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Insider Brief
- D-Wave has finalized a definitive agreement with the U.S. Department of Commerce giving the company access to up to $100 million in CHIPS and Science Act funding.
- The funding will support development and scaling of D-Wave ’s annealing and gate-model quantum systems, including planned 100,000-qubit and 10,000-qubit systems.
- The Department of Commerce will receive a minority, non-controlling equity stake in D-Wave as a condition of the funding.
PRESS RELEASE — D-Wave Quantum Inc. (NASDAQ: QBTS) (“ D-Wave ” or the “Company”), the only dual-platform quantum computing company providing both annealing and gate-model systems, software and services, today announced the execution of a definitive agreement with the U.S. Department of Commerce based on the previously announced Letter of Intent. D-Wave now has access to up to $100 million of U.S. CHIPS and Science Act funding.
“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.”
This funding is expected to accelerate R&D for the development and scaling of D-Wave ’s annealing and gate-model quantum systems. The award will support development of D-Wave’s next-generation quantum computers, including a 100,000-qubit annealing system targeting greater performance across optimization, materials simulation, blockchain and artificial intelligence. It will also further the development of a 10,000-qubit gate-model system designed to enable 100 logical qubits capable of successfully performing more than one million operations, enabling applications such as quantum chemistry and quantum AI.
These efforts advance broader CHIPS and Science Act objectives by strengthening domestic quantum computing capacity and the supply chain needed to bring state-of-the-art systems to market.
The U.S. Department of Commerce will receive a minority, non-controlling equity stake in D-Wave as a condition for receiving the funds, enhancing the return for the U.S. taxpayer.