Two of those companies, Infleqtion and Quantinuum, are based in Colorado. A third, Atom Computing, is based in Berkeley, Calif., but runs its commercial operations out of Boulder.
The three companies will each receive $100 million per the agreement.
Atom Computing and Infleqtion, which is based in Louisville, are focused on a promising quantum computing technology known as “neutral atom systems.”
Broomfield-based Quantinuum, which is a spin-off from Honeywell, uses an older type of technology developed at the National Institute of Standards and Technology in Boulder in 1995 called trapped ion technology.
The two biggest federal investments went to two foundries or quantum chipmakers. GlobalFoundries will receive $375 million, while IBM will receive an investment of $1 billion.
Other quantum firms receiving a direct federal investment include Diraq, D-Wave, Psi-Quantum and Rigetti.
Historically, the federal government has avoided taking direct equity stakes in private companies, preferring instead to extend loans, offer grants or sign purchase contracts when deemed in the country’s best interest.
The rare cases where the government, outside of the CIA, has stepped into an ownership role have happened during a financial crisis, such as when General Motors and AIG received bailouts in the late 2000s.
Under the CHIPS and Science Act, passed during the Biden administration in 2022, the Department of Commerce obtained authorization to take small, minority interests in companies considered vital to national security.
The Trump administration, which is interested in boosting federal investments, used the CHIPS authorization to make the current round of quantum investments.
Provided the investments don’t crater, taxpayers have the potential to see more upside, versus the typical scenario where founders and venture capitalists reaped all the benefits following government support.
By having a seat at the table as an owner, the Department of Commerce could also work to prevent the sale of a company considered critical to national security to a foreign owner.
And quantum computing, which carries the promise of processing power multiples beyond conventional systems, represents one of those transforming technologies.
Quantum computers, which can handle complex calculations quickly, can be used to promote breakthroughs in areas like the material sciences and biopharma and to optimize supply chains, logistics and the power grid.
Shares of quantum companies, including those not receiving an investment, surged on Thursday.
IonQ, which announced last week that it would invest $100 million in a new research and development facility in Boulder to test its newest systems, saw its shares rise 12.2% on Thursday.
Colorado has about 20 times the concentration of employees and companies involved with quantum computing than the next largest hubs, said Jessi Olsen, CEO of Elevate Colorado, a state-supported consortium that supports the commercialization of quantum technologies.
Elevate Quantum is in the running to receive additional funding from the Economic Development Administration, which could result in up to $1 billion in federal, state and private sector support under the federal tech hub program.
The Department of Commerce’s decision to prioritize quantum investments makes it more likely that those federal funds would flow to Colorado versus other tech hub programs.
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