Quantum Companies Awarded $2B of Funding from US DoC

Research evidence excerpt

Quantum Companies Awarded $2B of Funding from US DoC

dustry and has healthy exposure to

photonics and other quantum modalities. GFS will further increase its focus and investments

with the launch of its Quantum Technology Solutions (QTS) business. The DoC and GFS signed

a letter of intent (LOI) for a $375M award to build out its QTS capabilities including capacity to

support a range of modalities. The company's FDX process offering supports cryogenic CMOS

chip production and growing advanced packaging solutions is another avenue for future

revenue growth. Some of GFS's quantum customers include PsiQuantum, Google Quantum,

Diraq, and Equal1, among others. In a separate agreement, the US will receive a 1% ownership

stake as of May 21st. GFS already operates two fabs in the US that are "trusted foundries".

2. QBTS: QBTS signed a LOI with DoC for a $100M award and in return the company will issue

$100M of common stock to DoC. QBTS is expected to use the funding for R&D on its annealing

and gate-model quantum systems and new R&D facility in Boca Raton, FL along with centers in

CT and Canada.

3. RGTI: The DoC signed a LOI with RGTI for a $100M award over 3 years in exchange for an

equity stake of similar amount. RGTI is expected to use the award to fund R&D addressing

technical challenges in scaling and advancing superconducting quantum computing. We

believe this additional funding can allow RGTI to accelerate the pace of technical progress

including fidelity rates, qubit scaling, and/or error mitigation.

4. FORM: We note that FORM is a participant in the QC ecosystem as a supplier of dilution

refrigerators for quantum modalities such as superconducting gates (Google Quantum). FORM

is well positioned as a leading provider of prober solutions (wafer probes and underlying