Quantinuum (QNT) has finalized a $100 million agreement with US Department of Commerce's CHIPS Research and Development Office to further US quantum semiconductor manufacturing capabilities, the company said on Tuesday.

The company said it is working with GlobalFoundries (GFS) to fabricate ion traps and control electronics, and with Monarch Quantum to develop and manufacture lasers and optical components, according to a statement.

Shares of the company were up 4.4% in Tuesday premarket activity.