D-Wave Quantum Inc., a dual-platform quantum computing company, announced Thursday that it has signed a letter of intent for $100 million of proposed funding under the U.S. Department of Commerce’s Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act.
According to a D-Wave press release, the company would issue $100 million in shares of its common stock to the department, which would help accelerate the development of D-Wave’s annealing and gate-model quantum systems.
The funding would help D-Wave deliver its 100,000-qubit annealing system and a gate-model system with 10,000 physical qubits, which enable 100 logical qubits, the release said. D-Wave expects the systems to solve computational problems and provide application development for quantum chemistry and quantum artificial intelligence use cases.
Quantum annealing specializes in solving complex optimization problems, while a gate-model architecture is the design of general-purpose quantum computers.
