D-Wave Quantum Inc. (NYSE: QBTS) signed a letter of intent for $100 million in funding under the U.S. CHIPS and Science Act, administered by the Department of Commerce. The quantum computing company will issue $100 million in common stock shares to the U.S. government in connection with executing final award documents.

The funding aims to accelerate development of D-Wave's annealing and gate-model quantum computing systems at facilities in Boca Raton, Florida, New Haven, Connecticut, and Burnaby, British Columbia. The company plans to deliver a 100,000-qubit annealing system and a 10,000-qubit gate-model system.

"We believe that the U.S. government's strategic investment in D-Wave would advance the country's global leadership position in quantum computing," said Dr. Alan Baratz, CEO of D-Wave. "The award would accelerate D-Wave's ability to scale quantum innovation domestically, expedite key fabrication processes, and deliver real-world quantum applications to our global customers today."

Commerce Secretary Howard Lutnick stated the investments will create high-paying jobs while advancing American quantum capabilities. The Department of Commerce will obtain an equity stake in D-Wave through the arrangement.

D-Wave describes itself as the only company providing both annealing and gate-model quantum computing systems. The company's annealing quantum computers are currently commercial, while its gate-model system is expected to reach commercial viability with 10,000 physical qubits enabling 100 logical qubits.

The funding supports CHIPS and Science Act objectives to build domestic capacity in critical technologies. The award remains subject to execution of definitive documents between the parties.

The information is based on a company press release statement.