D-Wave Systems Inc. (QBTS) stock plummeted 5.09% in Thursday's intraday trading session, despite the company announcing the completion of two at-the-market equity offerings that raised a combined $175 million in gross proceeds.

The quantum computing company stated that the funds will be utilized for working capital, capital expenditures to support technical development efforts, and business operations. D-Wave expects to end the current fiscal quarter with at least $160 million in cash reserves.

Despite the significant capital raise, investors seem to have reacted negatively to the news, potentially concerned about the dilutive impact of the equity offerings on existing shareholders. The stock's decline highlights the market's cautious sentiment toward the company's prospects, despite the influx of fresh capital.