D-Wave Quantum Inc.

New York Stock Exchange
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Slightly Bullish +25

Quantum Stocks Rally as Commerce Department Takes Equity Stakes: Rigetti Surges 6%, D-Wave Climbs 5%

AI-generated analysis

📈 D-Wave Quantum (QBTS) shares rose 5% to $17.46 following the announcement of a $100M CHIPS Act funding award from the Commerce Department.

🏛️ The government equity stake acquired by the Commerce Department is minority and non-controlling, providing capital for specific quantum research projects.

🎯 D-Wave will utilize the funds to advance its annealing roadmap targeting 20,000 qubits by 2029 and 100,000 qubits by 2031.

💰 QBTS holds a cash cushion of approximately $546 million at the end of Q2 2026 to support its operations alongside the new funding.

⚠️ The government equity stake introduces dilution risk for D-Wave shareholders as a condition of the CHIPS Act award.

📉 Despite today's rally, QBTS stock remains down 33% year-to-date, indicating the market has discounted the company significantly over the last twelve months.

Bullish Signals
  • D-Wave secured a $100 million CHIPS Act funding award to accelerate its quantum computing roadmap and research development.
  • The company maintains a robust cash cushion of approximately $546 million as of Q2 2026, providing financial stability for its operations.
Risk Factors
  • The Commerce Department acquired a minority equity stake in D-Wave, which introduces dilution risk for existing shareholders.
  • Despite today's price increase, QBTS shares are down 33% year-to-date, reflecting ongoing market skepticism about the company's valuation.
Full Analysis
The U.S. Commerce Department finalized CHIPS Act funding awards granting $100 million each to Rigetti Computing (RGTI) and D-Wave Quantum (QBTS). In exchange for this capital, the government acquired minority, non-controlling equity stakes in both companies. This transaction triggered an immediate market reaction, with D-Wave shares climbing 5% to $17.46 and Rigetti rising 6% to $16.13 in early trading. The funding is specifically allocated to accelerate superconducting quantum research and development under the CHIPS Act framework. For D-Wave, the capital supports its annealing roadmap targeting 20,000 qubits by 2029 and 100,000 qubits by 2031. Rigetti utilizes the funds to advance its superconducting roadmap aiming for roughly 1,000-qubit systems with high gate fidelity over a three-year period. Despite today's gains, both QBTS and RGTI remain significantly down year-to-date, having lost 33% and 26% respectively since the start of the year. The government equity stakes introduce dilution risk for existing shareholders, though the companies maintain substantial cash cushions of approximately $546 million for D-Wave and $541 million for Rigetti as of Q2 2026.