D-Wave Quantum Inc. (NYSE: QBTS) announced Tuesday 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.
The LOI represents a significant endorsement by the U.S. government of D-Wave’s dual-platform quantum computing technologies, which include both annealing and gate-model systems. D-Wave is the only company offering both types of quantum computers, and this funding would support the scaling of quantum innovation domestically, expedite key fabrication processes, and help deliver real-world quantum applications to 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.”
The proposed funding comes from the CHIPS and Science Act, which aims to boost domestic semiconductor and advanced technology manufacturing. For D-Wave, the investment would be used to accelerate the development of its quantum computers, which are already used by over 100 organizations across commercial, government, and research sectors. The company’s Leap quantum cloud service offers 99.9% availability and uptime, and its systems are available both on-premises and via the cloud.
The LOI is a non-binding agreement, and the final award is subject to the execution of definitive documents and satisfaction of conditions. D-Wave noted that there are risks, including the possibility that the Department of Commerce suspends or terminates negotiations, or that the company is unable to meet project milestones. The issuance of shares to the Department would also result in dilution for existing stockholders.
Despite these risks, the LOI signals strong government interest in quantum computing as a strategic technology. As the world’s first commercial supplier of quantum computers, D-Wave has been at the forefront of the industry, and this funding could help solidify U.S. leadership in the field. The company’s dual-platform approach, offering both annealing and gate-model systems, positions it to address a wide range of computational challenges.
For more information, the full press release is available at https://ibn.fm/Pj3aV. Additional details about D-Wave can be found at https://www.dwavequantum.com.
