Quantum computing stocks rallied Thursday following a Wall Street Journal report. The U.S. government plans to award $2 billion in grants to nine firms in the sector.
Funding originates from the 2022 CHIPS and Science Act. These deals involve the government taking minority equity stakes in the recipient companies.
Expected recipients include IBM, GlobalFoundries, D-Wave Quantum, and Rigetti Computing. Quantum Computing Inc. (QUBT) shares rose despite the company not being explicitly named in the report.
The news triggered a broad industry rally. Investors anticipate the financial commitment will accelerate sector development and commercialization.