D-Wave Quantum Secures $100M CHIPS Funding

D-Wave Quantum Secures $100M CHIPS Funding

D-Wave Quantum (NASDAQ: QBTS) saw its share price rise 4.5% on Tuesday after announcing a definitive agreement with the U.S. Department of Commerce that provides up to $100 million in funding under the CHIPS and Science Act. The agreement follows a previously announced Letter of Intent between the two parties.

The allocated funds are earmarked for research and development of D‑Wave’s superconducting annealing and gate‑model quantum computing technologies. Specifically, the company plans to accelerate the development of a next‑generation 100,000‑qubit annealing system targeting optimization, materials simulation, blockchain and artificial‑intelligence applications, as well as a 10,000‑qubit gate‑model system designed to achieve 100 logical qubits capable of executing more than one million operations for quantum chemistry and quantum AI workloads.

A condition of the award is that the U.S. Department of Commerce will receive a minority, non‑controlling equity stake in D‑Wave, giving the government a direct ownership interest while preserving the company’s operational independence.

"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 company describes itself as the only dual‑platform quantum computing firm offering both annealing and gate‑model systems, software and services.

According to D‑Wave, the funding aims to strengthen domestic quantum‑computing capacity and the associated supply chain needed to bring quantum systems to market.