IBM Partners With U.S. on $2B Quantum Foundry, Shares Jump 6%

IBM and the U.S. Department of Commerce signed a letter of intent to build Anderon, the nation’s first dedicated 300-millimeter quantum chip foundry. The facility will be constructed in Albany, New York.

A $1 billion federal CHIPS and Science Act award will fund the project. IBM will match the grant with $1 billion in cash and asset investments. The U.S. government will receive a minority equity stake in the standalone entity.

IBM shares rose more than 6% following the announcement. The deal is part of a broader $2 billion federal package for the industry. Nine quantum computing firms received awards under this federal program. The agreement boosted investor sentiment across the quantum and semiconductor sectors as the government moves to secure domestic supply chains.