U.S. Eyes Equity Partnerships with Quantum Firms

The Commerce Department’s Chips Research and Development Office has been exploring equity-based partnerships with multiple U.S. quantum-computing firms, including IonQ, Rigetti, D‑Wave, Quantum Computing and Atom Computing. Reports say proposed awards would start at roughly $10 million per company and could be structured as direct equity, convertible warrants, royalties, intellectual‑property licenses or revenue‑sharing arrangements. Officials say talks remain informal and no deals are signed, and a separate report indicates the administration might instead pursue warrants, loans or involve different companies using leftover Chips Act funds. News of the discussions sent quantum stocks and related ETFs sharply higher as investors priced in potential federal support. Supporters view the move as recognition of quantum computing as a strategic national-security priority, while critics warn of risks from government ownership or influence and point to recent unusual U.S. stakes in firms like Intel. Terms, participants and the legal and market ramifications remain uncertain as negotiations continue.