D-Wave Quantum Finalizes Definitive Agreement with U.S. Department of Commerce for up to $100 Million to Accelerate U.S. Leadership in Quantum Computing

D-Wave Quantum (QBTS) signed a definitive agreement with the U.S. Department of Commerce granting access to up to $100 million in CHIPS and Science Act funding.

CHIPS and Science Act funding to advance R&D for the company’s superconducting annealing and gate-model technology development

PALO ALTO, Calif.--(BUSINESS WIRE)-- D-Wave Quantum Inc. (NASDAQ: QBTS) (“D-Wave” or the “Company”), the only dual-platform quantum computing company providing both annealing and gate-model systems, software and services, today announced the execution of a definitive agreement with the U.S. Department of Commerce based on the previously announced Letter of Intent. D-Wave now has access to up to $100 million of U.S. CHIPS and Science Act funding.

“We’re grateful to the U.S. government for this award to D-Wave and for the leadership it is demonstrating in advancing quantum innovation,” said Dr. Alan Baratz, CEO of D-Wave. “The Administration has made clear that U.S. quantum leadership will require not only breakthrough research, but also the ability to scale, commercialize and manufacture these technologies. This award will help fulfill that mission by expanding domestic quantum capabilities, strengthening the underlying supply chain and bringing increasingly powerful quantum systems to market.”