Californian tech company to move headquarters to Florida
California-based quantum computing company D-Wave is moving its headquarters to Boca Raton, Florida, and opening a new research and development center.
In an announcement this week, the Palo Alto company said its new office would be set up at the Boca Raton Innovation Campus before the end of this year. The 1.7 million square foot offices, previously used by technology company IBM, are the birthplace of the personal computer, according to the campus website.
“The state offers a rich scientific and educational environment, a growing pool of highly skilled technology talent and a dynamic spirit of innovation that made it attractive to D-Wave,” Chief Executive Officer Alan Baratz said in a statement.
The company is among companies that have recently opened new offices or left California, underscoring the competition the state faces to attract more jobs.
California, home to companies such as Google, Apple, and Meta, is known for being a major hub of the technology industry. California-based cryptocurrency startup BitGo recently announced its move to South Dakota.
The announcement comes after business leaders criticized a proposed ballot measure to tax billionaires to primarily fund health care. Under the Billionaire Tax Act, Californians with more than $1 billion would pay a one-time 5 percent tax on their total wealth. The initiative still needs enough signatures to make it onto the November ballot, but it’s already drawing criticism from some of California’s wealthiest residents who have urged businesses to move.
D-Wave, founded in 1999, describes itself as the world’s first commercial provider of quantum computers. It also provides quantum computing systems, software and services. Quantum computers are able to solve complex problems faster than a classical computer.
A company spokesperson said its decision to move its headquarters to Florida was not related to the proposed billionaire tax and that its executives had not commented publicly on the idea. D-Wave will still have an office in Palo Alto and will also have a presence in Marina del Rey.
Cities are trying to encourage companies to relocate their operations by offering tax breaks.
In January, the Boca Raton City Council approved a resolution that would allow a technology company — called Project Vernon — to be a “qualified applicant” for economic development incentives.
The resolution states that once the company, which turned out to be D-Wave, reveals its identity, the city will pursue an economic development agreement.
D-Wave would receive up to $500,000 as part of a relocation incentive. The new headquarters would result in the creation of 100 new jobs over the next five years in Boca Raton. The average annual salary for these jobs should be no less than $125,000, according to the resolution.
The company also considered moving its headquarters and R&D facilities to Tennessee and North Carolina while remaining in California, the resolution states.
The new Florida location will provide D-Wave with a “bicoastal presence for system redundancy in the event of disaster recovery,” according to the press release about the new headquarters.
The company announced it will install a quantum computer on Florida Atlantic University’s Boca Raton campus in a $20 million deal.
D-Wave has more than 200 employees, according to its website.
The quantum market is expected to grow. It could reach around $100 billion by 2035, with most of the revenue growth coming from quantum computing, according to a 2025 report from McKinsey & Company.
