InvestmentMay 21, 2026, 07:01 AM
D-Wave signs LOI for $100M CHIPS Act funding; US to get equity
AI Summary
D-Wave Quantum Inc. announced it has signed a Letter of Intent for $100 million in proposed funding under the U.S. CHIPS and Science Act, administered by the Department of Commerce. This funding is intended to accelerate the development and scaling of D-Wave’s annealing and gate-model quantum systems at its R&D facilities. In connection with the final award, D-Wave would issue $100 million in common stock shares to the Department of Commerce. The funding and share issuance are contingent upon the execution of definitive award documents.
Key Highlights
- Signed LOI for $100 million in proposed funding under U.S. CHIPS and Science Act.
- Funding to accelerate development and scaling of D-Wave’s annealing and gate-model quantum systems.
- D-Wave would issue $100 million in common stock shares to the U.S. Department of Commerce.
- Funding supports R&D facilities in Boca Raton, FL; New Haven, CT; and Burnaby, BC, Canada.
- Aims to expedite delivery of a 100,000-qubit annealing system and a 10,000-qubit gate-model system.
- The award is subject to the execution of definitive award documents by the parties.
Price Impact
More from QBTS