D-Wave Quantum Inc. (NYSE: QBTS), the only dual-platform quantum computing company providing both annealing and gate-model systems, software and services, announced it has signed a Letter of Intent (LOI) for $100 million of proposed funding under the U.S. CHIPS and Science Act, administered by the U.S. Department of Commerce. In connection with executing final award documents, D-Wave would issue $100 million in shares of its common stock to the Department of Commerce.
The LOI represents a significant endorsement by the U.S. government of D-Wave’s annealing and gate-model quantum computing technologies and their potential impact on the U.S. economy. The funding, if finalized, would accelerate D-Wave’s ability to scale quantum innovation domestically, expedite key fabrication processes, and deliver real-world quantum applications to global customers.
“We believe that the U.S. government’s strategic investment in D-Wave would advance the country’s global leadership position in quantum computing,” said Dr. Alan Baratz, CEO of D-Wave. “The award would accelerate D-Wave’s ability to scale quantum innovation domestically, expedite key fabrication processes, and deliver real-world quantum applications to our global customers today. We see this as a transformative moment for not just D-Wave, but also for quantum computing and the United States.”
D-Wave is a leader in the development and delivery of quantum computing systems, software, and services. It is the world’s first commercial supplier of quantum computers and the first and only to offer dual-platform quantum computing products and services, spanning both annealing and gate-model technologies. More than 100 organizations across commercial, government and research sectors trust D-Wave to address complex computational challenges using quantum computing.
The proposed funding is part of the CHIPS and Science Act, which aims to bolster U.S. semiconductor and technology manufacturing. This investment signals growing government interest in quantum computing as a strategic priority for national security and economic competitiveness. For businesses, the funding could accelerate the development of practical quantum applications, potentially benefiting industries such as logistics, finance, and pharmaceuticals.
To view the full press release, visit https://ibn.fm/Pj3aV.
