The chief executive officer of D-Wave Systems says the company is on track to go public, but the timing is uncertain.
"It's definitely our intent to go public," CEO Vern Brownell said in an interview.
The Vancouver-based quantum computing company has "prepared its systems" and is "doing the things that are necessary" to ready itself for an initial public offering. Mr. Brownell says that the timing depends on the firm's performance and the state of the capital markets.
This year has been a buoyant one for the Canadian initial public offering market, with a diverse collection of new issues hitting the market. The vacuum left by the near-collapse in energy seems to have been at least partially replaced by investor appetite for new public companies outside of resources.
D-Wave, which was founded in 1999, has raised over $170-million to date and counts Amazon.com Inc. founder Jeff Bezos and the U.S. Central Intelligence Agency (CIA) among its investors. Unlike classical computing, which digests data using either zeros and ones, quantum computing can handle zeros and ones simultaneously, using something called qubits. The jury is out on which type of computing is superior. Reporting on a scientific paper that was published last year, Wired Magazine declared that quantum computing isn't any faster than classical computing.
D-Wave has been searching for a chief financial officer for the past few months. One of the qualifications it is looking for in a candidate is someone with "hands on experience taking a company public on the NYSE or the Nasdaq."
Mr. Brownell says his priority is seeking a stock listing in the U.S., but a cross-listing in Canada is also possible.
"It would be good for us to list in Canada too," he said.