D-Wave Quantum Secures Up to $100 Million in CHIPS Act Funding as U.S. Takes Minority Equity Stake

D-Wave Quantum finalized a definitive agreement with the U.S. Department of Commerce on September 8 for up to $100 million in funding under the CHIPS and Science Act, sending shares of the company sharply higher. The deal is part of a broader $300 million CHIPS Act package in which the U.S. government is taking minority equity stakes in three quantum computing companies: D-Wave Quantum, Rigetti Computing, and Quantinuum. The funding is intended to help all three companies scale quantum computing research and development.

D-Wave's shares rallied on the news, with pre-market momentum also boosted by sector-wide enthusiasm following IonQ's announcement that it had raised its full-year 2026 revenue guidance to $450 million to $460 million, citing strong SkyWater integration and commercial traction ahead of its Investor Day.

Despite the funding catalyst, some analysts urge caution on QBTS. Rising losses, weak revenue conversion, and a lofty valuation are seen as offsetting the company's strong bookings and growing production adoption, with at least one analyst framing the stock as a hold or sell at current levels.