A message from Quantum Circuits CEO Ray Smets
Quantum Circuits has officially completed its merger with D-Wave in a deal valued at $550 million. While this marks the end of one incredible chapter, it is the beginning of an even more ambitious one for the world of quantum innovation.
The Culture of Courage
What first drew me to Quantum Circuits was a team of scientists and professionals who possessed the courage to do what no one else had: Build a new kind of superconducting gate-model qubit from the ground up. In an industry often focused on raw scale, our team stayed true to a “correct-first” philosophy.
That courage met its “Moment of Truth” in 2024. I will never forget the shared eureka moment when we successfully brought the world’s first 8 dual-rail QPU to life. Demonstrating hardware-integrated error detection at the qubit level wasn’t just a technical win. It was proof that there is a better, more viable path from NISQ to fault-tolerant computing. We didn’t just build a quantum processor; we stood up the first glimpse of the future of quantum computing.
A Debt of Gratitude
It has been my distinct honor to lead Quantum Circuits, Inc. Every person on the team made a material impact to our success, demonstrating the highest standards of teamwork and technical ability. To Rob Schoelkopf, your vision as co-founder and Chief Scientist has been the North Star of this journey. To my executive team – Harvey Moseley, Andrei Petrenko, Steve Horton, Allen Dinh, Mowaffak Midani, and Neil Wu Becker – thank you for your brilliant minds and tireless effort. A special thanks to Ann Perry, whose superb execution as Head of Corp Dev was essential in pulling together this complex transaction.
Congratulations to Alan Baratz and the D-Wave team for the vision to bring our two firms together. We have established an unbeatable combination of technology and talent that will lead the industry toward the highest achievements in quantum computing.
Success on this scale requires world-class investors and partners who believe in the mission:
- A board consisting of Bill Coughran of Sequoia Capital, Brendan Dickinson of Canaan Partners, Stephen Knight of F-Prime Capital, Corey Ritter of ARCH Venture Partners, and other fantastic investors like Tribeca Venture Partners, Hither Creek Ventures, Fitzgate, Connecticut Innovations, Tao Capital Partners, In-Q-Tel and others.
- Needham & Company: Steve Camp, Managing Director, Co-Head of Boston Investment Banking, and his team were highly trusted advisors who catalyzed this outcome with expert partnering and strategic advice.
- DLA Piper: Jeff Lehre, Partner Chair, Emerging Growth and Venture Capital, assembled a top-tier legal team that drove the execution and collaboration needed to secure confidence throughout the entire process.
What’s Next
We made history at Quantum Circuits. Not just by building a novel qubit, but by proving that courage, rigor, and long-term thinking still matter in breakthrough science. That work now carries forward into a larger mission and a broader platform.
As this next chapter unfolds, I’m filled with pride for what we achieved together and optimism for what comes next. I look forward to seeing this technology continue its journey, pushing boundaries, challenging assumptions, and, in its own way, leaving a lasting dent in the universe.
Advisors
Needham & Company, LLC served as the exclusive financial advisor to the Quantum Circuits Board of Directors, providing world-class partnering and strategic advice to maximize value for stockholders. DLA Piper served as legal counsel to Quantum Circuits, led by an execution team that ensured seamless collaboration and confidence throughout the transaction process.
