D-Wave Quantum Inc. (NYSE: QBTS), the only dual-platform quantum computing company providing both annealing and gate-model systems, has announced the signing of a Letter of Intent (LOI) for $100 million in 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 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. Dr. Alan Baratz, CEO of D-Wave, stated, "We believe that the U.S. government’s strategic investment in D-Wave would advance the country’s global leadership position in quantum computing. 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."
D-Wave 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 is the first and only to offer dual-platform quantum computing products and services, spanning both annealing and gate-model technologies. Its 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.
The proposed funding would have significant implications for the quantum computing industry and U.S. technological competitiveness. By accelerating D-Wave’s domestic innovation and fabrication processes, the investment could expedite the development of practical quantum applications, benefiting industries such as logistics, drug discovery, and financial modeling. For business and technology leaders, this signals growing government commitment to quantum technologies, potentially opening new opportunities for collaboration and early adoption of quantum solutions.
While the LOI represents a major step forward, the final award is subject to the execution of definitive award documents and satisfaction of conditions, including project milestones and availability of appropriated funds. D-Wave noted that there is no guarantee that the Department will execute final award documents within the contemplated timeframe or at all. The company also highlighted risks related to dilution from the issuance of shares to the Department, as detailed in its SEC filings.
For more information, visit the full press release at https://ibn.fm/Pj3aV and D-Wave’s website at https://www.dwavequantum.com. The latest news and updates relating to QBTS are available at https://ibn.fm/QBTS.
