D-Wave Quantum Completes Transition to Public Company

The commercial quantum computing firm D-Wave Quantum has finalized its journey to becoming a standalone publicly traded entity. This transition was cemented through a merger with the special purpose acquisition company (SPAC) DPCM Capital, a deal that concluded in August 2022. The move effectively dissolved DPCM Capital as a separate entity and established D-Wave Quantum's listing on the New York Stock Exchange.

• The business combination with DPCM Capital was successfully completed in August 2022.
• The company's shares now trade under the ticker symbol QBTS.
• A notable board change occurred in October 2024 with the departure of director Emil Michael.

DPCM Capital was established as a blank-check company with the specific mandate of taking a promising technology business public. The merger provided D-Wave Systems with a direct gateway to public capital markets, bypassing the traditional and often lengthy initial public offering (IPO) process. Upon the transaction's close, the DPCM Capital listing was terminated and formally replaced by the new parent company, D-Wave Quantum Inc.

Leadership Evolution Post-Merger

The merger initially created a key link between the SPAC and the operating company through Emil Michael. The former Chief Executive Officer and Chairman of DPCM Capital joined the board of directors of the combined D-Wave Quantum following the deal. This structural tie was formally severed on October 28, 2024, when Michael resigned from the board. His departure signifies the company's full separation from its initial SPAC framework.

Should investors sell immediately? Or is it worth buying DPCM Capital?

Commercial Focus in a Shifting Landscape

Investor attention is increasingly turning toward the tangible, real-world applications of quantum computing technology. Industries ranging from logistics and financial services to advanced scientific research are identified as areas with high potential for transformative efficiency gains. The central question for D-Wave Quantum is whether it can convert its technological pioneering into consistent commercial success and sustainable growth.

As of the current market environment in February 2026, the company is squarely focused on expanding the commercial deployment of its quantum systems and software solutions. The period of post-merger financial and structural integration is now complete. The primary driver for its future market valuation will be its demonstrated ability to translate complex quantum advancements into scalable, revenue-generating business models.