James Van Straten
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Quantum stocks surge as US government awards $2 billion in grants to nine computing firms
The U.S. Department of Commerce has signed letters of intent to award just over $2 billion in grants to nine quantum computing companies under the CHIPS and Science Act, with the government taking minority equity stakes in each firm, as reported by the WSJ.
IBM (IBM) received the largest share at $1 billion, pledging to match it with a further $1 billion to build America’s first dedicated quantum chip manufacturing facility.
GlobalFoundries (GFS) will receive $375 million, while D-Wave Quantum (QBTS), Rigetti Computing (RGTI), and Infleqtion (INFQ) are each set to recieve $100 million.
Markets reacted positively, with Infleqtion surging by more than 35%, Rigetti and D-Wave both up around 20%, and IBM gaining roughly 4%.
The U.S. government has previously taken stakes in publicly traded companies, including Intel (INTC), and is currently sitting on an estimated $26.5 billion gain on that investment, with Intel shares up more than 200% year to date.
