Billion dollars: IBM signs massive deal to develop quantum chips

IBM's subsidiary, Anderon LLC, has completed receiving a billion-dollar grant from the US government to develop quantum manufacturing. IBM has committed to investing an equal amount. The grant is part of a broader $2 billion federal program, under which the government will receive ownership stakes in nine technology companies.

Anderon LLC, a subsidiary of tech giant IBM, has completed receiving a massive research and development grant of one billion dollars from the US Department of Commerce. The funding is provided under the US "CHIPS and Science Act" of 2022 and is intended for the development of specialized component manufacturing at facilities in New York. Alongside the government grant, IBM has committed to investing an equal amount of one billion dollars of its own funds. The grant is part of a broader $2 billion program, under which the government will receive minority ownership stakes in nine quantum computing companies. Other companies include GlobalFoundries ($375 million), D-Wave Quantum, Rigetti Computing, and Infleqtion ($100 million each). Anderon's facility produces 300mm quantum silicon wafers and serves various industry clients. The completion of the deal follows a declaration of intent from last May.