D-Wave Quantum Inc. (NASDAQ: QBTS), the only dual-platform quantum computing company offering both annealing and gate-model systems, has executed a definitive agreement with the U.S. Department of Commerce for up to $100 million in funding under the U.S. CHIPS and Science Act. The agreement, based on a previously announced Letter of Intent, provides D-Wave with access to the funds to advance U.S. leadership in quantum computing.
“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 Administration has made clear that U.S. quantum leadership will require not only breakthrough research, but also the ability to scale, commercialize and manufacture these technologies. This award will help fulfill that mission by expanding domestic quantum capabilities, strengthening the underlying supply chain and bringing increasingly powerful quantum systems to market.”
The funding is expected to support D-Wave’s research and development initiatives, as well as its efforts to scale production and commercialization of quantum systems. D-Wave is the world’s first commercial supplier of quantum computers and the first and only company to offer dual-platform quantum computing products and services, spanning both annealing and gate-model technologies. Its systems are available on-premises and via its Leap™ quantum cloud service, which boasts 99.9% availability and uptime. More than 100 organizations across commercial, government, and research sectors trust D-Wave to address complex computational challenges.
This agreement underscores the U.S. government’s commitment to maintaining a competitive edge in quantum computing, a field with far-reaching implications for national security, economic competitiveness, and technological innovation. By investing in domestic quantum capabilities, the award aims to strengthen the U.S. supply chain and reduce reliance on foreign technologies. For D-Wave, the funding provides a significant boost to its mission of helping customers realize the value of quantum today through enterprise-grade systems.
“This award will help fulfill that mission by expanding domestic quantum capabilities, strengthening the underlying supply chain and bringing increasingly powerful quantum systems to market,” Baratz added. The company’s dual-platform approach positions it uniquely to serve a wide range of applications, from optimization problems to gate-based quantum algorithms.
Investors and industry observers can view the full press release at https://ibn.fm/XPNic. Additional news and updates about D-Wave are available in the company’s newsroom at https://ibn.fm/QBTS. For more information about D-Wave, visit https://dwavequantum.com.
This funding could have broad implications for the quantum computing industry, potentially accelerating the development of practical quantum applications and fostering a robust domestic ecosystem. As quantum technologies mature, they are poised to transform sectors such as finance, logistics, pharmaceuticals, and materials science. The U.S. government’s investment signals confidence in D-Wave’s technology and its potential to drive innovation and economic growth.
However, the award is subject to certain risks, including the risk that the Department terminates the award agreement, the Company’s inability to satisfy conditions to disbursement such as project milestones, the availability of appropriated funds, and potential dilution to existing stockholders from the issuance of shares of common stock to the Department. These and other risks are detailed in D-Wave’s filings with the SEC.
