🟢 QBTS is trading 5.8% up after hours after signing LOI for $100 million in CHIPS Act funding

D-Wave Quantum (QBTS) shares are trading 5.8% higher at $27.21 in after-hours trading, extending a 33.3% regular-session surge, after signing a Letter of Intent (LOI) with the U.S. Department of Commerce for $100 million in proposed CHIPS Act funding.

• Under the proposed agreement, D-Wave will issue $100 million in common stock to the Commerce Department upon execution of final award documents.
• The funding will accelerate the development of the company's annealing and gate-model quantum systems, including a 100,000-qubit annealing system.
• The deal is part of a broader $2 billion federal initiative to support nine quantum computing firms in exchange for minority equity stakes.