The NEC-backed quantum computing system developer is set to list on the New York Stock Exchange through the transaction.

D-Wave Systems, a Canada-based quantum computing technology developer backed by IT equipment producer NEC, agreed to a $1.6bn reverse merger on Tuesday with special purpose acquisition company DPCM Capital.

Founded in 1999, D-Wave produces full-stack quantum systems supporting hardware, post-processing software and developer tools.

The deal values the company at $1.2bn pre-merger and the merged business, D-Wave Quantum, will take the New York Stock Exchange listing acquired by DPCM in a $300m initial public offering in late 2020.

The deal is backed by $40m private investment in public equity financing provided by NEC, investment bank Goldman Sachs, PSP Investments, Yorkville Advisors and Aegis Group Partners.

The transaction is the third large reverse merger agreed by a corporate-backed quantum computing technology developer in the past year, after IonQ in March and Rigetti in October.

Corporate-backed deals in quantum computing over the past decade were originally slow, according to Pitchbook…

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Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.