D-Wave Quantum Inc. (NYSE: QBTS), a leader in quantum computing systems and software, 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 funding, contingent on final award documents, would involve D-Wave issuing $100 million in shares of its common stock to the Department. This LOI represents a significant endorsement of D-Wave’s dual-platform quantum computing technologies—both annealing and gate-model—and their potential economic impact.
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 CHIPS and Science Act, enacted in 2022, aims to boost domestic semiconductor and advanced technology manufacturing. For D-Wave, the funding would support scaling quantum innovation and expediting fabrication processes, potentially accelerating the development and deployment of quantum solutions. 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 enterprise-grade access with 99.9% availability.
More than 100 organizations across commercial, government, and research sectors use D-Wave systems to tackle complex computational challenges. The proposed investment underscores the U.S. government's commitment to maintaining leadership in quantum computing, a critical technology for national security and economic competitiveness. As quantum computing matures, D-Wave's dual-platform approach could enable a broader range of applications, from optimization to machine learning.
Forward-looking statements in the press release highlight risks, including that definitive award documents may not be executed, the Department may suspend negotiations, or conditions for disbursement may not be met. The company also noted potential dilution from issuing shares. Despite uncertainties, the LOI marks a pivotal step toward federal backing of D-Wave’s technology.
For more information, visit the D-Wave website and the full press release. Updates on QBTS are available in the company’s newsroom.
