D-Wave Quantum Inc. (NYSE: QBTS), the only dual-platform quantum computing company providing both annealing and gate-model systems, announced on May 26, 2026, that 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. 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 annealing and gate-model quantum computing technologies and their potential impact on the U.S. economy. The funding is expected to 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 only company offering both annealing and gate-model quantum computing products and services. 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. The LOI marks a key step toward finalizing the award, though it is subject to the execution of definitive documents and satisfaction of certain conditions. The transaction would involve D-Wave issuing $100 million in common stock to the Department of Commerce, which could result in dilution for existing stockholders.
D-Wave's quantum cloud service, Leap, offers 99.9% availability and uptime, enabling customers to access quantum computing capabilities remotely. The company’s mission is to help customers realize the value of quantum today through enterprise-grade systems available on-premises and via the cloud. The investment is expected to accelerate the development and deployment of quantum applications across various industries, including logistics, drug discovery, and financial modeling.
For more details, the full press release is available at https://ibn.fm/Pj3aV. Additional information about D-Wave can be found at https://www.dwavequantum.com.
