On May 22, D-Wave Quantum rose 6.45% in regular trading, trading at $28.13/share, with trading volume of $549 million. The stock continues a multi-session rally fueled by a major government funding announcement.

On the news front, D-Wave Quantum announced it has signed a preliminary memorandum of terms with the U.S. Department of Commerce to receive up to $100 million in funding through the CHIPS and Science Act. The investment, structured as an equity stake, is part of a broader $2 billion government initiative to bolster the U.S. quantum computing industry. According to CEO Alan Baratz, the funding will be directed toward accelerating research and development of both annealing and gate-model quantum computing technologies at the company's U.S. and Canadian facilities, potentially shortening commercialization timelines by several years. Baratz noted the $100 million represents a 20-25% capital increase for the company.

The policy catalyst arrived after a prolonged selloff triggered by Q1 earnings that showed revenue of $2.85 million, down approximately 81% year-over-year, and net losses expanding to $18.36 million. However, record bookings of $33.4 million, up nearly 2,000% year-over-year, combined with the government endorsement, have powered a sharp reversal from recent lows.

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