IBM is reportedly the biggest beneficiary of the package, with the U.S. Commerce Department agreeing to give the firm $1 billion, per the WSJ.<\/p>\n
Shares of IBM<\/a> were trading 6% higher at 7:18 a.m. ET, climbing down from earlier gains that saw shares rise by close to 8%.<\/p>\n The company is a frontrunner in the movement to build supercomputers using quantum technology, which developers say will be able to solve complex problems existing computers cannot tackle.<\/p>\n Chipmaker GlobalFoundries<\/a> is receiving $375 million, according to the WSJ, with other grant recipients D-Wave Quantum<\/a>, Rigetti Computing<\/a> and Infleqtion<\/a> expected to be awarded $100 million. Startup Diraq is reportedly set to receive a $38 million grant. <\/p>\n Shares of D-Wave were last seen trading 16% higher. Rigetti shares were about 13.8% higher, while Infleqtion stock gained more than 23% ahead of Thursday’s regular trading session. <\/p>\n Stock Chart IconStock chart icon Quantum stock moves<\/p>\n The deals still have to be formally completed. Funding is reported to come from the 2022 Chips and Science Act.\u00a0<\/p>\n CNBC has reached out to the U.S. Commerce Department for comment. <\/p>\n Shortly after the WSJ published its report, IBM confirmed that it would work with the U.S. government to develop America’s first purpose-built quantum foundry, supported by the proposed $1 billion award. The company said the initiative will “accelerate American quantum innovation and enable advanced quantum wafer production for a broad range of companies.”<\/p>\n IBM said the incentive from the Commerce Department will support the research and development efforts of a new IBM company called Anderon, to which IBM will contribute a $1 billion investment to match the government grant. <\/p>\n “Headquartered in Albany, New York as a standalone company, Anderon will operate as a state-of-the-art 300-millimeter quantum wafer foundry,” IBM said in a news release. “It will help the nation solidify its leadership at the center of a thriving new quantum industry that is estimated to generate up to $850 billion in economic value by 2040 and spur American economic growth while also bolstering national security.”<\/p>\n![\"hide](\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\")
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