5 Stocks With Shocking Overnight Gains

2. Infleqtion Inc. (NYSE:INFQ)

Infleqtion climbed by 31.48 percent on Thursday to close at $14.70 apiece, as investors gobbled up shares after being named as one of the beneficiaries in the US government’s $2 billion quantum computing and chips support program.

The Department of Commerce announced on the same day that it would shell out $2 billion for nine companies in support of the government’s aim to develop quantum computers to solve some of the world’s pressing problems.

Infleqtion Inc. (NYSE:INFQ) alone will receive $100 million in planned funding to help develop the underlying engineering systems and integration requirements for large-scale neutral-atom-based quantum computers and architectures, including high-powered optical systems, novel readout, and error correction systems.

Apart from Infleqtion Inc. (NYSE:INFQ), other companies also include Rigetti, D-Wave, Atom, Diraq, PsiQuantum, and Quantinuum. Meanwhile, GlobalFoundries and IBM also received financial backing, with the latter taking up the largest slice at $1 billion, followed by the former at $375 million.

“Quantum computing is emerging as a foundational technology for economic competitiveness, technological leadership, and national security,” Infleqtion Inc. (NYSE:INFQ) CEO Matt Kinsella said.

“This investment reflects the transformative potential of quantum innovation, and we’re honored to work with the Department of Commerce to accelerate US leadership in quantum computing,” he noted.