D-Wave Quantum Inc. (QBTS), a quantum tech firm that builds quantum systems, software, and tools for real-world use, said it has signed a letter of intent for $100 million in planned funding under the U.S. CHIPS and Science Act, which has chosen eight other firms to fund at about $2 billion to speed up work in the quantum space. Meet Samuel – Your Personal Investing ProphetStart a conversation with TipRanks’ trusted, data-backed investment intelligence
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The deal is not final yet. D-Wave said the award still needs the final award papers to be signed. If that happens, the firm will issue $100 million in common stock to the U.S. Department of Commerce.
Still, the news gives D-Wave a clear vote of trust from the U.S. state. The firm said the funds would help scale its quantum systems and accelerate work at its new research site in Boca Raton, Florida, as well as at its sites in New Haven, Connecticut, and Burnaby, Canada.
“We believe that the U.S. government’s strategic investment in D-Wave would advance the country’s global leadership position in quantum computing,” said CEO Dr. Alan Baratz.
