AINewsBreaks – D-Wave Quantum Inc. (NYSE: QBTS) and Department of Commerce Sign Letter of Intent for $100 Million in CHIPS and Science Act Funding to Accelerate U.S. Leadership in Quantum Computing
D-Wave Quantum Inc. (NYSE: QBTS) (“D-Wave”), the only dual-platform quantum computing company providing both annealing and gate-model systems, software and services, has announced that it has signed a Letter of Intent (LOI) for $100 million of proposed funding under the U.S. CHIPS and Science Act, which is administered by the U.S. Department of Commerce. In connection with executing final award documents, D-Wave would issue $100 million in shares of its common stock to the U.S. Department of Commerce. The LOI marks a significant endorsement by the U.S. government of D-Wave’s annealing and gate-model quantum computing technologies and their potential impact…