D-Wave Quantum drops after filing $400 mln mixed shelf offering

D-Wave Quantum

04/06/2025 12:57

**  D-Wave Quantum's QBTS.N shares down 2.4% premarket to $17.25 as co seeks possible capital raise

** Quantum computing firm late Tues filed for offerings up to $400 mln, comprising common and preferred stock, debt securities and warrants

** Palo Alto, California-based firm intends to use net proceeds for general purposes, including working capital, funding capex, and for potential acquisitions

** Co has ~306.8 mln shares outstanding as of Jun 2, giving it $5.4 bln market cap

** On May 20, QBTS shares jumped 26% to close at $16.56 after co announced sixth-generation quantum computer release, saying it's D-Wave's most advanced quantum processor to date

** Stock hit record intraday high of $19.77 on May 23

** QBTS shares on Tues rose for third straight session, finishing up 3.3% at $17.68, up 110% YTD

** All 5 analysts covering QBTS rate stock "buy"; median PT of $13 up from $10 a month ago, latest LSEG data shows

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))