Quantinuum (NASDAQ: QNT) shares showed surprising growth Tuesday. The company, a leading quantum computing concern, today announced it has finalized an agreement with the U.S. Department of Commerce's CHIPS Research and Development Office for $100 million in federal funding deployed through the CHIPS and Science Act.
The award, which follows a letter of intent announced in May, supports R&D and U.S. quantum semiconductor manufacturing capabilities needed to deploy large-scale, fault-tolerant trapped-ion quantum computers.
Quantinuum, which was the only company with a trapped-ion based architecture to be awarded CHIPS R&D funding, develops the world's most accurate commercial computers with industry-leading error correction fidelity. The company leverages established semiconductor manufacturing processes to help ensure reliability, repeatability, and scalability of the company's current and future quantum computers.
"This award is a validation of Quantinuum's leadership in trapped-ion quantum computing," said CEO Rajeeb Hazra. "Together with our domestic partners, we are building the technology and supply-chain foundation needed to scale fault-tolerant systems and strengthen America's leadership in this strategically important field."
The award will support R&D that the company expects to help strengthen and diversify its supply chain, adding onshore partners GlobalFoundries and Monarch Quantum.
QNT shares began a short week of trading up $1.43, or 2.9%, to $7.09.
