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Commerce Department Awards $2B to Nine Quantum Computing Firms

The U.S. government will distribute $2 billion in grants to nine quantum computing companies, the National Institute of Standards and Technology announced Thursday. The Commerce Department will take minority, non-controlling equity stakes in each recipient as part of the arrangement. IBM emerges as the largest beneficiary, receiving $1 billion to develop America's first purpose-built quantum foundry. GlobalFoundries will secure $375 million, while D-Wave Quantum, PsiQuantum and Rigetti Computing each receive $100 million. Infleqtion and Diraq are also among the recipients. Funding derives from the 2022 Chips and Science Act. Stock markets responded immediately. D-Wave shares climbed 33 percent, Rigetti rose 30 percent, and Infleqtion gained 31 percent. Other quantum firms not included in the grants also posted gains. The agreements remain subject to formal completion.