D-Wave, Rigetti, and other quantum stocks jump as Trump administration doles out $2 billion in exchange for equity stakes What happened: Quantum-related stocks IBM (IBM), D-Wave Quantum (QBTS), Rigetti Computing (RGTI), and Infleqtion (INFQ) jumped on Thursday.
IBM was up more than 7%, while the others rose more than 20%
What’s behind the move: The companies announced they signed letters of intent with the Department of Commerce to receive money for research and development projects. The funding is part of a government initiative announced on Thursday to distribute more than $2 billion in federal incentives to nine quantum-related firms in exchange for a minority stake in those companies. What else you need to know: IBM said it will receive $1 billion from its government contract to establish a new standalone subsidiary that will build a quantum chip foundry in Albany, New York.
Rigetti will also receive $100 million in CHIPS Act funding over three years, with the Department of Commerce taking an equity stake in the company in exchange for the capital. D-Wave and Infleqtion announced similar deals with the Department of Commerce tied to ownership interests. The Trump administration has leaned into a strategy of funding companies in exchange for equity stakes.