D-Wave Quantum Inc. (NYSE: QBTS) announced on May 26, 2026, that it has signed a Letter of Intent (LOI) for $100 million of proposed funding under the U.S. CHIPS and Science Act, administered by the U.S. Department of Commerce. The LOI indicates that upon finalizing award documents, D-Wave would issue $100 million in shares of its common stock to the Department. This proposed investment underscores the U.S. government's confidence in D-Wave's dual-platform quantum computing approach, which includes both annealing and gate-model systems.
Dr. Alan Baratz, CEO of D-Wave, stated the funding would accelerate the company's ability to scale quantum innovation domestically, expedite key fabrication processes, and deliver real-world quantum applications. The investment is seen as a transformative moment for quantum computing and the United States' global leadership in the field. D-Wave is the world's first commercial supplier of quantum computers and the only provider of both annealing and gate-model quantum computing technologies.
The CHIPS and Science Act, aimed at boosting domestic semiconductor and advanced technology manufacturing, has identified quantum computing as a critical area for investment. This LOI represents a significant endorsement by the U.S. government of D-Wave's technologies and their potential economic impact. The proposed funding would support D-Wave's research and development initiatives, including scaling its quantum systems and enhancing its Leap quantum cloud service, which offers 99.9% availability.
D-Wave serves over 100 organizations across commercial, government, and research sectors, helping them address complex computational challenges. The company's mission is to realize the value of quantum computing today through enterprise-grade systems available on-premises and via the cloud. More information about D-Wave can be found at https://www.dwavequantum.com.
The forward-looking statements in this release are subject to risks and uncertainties, including the execution of definitive award documents, potential suspension of negotiations, and dilution from stock issuance. Details on these risks are available in D-Wave's filings with the SEC. The full press release is available at https://ibn.fm/Pj3aV.
