Quantum stocks soar as U.S. reportedly plans $2 billion ‘award’ and taking equity stakes

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Quantum computing shares popped on Thursday, following reports that the U.S. government will award $2 billion in grants to nine firms operating in the space.

The Wall Street Journal first reported on the deals, which will see the U.S. government take equity stakes in the companies.

IBM is reportedly the biggest beneficiary of the package, with the U.S. Commerce Department agreeing to give the firm $1 billion, per the WSJ.

Shares of IBM
were trading about 7% higher.

The company is a frontrunner in the movement to build supercomputers using quantum technology, which developers say will be able to solve complex problems existing computers cannot tackle.

Chipmaker GlobalFoundries
is receiving $375 million, according to the WSJ, with other grant recipients D-Wave Quantum
, Rigetti Computing
and Infleqtion
expected to be awarded $100 million. Startup Diraq is reportedly set to receive a $38 million grant.

Shares of D-Wave and Rigetti soared 23%were last seen trading 16% higher, while Infleqtion skyrocketed about 30% higher. Arqit
also boomed 30%, while IonQ
popped 11% and Quantum Computing
was up 17%.

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