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The US Department of Commerce has signed nine letters of intent to provide $2.013bn in CHIPS Act funding to quantum computing companies.
The US will invest $2.013bn in nine quantum firms in exchange for equity stakes.
KEY POINTS
- IBM receives about $1bn and will match it with $1bn for a domestic quantum chip plant.
- The grants are structured as milestone-based letters of intent; equity terms remain undisclosed.
- This represents the largest US quantum-industry intervention, targeting both foundries and computing startups.
- NIST states the funding focuses on utility-scale, fault-tolerant quantum computers, which none have achieved yet.
COMPANIES
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