The Wall Street Journal reported that the U.S. Commerce Department is awarding $2 billion in CHIPS Act grants. Nine quantum-computing companies will receive the funding. The federal government will take minority equity stakes in these firms.
IBM received $1 billion of the total package. Competitors D-Wave and Rigetti each secured $100 million. The package excluded IonQ.
IonQ shares surged over 12% amid a broader sector rally. The stock traded around $58.80. Analysts attribute the move to a massive de-risking of the quantum computing industry. Washington's direct financing validates the strategic importance of the entire sector.