D-Wave Quantum Gets $100M CHIPS Act Funding LOI

Palo Alto, California, United States D-Wave Quantum Inc. (NYSE: QBTS), a leader in quantum computing, has announced a significant development as the company signed a Letter of Intent (LOI) for $100 million in proposed funding under the U.S. CHIPS and Science Act. This strategic investment, administered by the U.S. Department of Commerce, aims to bolster domestic technology supply chains and advance national security through the development of next-generation quantum computing systems.

As part of the agreement, D-Wave intends to issue $100 million in common stock to the U.S. Department of Commerce upon execution of the final award documents. The funding is expected to accelerate the research, development, and scaling of D-Wave's superconducting annealing and gate-model technologies. This includes supporting operations at the company's research facilities in Boca Raton, Florida; New Haven, Connecticut; and Burnaby, British Columbia.

Key Highlights:

• Technology Advancement: The investment will support the development of a 100,000-qubit annealing system and a 10,000-qubit gate-model quantum computer.
• Strategic Focus: Projects will target critical sectors such as national defense, biopharmaceutical discovery, financial modeling, energy systems, and artificial intelligence.
• Job Creation: The initiative is expected to build on domestic industry capacity while creating thousands of high-paying jobs in the United States.

Dr. Alan Baratz, CEO of D-Wave, highlighted the importance of this moment, stating that the award will accelerate the company's ability to scale innovation domestically and deliver real-world quantum applications to its global customer base. The funding remains subject to the execution of definitive award documents by both parties.