D-Wave Quantum Inc. (NYSE: QBTS), a provider of both annealing and gate-model quantum computing systems, announced that 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. This LOI represents a significant endorsement by the U.S. government of D-Wave’s quantum computing technologies and their potential impact on the U.S. economy.
Dr. Alan Baratz, CEO of D-Wave, stated: “We believe that the U.S. government’s strategic investment in D-Wave would advance the country’s global leadership position in quantum computing. 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.”
The proposed funding, subject to the execution of definitive award documents, is expected to support D-Wave’s research and development initiatives, including scaling quantum innovation and expediting fabrication processes. The LOI underscores the U.S. government’s commitment to advancing domestic quantum computing capabilities, a critical technology for national security and economic competitiveness.
D-Wave is recognized as the world’s first commercial supplier of quantum computers and the only company offering dual-platform quantum computing products, spanning both annealing and gate-model technologies. Its Leap quantum cloud service provides enterprise-grade systems with 99.9% availability and uptime. More than 100 organizations across commercial, government, and research sectors rely on D-Wave to address complex computational challenges.
The full press release is available at https://ibn.fm/Pj3aV. Additional information about D-Wave can be found at https://www.dwavequantum.com.
This announcement has implications for the quantum computing industry and U.S. technological leadership. The CHIPS and Science Act funding, if finalized, would provide D-Wave with substantial resources to advance its dual-platform quantum systems, potentially accelerating the deployment of practical quantum applications in areas such as optimization, machine learning, and materials science. The investment also signals government confidence in D-Wave’s technology roadmap and its ability to contribute to national economic and security interests.
Forward-looking statements in this announcement are subject to risks and uncertainties, including the execution of definitive award documents, satisfaction of conditions for disbursement, and dilution from the issuance of shares. Detailed risk factors are described in D-Wave’s filings with the SEC.
