D-Wave Quantum Inc. (NYSE: QBTS), a leading quantum computing company offering both annealing and gate-model systems, announced it has signed a Letter of Intent (LOI) for $100 million in proposed funding under the U.S. CHIPS and Science Act, administered by the U.S. Department of Commerce. The LOI marks a significant endorsement by the U.S. government of D-Wave's quantum computing technologies and their potential economic impact. In connection with executing final award documents, D-Wave would issue $100 million in shares of its common stock to the Department of Commerce.
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 aligns with the CHIPS and Science Act's goals of bolstering U.S. semiconductor and advanced technology manufacturing. For D-Wave, the investment would support scaling quantum innovation domestically, expediting fabrication processes, and delivering real-world quantum applications to customers. D-Wave is the world's first commercial supplier of quantum computers and the only company offering both annealing and gate-model quantum computing products and services. Its Leap quantum cloud service provides 99.9% availability and uptime, and more than 100 organizations across commercial, government, and research sectors rely on D-Wave to solve complex computational challenges.
The LOI represents a transformative moment for quantum computing in the U.S., as government backing could accelerate the development and deployment of quantum technologies critical for national security, scientific research, and economic competitiveness. For more details, the full press release is available at https://ibn.fm/Pj3aV. Investors can find the latest news about D-Wave at https://ibn.fm/QBTS.
Forward-looking statements in this announcement involve risks and uncertainties, including the execution of definitive award documents and availability of appropriated funds. D-Wave undertakes no duty to update these statements unless required by law.
