• US quantum computing funding package for nine firms.
• IBM and GlobalFoundries receive largest awards.

The Trump administration plans to take equity stakes in nine quantum computing companies under a federal package tied to CHIPS and Science Act incentives.

Reuters has reported the package includes $1 billion for IBM’s new quantum chip venture, Anderon, and $375 million for GlobalFoundries to build a US facility for quantum computing components. The US Commerce Department described the awards as letters of intent covering $2.013 billion in proposed federal incentives under the CHIPS and Science Act.

The Commerce Department said the funding is tied to minority, non-controlling equity stakes in the companies.

Two recipients have ties to figures associated with the administration. Emil Michael, the Pentagon’s top technology official, took D-Wave public in 2022 through a blank-cheque company he led at the time. PsiQuantum raised $1 billion last year from investors including Nvidia’s venture capital arm and 1789 Capital, which is backed by Donald Trump Jr.

Shares of companies included in the announcement rose between 6% and 31% after the deal was announced.

IBM and GlobalFoundries receive largest awards

IBM will receive $1 billion to establish Anderon, a new company that will manufacture quantum chips, to be based in New Albany, New York. IBM said it will be the first dedicated quantum chip manufacturing facility in the US.

IBM said it will contribute $1 billion to Anderon, along with intellectual property and staff. The company also plans to bring in additional investors.

IBM CEO Arvind Krishna told Reuters that Anderon will make IBM’s chipmaking technology available to external customers. He said the new company is already speaking with potential clients. “They’re going to get the exact same ability that we have for ourselves,” Krishna said.

The Commerce Department did not disclose the size of the government’s stake in Anderon.

GlobalFoundries will receive $375 million to build a US factory that will produce components used in quantum computing systems. The company said the US government will take an equity stake of about 1%. GlobalFoundries has also launched a new business called Quantum Technology Solutions to focus on scaling manufacturing for quantum computing hardware.

Gregg Bartlett, GlobalFoundries’ chief technology officer, said the company will work with multiple firms on control chips for quantum computers designed to operate at ultra-low temperatures. GlobalFoundries will also work on advanced packaging technologies for quantum systems.

Funding covers several quantum technologies

The Commerce Department said the package covers two quantum foundry companies and seven quantum computing companies. The companies are working in several hardware approaches. These include neutral-atom, silicon-spin, superconducting and trapped-ion systems.

The department said the companies will work on several engineering issues, including device reproducibility, error rates, and cryogenic systems integration, control hardware, photonic loss, and interconnects.

Other firms covered by the funding package include D-Wave, Rigetti Computing, and Infleqtion, which will receive about $100 million each. Diraq will receive up to $38 million to address technical hurdles in scaling quantum systems, according to the Commerce Department.

Washington takes stakes

The funding comes from incentives under the CHIPS and Science Act, which was signed by former President Joe Biden. According to McKinsey, the law directs $280 billion over 10 years toward semiconductor capacity and research, regional technology hubs, and related workforce programmes.

The move follows other cases in which Washington has taken equity stakes in companies tied to semiconductors, rare earths, and other supply-chain priorities. The government has converted some CHIPS Act grants and unpaid federal incentives into a 10% stake in Intel, and a large stake in rare-earth mining company MP Materials.

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