“These strategic quantum technology investments will build on our domestic industry, creating thousands of high-paying American jobs while advancing American quantum capabilities,” he added.
The move is the latest in a series of attempts by the Trump administration to intervene in the market, offering grants to companies in strategic sectors, such as semiconductors and critical minerals, in exchange for equity stakes.
Last year, the commerce department took a 10 percent stake in Intel, by converting $2.2 billion in grants under the Joe Biden-era Chips Act as well as $8.9 billion in federal grants that had been awarded but not yet paid.
Since then, several companies have received smaller sums, including Vulcan Elements, a little-known rare earths startup with about 30 employees, in which Trump Jr’s venture capital firm has invested.
Notably absent from the list of companies that signed letters of intent with the commerce department on Thursday was IonQ, a leading quantum company that has attracted significant investment from Cerberus, a firm co-founded by Donald Trump’s deputy secretary of war, Stephen Feinberg.
