QBTS · D-Wave Quantum Inc.

D-Wave Quantum Inc. announced the signing of a Letter of Intent (LOI) for $100 million in proposed funding under the U.S. CHIPS and Science Act, administered by the U.S. Department of Commerce. The funding, if finalized, would be provided in exchange for $100 million in shares of D-Wave's common stock, giving the U.S. government an equity stake in the company. This strategic investment is aimed at accelerating the development and scaling of D-Wave's quantum computing systems, including both annealing and gate-model technologies. The funds would support R&D activities at D-Wave's forthcoming facility in Boca Raton, Florida, as well as its existing centers in New Haven, Connecticut and Burnaby, British Columbia. The LOI represents a significant endorsement by the U.S. government of D-Wave's quantum technology and its potential economic impact. However, the agreement is non-binding at this stage, and the ultimate funding and stock issuance are contingent upon the execution of definitive award documents. Investors should be aware of the associated execution risks, including potential delays or termination of negotiations. The proposed investment is expected to bolster D-Wave's ability to deliver advanced quantum systems, including a 100,000-qubit annealing system and a 10,000-qubit gate-model system, further positioning the company as a key player in quantum computing.