Quantum Computing shares slide after $750 mln equity raise

Quantum Computing

06/10/2025 15:12

** Shares of Quantum Computing QUBT.O down 12% at $21.66 early Mon after it announces $750 mln equity raise

** Hoboken, New Jersey-based photonics and quantum optics tech provider said on Sun it agreed to sell ~37.2 mln shares to institutional investors in private placement

    ** Purchase price equates to about $20.17, which represents ~18% discount to stock's last sale on Fri

      ** Co said intends to use net proceeds to "fully fund commercialization, pursue strategic acquisitions, establish volume production capabilities, expand sales and engineering personnel", among other uses

        ** QUBT, which has a chip foundry in Tempe, Arizona, has ~186.9 mln shares outstanding, filings show, giving co about $4.6 bln market cap through Fri

              ** Even with the decline on the session, QUBT shares up nearly 45% over the past month. Stock ended 2024 at $16.55 and a year ago was trading around 70 cents

        ** This latest offering boosts co's total equity raised since Nov 2024 to around $1.64 bln

        ** QUBT now positioned "with the strongest balance sheet among publicly traded quantum computing companies and providing what we believe is sufficient funding to execute our current business plan through 2028," CEO Dr. Yuping Huang said in the statement

        ** BofA projects the quantum computing market will grow from around $300 mln last year to $4 bln by 2030, if scaling efforts succeed

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

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