D-Wave Quantum Inc. (NYSE: QBTS) announced 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. In connection with executing final award documents, D-Wave would issue $100 million in shares of its common stock to the Department of Commerce. This LOI represents a significant endorsement by the U.S. government of D-Wave’s annealing and gate-model quantum computing technologies and their potential impact on the U.S. economy.
Dr. Alan Baratz, CEO of D-Wave, stated: “We believe that the U.S. government’s strategic investment in D-Wave would advance the country’s global leadership position in quantum computing. The award would accelerate D-Wave’s ability to scale quantum innovation domestically, expedite key fabrication processes, and deliver real-world quantum applications to our global customers today. We see this as a transformative moment for not just D-Wave, but also for quantum computing and the United States.”
The full press release is available at https://ibn.fm/Pj3aV. D-Wave is a leader in the development and delivery of quantum computing systems, software, and services, and is the world’s first commercial supplier of quantum computers. It is the first and only company to offer dual-platform quantum computing products and services, spanning both annealing and gate-model quantum computing technologies. D-Wave’s mission is to help customers realize the value of quantum today through enterprise-grade systems available on-premises and via its Leap quantum cloud service, which offers 99.9% availability and uptime. More than 100 organizations across commercial, government and research sectors trust D-Wave to address complex computational challenges using quantum computing.
The LOI highlights the U.S. government’s commitment to advancing quantum technology as a strategic priority. The proposed funding would enable D-Wave to scale its domestic quantum innovation, accelerate fabrication processes, and continue delivering real-world quantum applications to global customers. This investment is seen as a transformative moment for quantum computing in the United States, potentially strengthening the nation’s competitive edge in this critical technology sector.
Forward-looking statements in this press release include, but are not limited to, statements regarding the proposed award, the company’s proposed issuance of shares to the U.S. Department of Commerce, and the company’s expected research and development initiatives and plans. These statements are based on various assumptions and current expectations of D-Wave’s management, and are subject to risks and uncertainties, including the risk that definitive award documents are not executed within the timeframe or on the terms contemplated, that the Department suspends or terminates award negotiations, that the company is unable to satisfy conditions to disbursement, the availability of appropriated funds, and the risk of dilution to existing stockholders. Additional information regarding these and other risks and uncertainties is described under the caption “Item 1A. Risk Factors” in D-Wave’s most recent Annual Report on Form 10-K and subsequent filings with the SEC.
