IBM, Feds Pledge $2 Billion for Quantum Wafer Facility at Albany NanoTech

A $2 billion quantum wafer facility is set to be built at Albany NanoTech in New York, thanks to an agreement between IBM and the U.S. Department of Commerce.

The investment includes up to $1 billion in federal CHIPS research and development funding and another $1 billion from IBM itself, with the company also contributing intellectual property, equipment, and workers to the project.

The new facility will use 300-millimeter wafers to support the development of next-generation quantum technologies, according to U.S. Sen. Chuck Schumer's office.