Funding aims to accelerate quantum technology development amid warnings of encryption-breaking risks by 2030.
The US Commerce Department will invest over $2 billion in quantum computing startups and foundries, targeting advancements in encryption-resistant technology. The move follows growing concerns that quantum systems could compromise current cryptographic standards protecting financial and military networks by 2030.
Of the total, $1 billion will go to IBM for a New York-based quantum wafer foundry, Anderon, designed to scale production of advanced quantum chips. The initiative aligns with broader efforts to maintain US leadership in quantum innovation and economic competitiveness.
Researchers warn that “Q-Day”—when quantum computers can break existing encryption—may arrive within the decade, posing risks to Bitcoin, Ethereum, and global banking infrastructure. The funding is part of the CHIPS Act incentives to bolster domestic tech manufacturing.