D-Wave Quantum Inc. (NYSE: QBTS) announced today that it has signed 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 of Commerce. The LOI represents 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 would support D-Wave’s efforts to scale quantum innovation within the United States, expedite fabrication processes, and deliver real-world quantum applications. D-Wave, the only dual-platform quantum computing company providing both annealing and gate-model systems, software, and services, aims to leverage this investment to strengthen its domestic capabilities and maintain its leadership in the quantum computing industry.
This announcement comes as the U.S. government continues to prioritize investments in critical technologies through the CHIPS and Science Act, which aims to bolster domestic semiconductor and advanced computing capabilities. The LOI highlights the strategic importance of quantum computing for national economic competitiveness and security.
For more information, the full press release is available at https://ibn.fm/Pj3aV. D-Wave Quantum Inc. is a leader in the development and delivery of quantum computing systems, software, and services, and is the world’s first commercial supplier of quantum computers. The company offers enterprise-grade systems available on-premises and via its Leap quantum cloud service, which boasts 99.9% availability and uptime. Over 100 organizations across commercial, government, and research sectors trust D-Wave to address complex computational challenges using quantum computing. Learn more at https://www.dwavequantum.com.
The forward-looking statements in this announcement are subject to risks and uncertainties, including the risk that definitive award documents are not executed within the timeframe or on the terms contemplated, the risk that the Department suspends or terminates award negotiations, the risk that the company is unable to satisfy conditions to disbursement of any portion of the award, the availability of appropriated funds, and the risk of dilution to existing stockholders from the issuance of shares to the Department. These and other risks are detailed in D-Wave's filings with the Securities and Exchange Commission.
