Quantum computing company D-Wave Quantum Technologies ($QBTS) is raising up to $400 million through an at-the-market (ATM) offering, as disclosed in a recent SEC filing. The capital raise is being led by Needham & Company, with participation from eight banks including Canaccord Genuity, Evercore, TD Securities, Mizuho, Piper Sandler, Craig Hallum, and Rosenblatt Securities. This fundraising effort comes amid a surge in quantum technology investments in 2025, which have already reached 70% of the total investments made in 2024 but with fewer, larger deals. D-Wave's stock ($QUBT) has seen a 15.81% increase to $13.70 recently, prompting Ascendiant Capital Markets to raise its price target to $22 while maintaining a "buy" rating.