D-Wave establishes up-to-$400 million at-the-market equity sales agreement
On 2025-06-10 D-Wave Quantum disclosed (Form 8-K, Item 1.01) a Sales Agreement permitting the company to offer and sell common stock with an aggregate offering price of up to $400 million from time to time through designated sales agents, with agent compensation up to 3.0% of gross sales. The facility was enabled by a universal Form S-3 registration that became effective 2025-06-10 and a related prospectus supplement of the same date.
A $400 million ATM facility at a tracked pure-play is an investor-material dilution-and-capital-deployment action consistent with the §8 share_action anchor; it materially expands D-Wave's ability to fund its annealing and gate-model roadmap from public equity markets.
An ATM of this size signals D-Wave intends to capitalize on elevated share prices to extend runway; ongoing takedowns will be visible in subsequent share-count and cash-position disclosures and may pressure per-share metrics.