Quantum computing venture leaps into the stock market

Burnaby, B.C.-based D-Wave Systems, the quantum computing company that counts Jeff Bezos among its investors and NASA among its customers, has struck a deal to go public with a $1.2 billion valuation.

The deal involves a combination with DPMC Capital, a publicly traded special-purpose acquisition company, or SPAC. It’s expected to bring in $300 million in gross proceeds from DPMC’s trust account, plus $40 million in gross proceeds from investors participating in a PIPE arrangement. (PIPE stands for “private investment in public equity.”)

Quantum computing takes advantage of phenomena at the quantum level, processing “qubits” that can represent multiple values simultaneously — as opposed to the one-or-zero paradigm of classical computing. The approach is theoretically capable of solving some types of problems much faster than classical computers.

Founded in 1999, D-Wave has focused on a type of technology called quantum annealing, which uses quantum computing principles and hardware to tackle tasks relating to network optimization and probabilistic sampling.

By Alan Boyle

Mastermind of Cosmic Log, contributor to GeekWire and Universe Today, author of "The Case for Pluto: How a Little Planet Made a Big Difference," past president of the Council for the Advancement of Science Writing.

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