Overview
- Nine quantum companies signed letters of intent with the Commerce Department that on Thursday pledged roughly $2 billion in CHIPS Act funding tied to minority, noncontrolling government equity stakes.
- IBM received a $1 billion letter of intent and confirmed it will match that amount with $1 billion to form Anderon, a dedicated quantum chip foundry to be based in Albany, New York.
- Several smaller firms — including D‑Wave, Rigetti and Infleqtion — are slated for roughly $100 million each and Diraq for about $38 million, with D‑Wave confirming its award will be structured as an equity investment.
- The agreements are letters of intent and not final, so precise government stake sizes, disbursement timing and legal terms remain under negotiation before funds change hands.
- Markets reacted sharply, with public quantum names rallying after the announcement, and officials say the move is intended to foster domestic scale-up even though major technical hurdles and long commercialization timelines persist.