Colorado’s quantum-computing ecosystem is getting an infusion of federal funding as part of the U.S. Department of Commerce’s $2 billion investment announced Thursday .
Atom Computing in Boulder, Infleqtion in Louisville and Quantinuum in Broomfield will each receive $100 million as part of the federal incentives program under the CHIPS and Science Act. The companies were among nine in the U.S. that signed letters of intent to receive the investment. In exchange, the federal agency gains “a minority, noncontrolling equity stake in each company … to enhance the return for the U.S. taxpayer,” according to the Department of Commerce.
Swapping a little equity for federal incentives and funding isn’t new, but it’s become more common under the Trump administration. Technology companies have been targeted, including Intel Corp., which last year received an $8.9 billion investment when the U.S. government bought Intel stock. But the current administration has also worked on similar stakes in the critical minerals and nuclear energy industries.
This may be one of the first instances of the federal government getting a stake in a Colorado-based company. The Department of Commerce did not respond to a request for comment.
Infleqtion, which raised $550 million in February during its a initial public offering, said in a news release that the government award is based on targets tied to progress and project costs. As part of the equity-stake requirement, the company will issue common stock valued at $100 million at a 15% discount to the Department of Commerce.
Neither Quantinuum nor Atom Computing commented on the equity trade, but the funding will certainly help speed development for Atom, which has raised more than $200 million to date from investors and employs 80 people in Colorado.
Dr. Laura Wadleigh, a quantum engineer at Atom Computing, tunes an optical distribution system for the company’s next-generation quantum computing platform at its Boulder, Colorado facility. (Courtesy of Atom Computing)Atom opened a facility in Boulder three years ago to commercialize the technology that has the promise of doing complex calculations in minutes or hours rather than weeks, months or years that it traditionally might take.
“The investment from the US Department of Commerce will significantly accelerate our path to utility-scale systems by allowing us to develop multiple engineering and manufacturing solutions in parallel,” the company said in a statement.
The state wasn’t tipped off before the Commerce Department announced the awards. But Colorado has already benefited from the CHIPS Act, which passed during the Biden administration. In October 2023, the state became a designated U.S. Tech Hub for quantum computing and a year later was awarded a $40.5 million federal grant to support the commercial development of local quantum innovation with job training and startup support, as well as marketing and community growth efforts.
“This federal investment from the Department of Commerce is a powerful validation of Colorado’s status as a global epicenter in the quantum race. By backing our homegrown companies, this funding will directly accelerate commercialization, attract more private capital to the Mountain West, and generate thousands of high-skill jobs for Coloradans,” Eve Lieberman, executive director of the Colorado Office of Economic Development and International Trade, said in an email.
Other recipients of the Commerce Department award include IBM, which is getting $1 billion to create a quantum foundry, and New York-based Global Foundries, which will receive $375 million to invest in a foundry for hardware components used in quantum computers.
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