D-Wave Quantum Inc. (NYSE: QBTS), the only dual-platform quantum computing company providing both annealing and gate-model systems, software and services, announced 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 U.S. Department of Commerce. The 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.
“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’s dual-platform approach, spanning both annealing and gate-model quantum computing, positions it uniquely in the industry. The company’s mission is to help customers realize the value of quantum today through enterprise-grade systems available on-premises and via its Leap quantum cloud service, which offers 99.9% availability and uptime. Over 100 organizations across commercial, government and research sectors trust D-Wave to address complex computational challenges using quantum computing.
The CHIPS and Science Act, signed into law in 2022, aims to bolster U.S. semiconductor manufacturing and research. The proposed funding for D-Wave underscores the government’s commitment to advancing quantum computing, a key technology for national security and economic competitiveness. For more details on the press release, visit https://ibn.fm/Pj3aV.
D-Wave’s stock issuance to the Department of Commerce as part of the award would provide the government with an equity stake, aligning interests in the company’s success. The funding is expected to accelerate domestic quantum innovation and key fabrication processes, enabling D-Wave to deliver real-world quantum applications to global customers. This investment could catalyze broader adoption of quantum computing across industries, from logistics to pharmaceuticals.
The announcement comes as quantum computing moves from theoretical research to practical applications. D-Wave’s systems are already used by organizations like Lockheed Martin and Volkswagen to solve optimization problems. The CHIPS Act funding would allow D-Wave to scale its operations and enhance its technology, potentially shortening the timeline for quantum advantage—the point at which quantum computers outperform classical ones for specific tasks.
Investors and industry observers will watch for final award documents, which are subject to negotiation and approval. The LOI is a preliminary step, and risks remain, including the possibility that definitive agreements are not executed or that conditions for disbursement are not met. However, the LOI signals strong government confidence in D-Wave’s technology and its role in U.S. quantum leadership. For the latest updates on QBTS, visit the company’s newsroom at https://ibn.fm/QBTS.
