D-Wave Quantum (QBTS) Soars 14.2% on Govt Backing

D-Wave Quantum Inc. (NYSE:QBTS) is one of the 10 Stocks Effortlessly Climbing Double-Digits.

D-Wave extended its winning streak to a third consecutive day on Friday, surging 14.22 percent to close at $29.40 apiece, as investors resumed buying positions after the company earned a $100-million financial backing from the US government to support quantum computing development.

In an announcement on Thursday, the US Department of Commerce (DOC) said that it shelled out more than $2 billion in funding for nine companies to help accelerate US leadership in quantum computing.

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Photo by Tima Miroshnichenko

D-Wave Quantum Inc. (NYSE:QBTS) alone secured $100 million in fresh funds from the department, in exchange for its shares worth the said amount, essentially making the DOC an investor.

Proceeds from the funds will be used to accelerate the development of annealing and gate-model quantum systems, including at its forthcoming research and development (R&D) facility in Boca Raton, Florida, as well as its R&D centers in New Haven, Connecticut, and Burnaby, Canada.

“We believe that the US government’s strategic investment in D-Wave would advance the country’s global leadership position in quantum computing,” D-Wave Quantum Inc. (NYSE:QBTS) CEO Alan Baratz said.

“The award would accelerate D-Wave’s ability to scale quantum innovation domestically, expedite key fabrication processes, and deliver real-world quantum applications to our global customers today. We see this as a transformative moment for not just D-Wave, but also for quantum computing and the United States,” he added.

Apart from D-Wave Quantum Inc. (NYSE:QBTS), other companies also include Atom Computing, Diraq, Infleqtion, PsiQuantum, Quantinuum, and Rigetti Computing. The chipmakers, on the other hand, were IBM and GlobalFoundries.

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