Shares of quantum computing companies surged Thursday and extended gains in after-hours trading after the U.S. government said it would provide about $2 billion in federal incentives to nine companies to accelerate domestic quantum computing research and manufacturing.
The Department of Commerce said it signed nine letters of intent to provide $2.013 billion in incentives under the CHIPS and Science Act.
International Business Machines Corporation (IBM) is set to receive $1 billion to establish a quantum foundry subsidiary for superconducting wafers. IBM shares rose 12.43% on Thursday and gained more than 3% in after-hours trading.
Chipmaker GlobalFoundries will receive $375 million to build a domestic quantum foundry supporting multiple quantum computing architectures. Its shares climbed 14.92% during the session and added about 5% after hours.
Other recipients include D-Wave Quantum Inc. (QBTS), Infleqtion, Inc. (INFQ) and private firms Atom Computing, PsiQuantum and Quantinuum, which are each set to receive $100 million.
D-Wave shares surged 33.37% on Thursday and rose another 7.58% after hours, while Infleqtion jumped 31.48% and added 9.32% in extended trading.
Rigetti Computing, Inc. (RGTI) will receive up to $100 million. Its shares gained 30.57% on Thursday and rose more than 8% after hours. Startup Diraq is set to receive up to $38 million.
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