D-Wave Quantum Inc. (NASDAQ: QBTS) announced on Wednesday that it has executed a definitive agreement with the U.S. Department of Commerce, securing access to up to $100 million in funding under the U.S. CHIPS and Science Act. The agreement, which follows a previously announced Letter of Intent, positions D-Wave as a key beneficiary of federal efforts to advance quantum computing leadership in the United States.
The funding will support D-Wave’s efforts to expand domestic quantum capabilities, strengthen the underlying supply chain, and bring increasingly powerful quantum systems to market. According to the company, the award will help fulfill the administration’s mission to scale, commercialize, and manufacture quantum technologies within the U.S.
“We’re grateful to the U.S. government for this award to D-Wave and for the leadership it is demonstrating in advancing quantum innovation,” said Dr. Alan Baratz, CEO of D-Wave. “The Administration has made clear that U.S. quantum leadership will require not only breakthrough research, but also the ability to scale, commercialize and manufacture these technologies. This award will help fulfill that mission by expanding domestic quantum capabilities, strengthening the underlying supply chain and bringing increasingly powerful quantum systems to market.”
D-Wave is the only dual-platform quantum computing company, offering both annealing and gate-model systems, software, and services. Its mission is to help customers realize the value of quantum computing today through enterprise-grade systems available on-premises and via its Leap quantum cloud service, which boasts 99.9% availability and uptime. More than 100 organizations across commercial, government, and research sectors trust D-Wave to address complex computational challenges.
This award is significant for several reasons. First, it underscores the U.S. government’s commitment to maintaining a competitive edge in quantum computing, a field with far-reaching implications for national security, drug discovery, materials science, and financial modeling. By investing in D-Wave, the government is betting on a company that has already demonstrated commercial viability and is uniquely positioned to deliver both annealing and gate-model solutions. Second, the funding will help D-Wave scale its operations and supply chain, potentially accelerating the development of more powerful quantum systems and making them more accessible to a broader range of industries.
For business leaders, this development signals growing government support for quantum technologies and could spur further investment and innovation in the sector. It also highlights the importance of public-private partnerships in advancing emerging technologies. For the tech industry, D-Wave’s success in securing this funding may encourage other quantum companies to pursue similar federal support, potentially leading to a more robust domestic quantum ecosystem.
Investors should note that the award is subject to certain conditions, including project milestones and the availability of appropriated funds. As disclosed in the company’s forward-looking statements, risks include the possibility that the Department terminates the award agreement or that D-Wave fails to satisfy disbursement conditions. Additionally, the company may issue shares of common stock to the Department, which could dilute existing stockholders.
To view the full press release, visit https://ibn.fm/XPNic. For more information about D-Wave, visit https://dwavequantum.com. The latest news and updates relating to QBTS are available in the company’s newsroom at https://ibn.fm/QBTS.
