GlobalFoundries signs letter of intent with US Commerce Department for up to $375M in CHIPS R&D funding

GlobalFoundries just locked in another massive check from Uncle Sam. The chipmaker signed a letter of intent with the US Department of Commerce for funding of up to $375 million under the CHIPS and Science Act, this time aimed squarely at quantum technology and silicon photonics.

The deal will fund the creation of what GF is calling Quantum Technology Solutions, a platform dedicated to scaling domestic manufacturing of quantum processor units and the components that make them tick.

What the deal actually looks like

The funding covers development across multiple qubit technologies, including silicon photonics, superconducting, and trapped ion approaches.

Here’s the interesting wrinkle: the Commerce Department plans to take a strategic minority equity stake of roughly 1% in GlobalFoundries as part of the arrangement.