Quantum computing company D-Wave to go public via $1.6 billion SPAC deal

D-Wave said it expects to raise up to $340 million in gross proceeds from the deal, including a $40 million private placement in public equity.

Quantum computing firm D-Wave Systems Inc said on Tuesday it had agreed to go public by merging with blank-check company DPCM Capital in a deal that values the combined company at nearly $1.6 billion.

(Sign up to our Technology newsletter, Today's Cache, for insights on emerging themes at the intersection of technology, business and policy. Click to subscribe for free.)

Vancouver-based D-Wave is pushing ahead with the deal even as other companies that recently took a similar route, such as Grab Holdings and BuzzFeed, have seen their market valuations tumble amid choppy conditions.