D-Wave Quantum Inc. (NYSE: QBTS), the only dual-platform quantum computing company providing both annealing and gate-model systems, announced that it has signed a Letter of Intent (LOI) for $100 million of 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 annealing and gate-model quantum computing technologies and their potential impact on the U.S. economy.
“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.”
D-Wave is a leader in developing and delivering quantum computing systems, software, and services. It is the world’s first commercial supplier of quantum computers and the first and only to offer dual-platform quantum computing products and services spanning both annealing and gate-model technologies. The company’s mission is to help customers realize the value of quantum today through enterprise-grade systems available on-premises and via its Leap quantum cloud service, which offers 99.9% availability and uptime. More than 100 organizations across commercial, government, and research sectors trust D-Wave to address complex computational challenges using quantum computing.
The proposed funding would accelerate D-Wave’s ability to scale quantum innovation domestically, expedite key fabrication processes, and deliver real-world quantum applications to global customers. This investment underscores the U.S. government’s commitment to advancing quantum computing technology, which is expected to have broad implications for industries such as logistics, materials science, and artificial intelligence. By supporting D-Wave’s dual-platform approach, the government aims to strengthen the nation’s technological competitiveness and economic security.
The full press release is available at https://ibn.fm/Pj3aV. Additional information about D-Wave can be found at https://www.dwavequantum.com.
