U.S. signs preliminary deals to fund nine quantum computing companies and take minority equity stakes
The Facts
- The U.S. government said it has signed preliminary agreements or letters of intent to provide about $2 billion to nine companies linked to quantum computing and to take minority equity stakes in those companies.
- The Commerce Department said the funding would come from the 2022 CHIPS and Science Act.
- IBM is set to receive $1 billion under the plan, the largest single award in the package.
- GlobalFoundries is slated to receive $375 million to support domestic quantum-related manufacturing.
- Other companies identified as recipients include D-Wave Quantum, Rigetti Computing and Infleqtion, each expected to receive about $100 million, while startup Diraq may receive $38 million.
- The administration and supporting coverage said the initiative is intended to expand U.S. quantum computing and manufacturing capacity and to support domestic supply chains in a sector viewed as strategically important.
- The agreements are not yet final; multiple reports describe them as preliminary deals or letters of intent rather than completed awards.
How left and right are reading this
- Both agree
- A sizable CHIPS Act-backed push is being used to expand domestic quantum computing, manufacturing capacity, and supply chains in a strategically important sector, with the government taking minority stakes and the awards still only at the preliminary agreement stage.
- They split on
- Less a disagreement than a question of emphasis: how public investment and minority equity stakes are shaping an emerging industry, versus the strategic value of strengthening domestic capacity while keeping the plan tentative through preliminary deals.
Analytical frames for this storyTap to explore
Context
What exactly has the government agreed to do?
The Commerce Department said it signed letters of intent or preliminary agreements with nine quantum-related companies to provide roughly $2 billion in funding and receive minority equity stakes in return NYT,NASDAQ Stock Market,Reuters.
Which companies are getting the biggest awards?
IBM is set to receive $1 billion, while GlobalFoundries is slated for $375 million. Reports also say D-Wave Quantum, Rigetti Computing and Infleqtion are each expected to receive about $100 million, and Diraq may receive $38 million NASDAQ Stock Market,Reuters,Axios.
Why does this matter beyond the companies involved?
The administration says the funding is meant to build U.S. quantum manufacturing and supply-chain capacity in an emerging technology with potential uses in areas such as medicine, finance, cryptography and scientific research, and one that officials and coverage describe as relevant to national competitiveness and security NYT,Reuters,Yahoo! Finance.
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