The U.S. Department of Commerce is investing $2 billion through the CHIPS Act to secure domestic supply chains. The initiative involves taking equity stakes in nine different quantum computing companies.
IBM received a $1 billion proposed award to launch Anderon in New York. This facility will operate as America's first pure-play 300-millimeter quantum chip foundry. IBM will match the federal investment with $1 billion in private cash.
GlobalFoundries is slated to receive $375 million under the program. D-Wave and Rigetti are each scheduled to receive $100 million in funding.
Shares of several quantum technology firms surged between 6% and 31% following the announcement. The landmark federal program also bolstered sector-specific funds such as the QTUM ETF.