D-Wave Quantum Inc. Receives $100 Million LOI for CHIPS and Science Act Funding

D-Wave Quantum Inc. has signed a Letter of Intent (LOI) to receive $100 million in funding under the U.S. CHIPS and Science Act. This funding, administered by the U.S. Department of Commerce, is intended to accelerate the development and scaling of D-Wave's annealing and gate-model quantum systems. In exchange for the funding, D-Wave will issue $100 million worth of its common stock to the Department of Commerce. The LOI signifies government support for D-Wave's quantum technologies and their potential economic impact. The funding will support R&D facilities in Florida, Connecticut, and Canada, and is expected to expedite the delivery of advanced quantum computers. The agreement is contingent upon the execution of definitive award documents. This initiative aims to bolster U.S. leadership in quantum computing and strengthen domestic technology supply chains.