D-Wave Quantum completes $400M at-the-market equity offering, lifting cash to ~$815M
On 2025-07-01 D-Wave Quantum announced it had completed sales of $400 million in gross proceeds under its previously disclosed $400 million at-the-market (ATM) equity program, which ran 2025-06-11 to 2025-06-27 at an average price of $15.18 per share. Per the company's Form 8-K (Item 7.01), the average sale price represented a 149% premium to the $6.10 average price of its prior $150M ATM completed in January 2025, and brought D-Wave's cash balance to approximately $815 million. D-Wave stated it intends to use the proceeds primarily for strategic acquisitions and general corporate purposes including working capital and capital expenditures.
A completed $400M raise at a tracked pure-play, sized between the §8 $155M (=6) and $550M (=7) anchors, is investor-material: it materially de-risks D-Wave's balance sheet and explicitly funds an acquisition war chest, consistent with the score-7 'unexpected/large corporate action with a capital-deployment narrative' anchor.
An $815M cash position positions D-Wave for inorganic expansion across both its annealing and gate-model roadmaps and reduces near-term dilution-driven financing pressure, shifting competitive dynamics among the public pure-plays raising capital simultaneously in mid-2025.