The U.S. government is taking minority equity stakes in D-Wave Quantum, Rigetti Computing, and Quantinuum with a combined $300 million CHIPS Act deal that funds the three companies to scale quantum-computing research.
The companies will each receive $100 million from the U.S. Department of Commerce, structured as a research-and-development grant under the CHIPS Act, the companies said Tuesday. As part of the grants, the Commerce Department will take a minority stake in each of the three companies as it looks to support the development of domestic semiconductor and advanced-hardware supply chains.
Quantinuum shares rose 5.5% to $52.44, while D-Wave shares climbed 9.1% to $18.08. Rigetti's stock advanced 6.4% to $16.17.
Under the terms of Rigetti's agreement with the Commerce Department, the company will deploy the new funds to address technical bottlenecks in scaling superconducting quantum processors, expanding cryogenic capacity, and speeding up manufacturing at specialized manufacturing facilities.
British Columbia-based D-Wave said it will use the new money to advance microelectronics research and development around prototyping of advanced semiconductor technology for quantum technology and scalable high-performance quantum hardware.
For Quantinuum, the award focuses heavily on building out scalable, reliable integrated photonics engines through domestic partnerships. The company said it will partner with GlobalFoundries to fabricate next-generation ion traps and other electronics, and with Monarch Quantum to manufacture integrated lasers and optical components required for its systems.
GlobalFoundries also finalized its deal with the U.S. government with its own $375 million agreement to expand domestic quantum manufacturing capabilities.
Under the five-year deal, the semiconductor manufacturer will receive milestone-based research and development funding from the U.S. Department of Commerce to support quantum hardware developers transition from lab prototypes to commercial-scale manufacturing.
GlobalFoundries said that the funding is aimed at securing critical technologies necessary to build scalable quantum processing units in the U.S.
GlobalFoundries' stock ticked up nearly 2% to $46.09.
In July, the Commerce Department said it would take a 1% stake in GlobalFoundries and grant the company $300 million to develop silicon photonics for data centers.