Commerce Department announces $2B for 9 companies under CHIPS Act

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Dive Brief

The Department of Commerce Thursday announced the signing of nine letters of intent to provide $2.01 billion in federal incentives to several quantum companies under the CHIPS and Science Act.

GlobalFoundaries will receive $375 million to establish a “secure, domestic quantum foundry for leading architectures and multiple modalities,” while IBM will receive $1 billion to establish a new quantum foundry subsidiary for quantum-grade superconducting wafers.

Atom Computing, Diraq, D-Wave, Infleqtion, PSIQuantum, Quantinuum and Rigetti round out the list of funding recipients. In return, the DOC said it will receive a minority, non-controlling equity stake in each of these seven companies.