US issues $2B+ in grants to IBM, others for quantum computing initiatives
The US Commerce Department will issue $2.013 billion in grants to IBM Corp., GlobalFoundries Inc. and seven other tech firms to finance quantum computing initiatives.
The Wall Street Journal reported today that the US government will receive shares in exchange for the funding. According to the paper, the stock that GlobalFoundries is set to issue will amount to an approximately 1% stake. The size of the stakes that the government will take in the eight other participating companies was not disclosed.
Shares of IBM and GlobalFoundries jumped more than 12% on the news.
Nearly half the funds, or $1 billion, will go to IBM, which plans to match the investment. The company will use the capital to build a new quantum chip manufacturing business called Anderon. The venture will build a foundry capable of making 300-millimeter quantum wafers (pictured).
