D-Wave Quantum Announces $100 Million Proposed Funding Under U.S. CHIPS Act

D-Wave Quantum Inc. (QBTS) announced it has signed a Letter of Intent (LOI) for $100 million in proposed funding from the U.S. Department of Commerce under the CHIPS and Science Act. The funding is intended to accelerate the development and scaling of the company's annealing and gate-model quantum computing systems.

Key Details

• Funding Agreement: The non-binding LOI is for $100 million, administered by the U.S. Department of Commerce.
• Company Obligation: Upon final agreement, D-Wave would issue $100 million in shares of its common stock to the Department of Commerce.
• Use of Proceeds: The funds would support R&D at its facilities in Florida, Connecticut, and British Columbia to advance its quantum technologies.
• Contingency: The funding and share issuance are subject to the negotiation and execution of definitive award documents.