D-Wave Signs Letter of Intent for Proposed $100 Million CHIPS Act Funding to Accelerate U.S. Leadership in Quantum Computing

Insider Brief

D-Wave Quantum Inc. signed a Letter of Intent with the U.S. Department of Commerce for proposed $100 million CHIPS Act funding to support quantum computing development.

The proposed funding would support scaling D-Wave’s annealing and gate-model quantum systems and expand research facilities in Florida, Connecticut, and Canada.

D-Wave said the initiative could accelerate development of future large-scale superconducting quantum computing systems for optimization, AI, and materials applications.

PRESS RELEASE — D-Wave Quantum Inc. (NYSE: QBTS), (“D-Wave” or the “Company”), the only dual-platform quantum computing company providing both annealing and gate-model systems, software and services, today announced that it has signed a Letter of Intent (LOI) for $100 million of proposed funding under the U.S. CHIPS and Science Act, which is 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 U.S. Department of Commerce. The LOI marks 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.