D-Wave Quantum Inc. signed a definitive agreement with the U.S. Department of Commerce for up to $100 million in CHIPS and Science Act funding. The award supports research and development for superconducting annealing and gate-model quantum technologies.
D-Wave will issue approximately 7.1 million common shares to the Department of Commerce as part of the agreement. The funding aims to strengthen the domestic supply chain and expand U.S. quantum capabilities.
The company expects to accelerate the development of a 100,000-qubit annealing system. It also plans to advance a 10,000-qubit gate-model system using the capital.
The announcement coincided with a similar CHIPS Act funding award for competitor Rigetti Computing.