanced organizations.
DPCM Capital, Inc. is a special purpose acquisition company led by Chairman and CEO Emil Michael, formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business in combination with one or more businesses.
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