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U.S. to Award Quantum Computing Firms $2 Billion and Take Equity Stakes: Report
The Commerce Department would fund the deals with 2022 Chips and Science Act money, and shares rose 7% to 19% in premarket trading.
- The Trump administration announced plans to award $2 billion in grants to nine quantum computing companies, with the government taking equity stakes in the firms.
- Funding originates from the 2022 Chips and Science Act, as the White House targets quantum computing and artificial intelligence to strengthen economic and security interests.
- Allocations include $1 billion to IBM and $375 million to GlobalFoundries. The remaining firms, including D-Wave Quantum, Rigetti Computing, and Infleqtion are expected to receive $100 million each, while startup Diraq may receive $38 million.
- Shares of these companies surged between 7% and 19% in premarket trading, as Commerce Department officials cited increased confidence in quantum technology reaching commercial viability.
- A new executive order centered on quantum computing is reportedly being drafted by the White House, following Washington's practice of securing minority stakes in firms like Vulcan Elements and Materials.
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Quantum computers are considered to be the key technology of the future. The Trump administration has two billion dollars in IBM, GlobalFoundries, and several start-ups — and can be given corporate shares.
·Frankfurt, Germany
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US awards IBM and other firms $2 billion to give America the edge in quantum computing
The US Department of Commerce is awarding $2 billion in grants to American quantum-computing companies, half of which will go to IBM, in a bid to bolster the buildout of super computers that could solve some of the world’s most pressing problems.
·Atlanta, United States
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Coverage Details
Total News Sources30
Leaning Left4Leaning Right7Center12Last UpdatedBias Distribution52% Center
Bias Distribution
- 52% of the sources are Center
52% Center
L 17%
C 52%
R 31%
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