The U.S. Department of Commerce announced letters of intent with nine quantum-related companies for approximately $2.01 billion in proposed CHIPS and Science Act incentives, triggering a broad sector rally.
Over the past 10 days, the Defiance Quantum ETF (NASDAQ: QTUM) and the WisdomTree Quantum Computing Fund have each gained around 7-8% following the announcement.
The proposed funding package represents one of the most significant federal investments in quantum computing to date, reflecting Washington’s growing efforts to maintain U.S. leadership in the sector.
The government views the initiative as strategically important for national security, technological resilience and future industrial competitiveness, lending the program significant political weight.
Investor enthusiasm for pure-play quantum stocks surged after the announcement, as market participants reassessed the sector’s growth prospects and long-term funding outlook.
D-Wave Quantum (NYSE: QBTS) and Honeywell’s Quantinuum division emerged as two of the most closely watched beneficiaries of the proposed federal initiative.
Quantum computing has steadily risen on the U.S. strategic agenda since the passage of the National Quantum Initiative Act in 2018, which established a coordinated federal framework for advancing quantum research and development.
International Business Machines Corporation (NYSE: IBM) announced plans on May 28 to invest more than $10 billion in quantum computing through 2029, and is also slated to receive up to $1 billion under the proposed quantum funding program for its quantum foundry project.
D-Wave is one of the nine companies named in the letters of intent, and according to the company, the investment would support expansion of its quantum computing technologies and help accelerate the development of U.S.-based quantum infrastructure.
Given D-Wave’s relatively modest operating scale, the proposed funding could meaningfully strengthen its balance sheet, support research and development efforts and enhance its ability to commercialize both annealing and gate-model quantum computing systems.
Shares of QBTS have risen 17.1% over the past 10 days following the announcement, and the stock is expected to report earnings growth of 73.9% in 2026.
Quantinuum, majority-owned by Honeywell (NASDAQ: HON), is expected to receive up to $100 million under the proposed program to support development of its trapped-ion quantum-computing platform.
The company said the funding would also strengthen domestic quantum capabilities, with Quantinuum already generating commercial revenues and expanding enterprise adoption across the industry.
The additional federal backing could help accelerate product development, scale manufacturing capabilities and further solidify Quantinuum’s leadership position in the emerging quantum-computing market.
Honeywell shares gained 6.3% over the same 10-day period, with the stock expected to report earnings growth of 7.7% in 2026.
