U.S. Will Invest $2 Billion In Quantum Computing Firms And Take Equity, Report Says

The U.S. will invest $2 billion in grant funding in return for equity stakes in nine quantum computing companies, the Wall Street Journal first reported citing the Commerce Department, including a $1 billion grant for IBM as the Trump administration’s push to take equity stakes in tech and industrial manufacturers continues.

The grants include a massive $1 billion grant for IBM.

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Legacy tech firm IBM is expected to receive the largest grant, worth about $1 billion, which it will use alongside $1 billion of its own funds to build a quantum chip foundry to build the specialized semiconductors necessary to power quantum computers in the U.S., the company announced in a separate press release on Thursday.

Another chipmaker GlobalFoundries, is expected to get $375 million, the company said in its own press release, and said it would be used to scale its own quantum computing hardware manufacturing.