US government takes $2 billion equity stake in nine quantum computing firms

Key points

• 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.
• Among the recipients was also PsiQuantum, which last year raised money from a group of investors including 1789 Capital, the venture capital firm at which Donald Trump Jr is a partner.