D-Wave Quantum Secures Up to $100M in CHIPS Act Funding from U.S. Commerce Dept.

D-Wave Quantum Inc. (QBTS) has entered into a definitive agreement with the U.S. Department of Commerce to receive an award of up to $100 million under the CHIPS and Science Act. The funding is intended to accelerate the company's research and development of its annealing and gate-model superconducting quantum computers.

Key Details

• Award: Total funding of up to $100 million for R&D related to prototyping advanced semiconductor technology for quantum computing.
• Funding Structure: The award will be disbursed in tranches based on achieving project milestones. An initial tranche of $53.6 million will be made available shortly after the award date of September 4, 2026.
• Equity Issuance: In connection with the agreement, D-Wave will issue 7,095,721 shares of common stock to the Department of Commerce at a price of $14.093 per share, representing a non-controlling equity stake.
• Performance Period: The agreement has a five-year performance period, commencing on September 4, 2026, subject to extensions or earlier termination.