Infleqtion to Receive $100M CHIPS Act Grant, Shares Jump 35.8%
Infleqtion is slated to receive $100 million in CHIPS Act funding for superconducting quantum research, part of a $2 billion tranche. Its shares surged 35.8% in premarket trading, yet remain roughly 3% below this year’s opening levels.
1. CHIPS Act Allocation for Infleqtion
Infleqtion is one of nine quantum computing firms selected to receive funding under the 2022 CHIPS and Science Act, with a $100 million award earmarked for superconducting qubit research and development. The allocation supports scaling of its quantum processing units and bolsters its position in the domestic quantum supply chain.
2. Share Price Reaction
In premarket trading, Infleqtion’s shares jumped 35.8% following the funding announcement, reflecting investor optimism over the company’s enhanced R&D capacity. Despite the spike, the stock remains approximately 3% below its level at the start of the year.
3. Funding Context and Equity Stakes
The $100 million award to Infleqtion is part of a $2 billion package where IBM secures $1 billion and other small caps receive similar $100 million awards, except for one startup receiving $38 million. Federal funding is provided in exchange for equity stakes, aligning company growth objectives with national strategic interests.