IBM lands $1bn as US backs nine quantum companies for $2bn

Nine CHIPS Act letters of intent, $1bn for IBM, and a government cap table that now includes most of the publicly traded quantum names.

The US Department of Commerce has signed nine letters of intent to provide $2.013bn in CHIPS Act funding to quantum computing companies, in exchange for federal equity stakes in each recipient.

The announcement, released by NIST on Wednesday, formalises a plan first reported by the Wall Street Journal and represents the largest single quantum-industry intervention by the US government to date.

IBM is the headline recipient with roughly $1bn, paired with a company commitment to invest a further $1bn of its own into a domestic quantum chip-manufacturing facility. GlobalFoundries, IBM’s foundry partner, is in for about $375m. Three publicly traded pure-play quantum companies, D-Wave Quantum, Rigetti Computing and Infleqtion, are each expected to receive roughly $100m. Silicon-spin startup Diraq is slated for up to $38m.

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