Shares of several U.S. quantum computing firms jumped dramatically in premarket trading after reports that the Trump administration is weighing equity stakes in these companies in exchange for federal funding. Stocks including IONQ, Rigetti, D-Wave and others climbed sharply as investors priced in the prospect of direct government support for an industry critical to future technology dominance.
The Wall Street Journal account, echoed by Reuters reporting, said the Commerce Department has been exploring deals that would make the government a shareholder in return for funding, with the talks touching firms such as IonQ, Rigetti, D-Wave, Quantum Computing and Atom Computing. Some proposals reportedly envision minimum funding packages around ten million dollars per company, a sign that Washington is serious about putting real capital behind quantum research.
This line of thinking follows the administration’s prior conversion of CHIPS Act grants into equity in strategic domestic firms, most notably the government’s nearly 10 percent stake in Intel earlier this year that was arranged through CHIPS and Secure Enclave funding. That precedent showed the White House is willing to use grant money as leverage to secure ownership in strategic industries rather than merely hand out subsidies.
A Commerce Department official told reporters it was not actively negotiating with the companies named, which underscores the fluid and politically charged nature of these discussions even as markets react. Conservatives who favor robust national-security investments should welcome efforts to keep advanced computing onshore, but the instinct to convert grants into equity raises real concerns about politicizing the innovation pipeline and expanding crony capitalism.
Market responses were immediate: the Defiance Quantum ETF and a raft of individual names posted notable gains as investor optimism was stoked by the possibility of federal backing for a nascent but strategically vital field. While the rally reflects confidence that Washington is prioritizing cutting-edge technology, it also means taxpayers could end up holding equity in highly speculative ventures long before those firms prove commercial viability.
The right approach combines firm national-security safeguards with free-market discipline: targeted, temporary support for critical technology is defensible, but ownership structures should protect taxpayers without turning the federal government into a permanent venture capitalist. Any deal that hands Washington seats at the table must include strict sunset clauses, nonvoting protections, and transparent guardrails so that innovation — not politics — drives the quantum revolution.
