California loses yet another tech company to Florida.
Quantum computing company D-Wave Quantum Inc. announced it will move its headquarters and major research and development operations from Palo Alto to Boca Raton, Florida, in a dramatic sign of the growing appeal of the low-tax, business-friendly state.
The move, which the company confirmed in a statement, marks a heavy blow to Silicon Valley, where many believe technology companies are leaving high-cost Cali for areas more business-friendly.
CEO Dr. Alan Baratz makes no secret of this strategy: Florida’s rapidly growing tech ecosystem, expanding talent pool, and supportive research environment make the state an ideal place for quantum innovation.
“D-Wave’s new headquarters in Boca Raton will bring incredible opportunities to South Florida for advanced research, talent recruitment and the development of high-impact technologies that will shape the future of computing,” Baratz said in a statement.
Florida officials hailed the move as a major victory.
“We are pleased to welcome D-Wave to Florida as it accelerates the development and delivery of quantum computing technologies that will help further establish the state as a center for high-demand job growth and enterprise formation through innovation,” said Florida Commerce Secretary J. Alex Kelly.
“By welcoming the D-Wave flagship store… we are solidifying our position as a destination for advanced innovation, attracting top technology talent and laying the foundation for long-term economic growth,” said Boca Raton Mayor Scott Singer.
The relocation is the centerpiece of a major partnership with the state of Florida. D-Wave will install its “Advantage2” quantum computer at Florida Atlantic University’s Boca Raton campus to “accelerate and solidify Florida’s position as a leader in quantum computing.”
While Sacramento faces political uncertainty and considers a controversial new “billionaire tax,” Florida has been rolling out tax breaks and economic development incentives.
In early January, Boca Raton officials approved a resolution in which D-Wave would receive up to $500,000 to relocate there and create 100 new jobs with an average annual salary of at least $125,000, local news outlets reported.
D-Wave officials insisted the move was not a reaction to a potential upcoming wealth tax, the Los Angeles Times reported.
The new headquarters will be located in the Boca Raton Innovation Center and will have 1.7 million square feet of office space. The move is expected to be completed by the end of 2026.