D-Wave Quantum Inc. (NASDAQ:QBTS) shares are up on Thursday as the company has signed a Letter of Intent for $100 million in funding under the U.S. CHIPS and Science Act.This funding is expected to accelerate the development of D-Wave’s superconducting annealing and gate-model technologies, which could significantly enhance the company’s position in the quantum computing market.These strategic investments are seen as a move to bolster U.S. capabilities in quantum technology, potentially creating thousands of high-paying jobs.The U.S. Department of Commerce’s proposed funding will allow D-Wave to issue shares to the government, marking a significant endorsement of its quantum technologies. This initiative aims to strengthen domestic technology supply chains and advance national security in quantum computing.Q1 HighlightsEarlier this month, D-Wave reported a first-quarter loss of 5 cents per share, beating the consensus estimate of a 9-cent loss. In addition, it reported revenue of $2.85 million, missing the consensus estimate of $4.13 million and representing a 81% decrease from the prior-year first-quarter.The company said consolidated cash and marketable investment securities totaled $588.4 million as of March 31, representing a 93% increase from $304.3 million in the first quarter of 2025.D-Wave also reported first-quarter bookings of $33.4 million, up 1,994% year-over-year from $1.6 million in the first quarter of 2025 and up 149% from $13.4 million in the fourth quarter of 2025.Technical AnalysisD-Wave Quantum has shown a solid performance over the past year, with a 12-month gain of 25.65%. Currently, the stock is trading 9.6% above its 20-day simple moving average (SMA) of $20.57, indicating a bullish short-term trend. The 50-day SMA, however, is at $18.22, which the stock is 23.7% above, suggesting strong momentum.The Relative Strength Index (RSI) is at 47.25, indicating a neutral momentum status, suggesting that the stock is neither overbought nor oversold at this time. This neutral reading implies that there may be room for further upward movement if buying pressure increases.