D-Wave Quantum Secures $100M Funding from US Department of Commerce

D-Wave Quantum (QBTS) stock surged over 5% on Tuesday after securing $100 million in funding from the U.S. Department of Commerce under the CHIPS and Science Act.

The funds will be used to develop a 100,000-qubit annealing system and a 10,000-qubit gate-model quantum system, with applications in optimization problems, materials simulation, blockchain, and artificial intelligence.

In exchange for the funding, the U.S. government will receive a minority equity stake in D-Wave Quantum.