D-Wave Quantum Secures Up To $100 Million In CHIPS And Science Act Funding

D-Wave Quantum has finalized a definitive agreement with the U.S. Department of Commerce providing access to up to $100 million in CHIPS and Science Act funding to accelerate development of its annealing and gate-model quantum computing technologies.

The agreement follows a previously announced Letter of Intent between D-Wave and the Department of Commerce. In May, the company disclosed the proposed $100 million award and said the funding would support development and scaling of its superconducting quantum computing platforms.

D-Wave plans to use the funding to accelerate research and development for its next generation of quantum systems, including a planned 100,000-qubit annealing quantum computer and a 10,000-qubit gate-model system.

The 100,000-qubit annealing platform is being developed to deliver increased performance for computationally intensive applications spanning optimization, materials simulation, blockchain and artificial intelligence.

D-Wave’s gate-model roadmap targets a system containing 10,000 physical qubits capable of enabling 100 logical qubits.

The company is designing that platform to successfully perform more than one million operations, potentially supporting applications such as quantum chemistry and quantum AI.