D-Wave, Rigetti, and Quantinuum Just Got $300 Million From Washington. Here's What That Changes for Investors.
Yahoo Finance ·
Rigetti Computing ( RGTI -0.53% ) , D-Wave Quantum ( QBTS -2.69% ) , and Quantinuum ( QNT -0.45% ) all officially have a new backer: the U.S. government. On Tuesday, all three companies announced that they had finalized funding agreements with the Commerce Department. In exchange for up to $100 million each in funds earmarked for R&D and commercialization under the CHIPS Act, the government will receive ownership stakes in the three quantum computing pure plays. Those won't be controlling stakes. However, the finer details, like exactly how large the government's stake in each company will be, have not been revealed. Let's take a look at what each company is planning on doing with the investments. Rigetti says it plans to use the money to "address major technical bottlenecks in scaling superconducting quantum computing" and that it "will accelerate the Company's roadmap toward utility-scale quantum computing." Its plans include improving the dilution refrigerators that keep its computers cooled to temperatures near absolute zero (a necessity for the circuits to become superconductors), and developing ways to manufacture more interconnected chips.
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