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Following a debut on the New York Stock Exchange (NYSE), shares of D-Wave Quantum (NYSE:QBTS) are down over 5% today. Earlier this week, shares of QBTS stock traded to as high as $13.12. Today, the price is hovering in the $9 range.
The former special purpose acquisition company (SPAC) operates as a quantum computing company, describing itself as "the only end-to-end quantum platform." Earlier in June, D-Wave released an experimental prototype of its sixth-generation machine called the Advantage2. It is expected to be released in either 2023 or 2024 and will have 7,000 qubits. Since inception, D-Wave has brought five generations of quantum computers to the market.
Furthermore, the computing company serves almost two dozen customers in the Forbes Global 2000 list. These include Lockheed Martin (NYSE:LMT), Accenture (NYSE:ACN) and Volkswagen (OTCMKTS:VWAGY).
Let's get into the details on the NYSE's latest member.
QBTS Stock in Focus Following Debut
The listing makes QBTS stock one of three publicly traded quantum computing companies. In addition, only 70 SPACs have gone public this year, compared with 613 in 2021.
CEO Alan Baratz added:
"Through this Business Combination, we are well-positioned to accelerate our growth strategy, using capital raised through the Business Combination along with our new access to the public markets to advance the production of our quantum computing solutions."
So, why exactly are shares of QBTS falling lower today? Upon completion of the merger with DPCM Capital, D-Wave was hoping to gain access to a trust account worth $300 million. However, some of the SPAC's shareholders redeemed $291 million, which cut into the funding D-Wave expected to receive.
The last quantum computing company to pursue the SPAC route was IonQ (NYSE:IONQ). Shares of IONQ are down about 60% in the last six months.
Last October, D-Wave announced plans to further develop its gate-based quantum computing technology. There has not been much disclosure on the progress made, although D-Wave's status as a publicly traded company should warrant updates in the near term. It has confirmed it will report second-quarter earnings on Aug. 16 after the market close.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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