IBM and the U.S. Department of Commerce announced a $2 billion joint initiative to build America’s first pure-play quantum chip foundry.
The federal government will provide a $1 billion CHIPS Act incentive for the project. IBM will contribute an additional $1 billion in cash and intellectual property to launch a standalone subsidiary named Anderon.
Based in Albany, New York, the new entity aims to secure IBM’s internal supply chain and create commercial wafer-supply opportunities.
IBM shares surged over 8% in intraday trading following the news, marking the stock's largest single-day gain in months. RBC Capital Markets characterized the deal as a big win for the company's long-term manufacturing strategy.