Mentioned:
The American government is making a new ambitious move: putting up billions in funding for quantum computing companies.
What’s happening:
- The United States Department of Commerce is committing roughly $2B USD to multiple publicly traded quantum computing companies
Why it matters:
- This is the single largest funding commitment the United States federal government has ever made to quantum computing companies
Going deeper:
- IBM (NYSE: IBM) will receive roughly $1B USD in new grant funding to build and operate a new quantum chip facility to mass produce quantum wafers and scale domestic quantum hardware manufacturing
- D-Wave Quantum (NYSE: QBTS) and Rigetti Computing (NASDAQ: RGTI) will both receive $100M USD in grant funding to accelerate the development of their quantum computing systems and scale up their quantum computing hardware
- GlobalFoundries (NASDAQ: GFS) will also receive $375M USD in grant funding to launch a new business known as Quantum Technology Solutions to manufacture quantum computing hardware in the United States
The intrigue:
- The United States Department of Commerce has publicly stated they expect to receive equity stakes in IBM, D-Wave Quantum, Rigetti Computing and GlobalFoundries as part of the grant funding to each company
