D-Wave Quantum Inc.'s stock price soared 20.88% during intraday trading on Thursday, driven by a major funding announcement from the U.S. government.

The quantum computing company has signed a letter of intent with the U.S. Department of Commerce for $100 million in proposed funding under the CHIPS and Science Act. This award is part of a broader $2 billion package the Trump administration is granting to nine quantum-computing firms to accelerate American leadership in the strategic technology sector.

Under the terms of the agreement, the U.S. government will obtain an equity stake in D-Wave. The funding is designated to accelerate the development of D-Wave's quantum systems at its facilities in the United States and Canada, supporting the scaling of its hardware and research initiatives.