On May 21, D-Wave Quantum rose 11.97% in regular trading, trading at $22.23/share, with trading volume of $244 million. The sharp rally was driven by the announcement that the company has signed a preliminary memorandum of terms with the U.S. Department of Commerce to receive up to $100 million in funding under the CHIPS and Science Act, aimed at accelerating quantum computing R&D and commercialization in the United States.

The policy catalyst arrived as the stock was recovering from a multi-day selloff triggered by disappointing Q1 results. The quarterly report revealed revenue of approximately $2.86 million, down roughly 81% year-over-year, while operating expenses doubled to $56.5 million and net losses widened to $18.36 million. However, the company simultaneously secured a record $33.4 million in bookings, surging nearly 2,000% year-over-year, fueling optimism around its long-term commercialization trajectory. The combination of government funding confirmation, record order momentum, and technical recovery from oversold conditions collectively propelled the rebound.

D-Wave Quantum is a pioneer in quantum computing, providing full-stack quantum computing systems, software, and services, with solutions deployed across logistics, financial services, drug discovery, and materials sciences.

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