US government takes $2 billion equity stake in nine quantum computing firms
Beneficiaries include startup backed by firm with links to the Trump family.
The US government will take equity stakes worth a total of $2 billion in a slew of quantum computing companies, including a startup backed by a firm with links to the Trump family and one taken public by a Pentagon official.
The announcement by the commerce department that it had signed letters of intent with nine companies—including GlobalFoundries and IBM—sent shares in quantum specialists soaring on Thursday.
Both IBM, which is set to get $1 billion, and GlobalFoundries, which will receive $375 million, were up more than 6 percent in pre-market trading. D-Wave Quantum, an awardee that was taken public in 2022 by Emil Michael—now a top Pentagon official—was up more than 20 percent.
This story was first published by Ars Technica. Read the original report