D-Wave Quantum, Rigetti Computing, and Quantinuum each finalized definitive agreements with the U.S. Department of Commerce on Tuesday for $100 million apiece in CHIPS and Science Act funding, with the federal government taking a minority, non-controlling equity stake in each company as a condition of the grants.
The three deals total $300 million and are structured as research-and-development grants under the CHIPS Act, the companies said. Shares of all three companies rose in premarket trading Tuesday, with Rigetti stock up 7.4% to $16.33, D-Wave stock up 5.4% to $17.48, and Quantinuum stock up 3.9% to $51.56.
D-Wave said it will use its award to develop a 100,000-qubit annealing system and a 10,000-qubit gate-model system capable of 100 logical qubits that can perform more than one million operations. The Commerce Department will receive a minority, non-controlling equity stake in D-Wave as a condition of the funding, the company said.
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