D-Wave Systems Inc. (QBTS) shares surged 5.12% in Thursday's intraday trading session, driven by the company's recent successful equity offerings and positive analyst sentiment.

The quantum computing firm announced the completion of two "at-the-market" equity offering programs, raising a total of $175 million in gross proceeds. The oversubscribed offerings were priced at an average of $4.8149 per share, above the 3-day volume-weighted average price of $4.6625. D-Wave expects to end the current fiscal quarter with at least $160 million in cash reserves.

The substantial cash influx from the equity offerings is expected to bolster D-Wave's financial position, enabling the company to accelerate its technical development efforts, business operations, and execution of product roadmaps and go-to-market strategies in the rapidly growing quantum computing industry.