On September 8, D-Wave Quantum Inc. rose 5.6% in pre-market trading. The rally was driven by the announcement that D-Wave has finalized an agreement with the US Department of Commerce, granting the company access to up to $100 million in CHIPS and Science Act funding. The capital will support research and development of D-Wave's annealing and gate-model quantum technologies, including systems targeting 100,000 and 10,000 qubits, respectively. As a condition for the funds, the Commerce Department will receive a minority, non-controlling equity interest in the company.

The federal funding marks a significant validation of D-Wave's quantum computing roadmap. The company has recently expanded commercial partnerships, including a deal with AT&T to deploy quantum annealing technology in network operations and an agreement with Nasdaq Verafin to explore quantum-enhanced financial crime detection. BMO Capital also initiated coverage with an outperform rating, while analysts polled by FactSet assign a mean price target of $35.73.

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