D-Wave Quantum Inc. (NASDAQ: QBTS) has executed a definitive agreement with the U.S. Department of Commerce, securing access to up to $100 million in funding under the U.S. CHIPS and Science Act. The agreement, which follows a previously announced Letter of Intent, marks a significant step in the federal government's efforts to maintain American leadership in quantum computing, a technology with far-reaching implications for national security, economic competitiveness, and scientific discovery.
"We’re grateful to the U.S. government for this award to D-Wave and for the leadership it is demonstrating in advancing quantum innovation," said Dr. Alan Baratz, CEO of D-Wave. "The Administration has made clear that U.S. quantum leadership will require not only breakthrough research, but also the ability to scale, commercialize and manufacture these technologies. This award will help fulfill that mission by expanding domestic quantum capabilities, strengthening the underlying supply chain and bringing increasingly powerful quantum systems to market."
The funding is expected to support D-Wave's research and development initiatives, manufacturing scale-up, and supply chain enhancements, all of which are critical to advancing quantum computing from experimental systems to commercial products. As the only dual-platform quantum computing company offering both annealing and gate-model systems, software, and services, D-Wave is uniquely positioned to address a wide range of computational challenges. Its systems are available on-premises and via its Leap™ quantum cloud service, which boasts 99.9% availability and uptime. More than 100 organizations across commercial, government, and research sectors already trust D-Wave's technology.
The strategic importance of this award extends beyond D-Wave. Quantum computing has the potential to revolutionize fields such as drug discovery, materials science, logistics, and artificial intelligence by solving problems that are intractable for classical computers. By investing in domestic quantum capabilities, the U.S. government aims to ensure that the nation remains at the forefront of this transformative technology, reducing reliance on foreign supply chains and fostering a robust ecosystem of innovation. The CHIPS and Science Act, signed into law in 2022, allocates billions of dollars to strengthen U.S. leadership in semiconductor manufacturing and advanced technologies, including quantum computing.
For D-Wave, the funding provides a significant boost to its mission of helping customers realize the value of quantum today. The company plans to use the award to accelerate its product roadmap, enhance its manufacturing capabilities, and expand its customer base. The definitive agreement includes conditions such as project milestones and the availability of appropriated funds, and D-Wave may issue shares of common stock to the Department of Commerce, which could result in dilution for existing stockholders. Nevertheless, the award underscores the government's confidence in D-Wave's technology and its potential to drive economic and societal advancements.
To view the full press release, visit https://ibn.fm/XPNic. For more information about D-Wave and its quantum computing solutions, visit https://dwavequantum.com. The latest news and updates relating to QBTS are available in the company’s newsroom at https://ibn.fm/QBTS.
