Quantum computing stocks QBTS, RGTI, and QNT rallied between 6% and 10% following news that the U.S. government will take minority equity stakes in the firms in exchange for $300 million in total CHIPS Act funding.
Quantinuum shares gained 6% after the company announced it would receive $100 million in CHIPS Act funding. Similar to its peers, the company is providing the U.S. government with a minority equity position to help accelerate the commercialization and manufacturing of quantum systems.
Quantinuum shares have declined about 12% from their initial public offering price in June.
D-Wave Quantum, Rigetti Computing, and Quantinuum shares surged after securing $100 million each in CHIPS Act funding. In exchange for the capital, the U.S. government will acquire minority equity stakes in each of the three quantum computing firms to bolster domestic manufacturing and supply chain capabilities.
The government is providing $100 million to each firm via the CHIPS Act to strengthen domestic quantum capabilities, scale manufacturing, and secure the underlying supply chain.