US Chips Act money for quantum

$1bn – IBM

$375m – Globalfoundries

$100m each – Atom Computing,

Rigetti, D-Wave, Infleqtion and PsiQuantum

Up to $38m – Diraq

The awards are structured as letters of intent, with the federal government receiving minority, non-controlling equity stakes in recipient companies as part of the funding agreements.

IBM and the U.S. Department of Commerce (DoC) also announced a Letter of Intent (LOI) to build an American quantum chip foundry called Anderon.

In addition to the $1 billion in CHIPS incentives provided by the DoC, IBM will contribute $1 billion of cash into Anderon, plus significant IP, assets, and a skilled workforce, with additional investors expected as Anderon grows.

Headquartered in Albany, New York as a standalone company, Anderon will operate as a 300mm quantum wafer foundry.