D-Wave Quantum Inc. (NYSE: QBTS), the only dual-platform quantum computing company providing both annealing and gate-model systems, software and services, has announced the signing of a Letter of Intent (LOI) for $100 million of proposed funding under the U.S. CHIPS and Science Act, administered by the U.S. Department of Commerce. In connection with executing final award documents, D-Wave would issue $100 million in shares of its common stock to the Department. The LOI marks a significant endorsement by the U.S. government of D-Wave’s annealing and gate-model quantum computing technologies and their potential impact on the U.S. economy.
“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 Dr. Alan Baratz, CEO of D-Wave. “The award would accelerate D-Wave’s ability to scale quantum innovation domestically, expedite key fabrication processes, and deliver real-world quantum applications to our global customers today. We see this as a transformative moment for not just D-Wave, but also for quantum computing and the United States.”
The proposed funding, if finalized, would provide D-Wave with substantial capital to bolster its research and development initiatives, particularly in scaling quantum systems and improving fabrication processes. This investment aligns with the broader goals of the CHIPS and Science Act, which aims to strengthen U.S. semiconductor and advanced technology manufacturing. D-Wave’s dual-platform approach, spanning both annealing and gate-model quantum computing, positions it uniquely to address a wide range of computational challenges across commercial, government, and research sectors.
D-Wave is a leader in the development and delivery of quantum computing systems, software, and services. It is the world’s first commercial supplier of quantum computers and the only company offering dual-platform quantum computing products and services. The company’s mission is to help customers realize the value of quantum today through enterprise-grade systems available on-premises and via its Leap quantum cloud service, which offers 99.9% availability and uptime. More than 100 organizations across commercial, government, and research sectors trust D-Wave to address complex computational challenges using quantum computing.
For more information about D-Wave and its quantum computing solutions, visit https://www.dwavequantum.com.
