Infleqtion surges after $100 million CHIPS quantum funding letter
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Infleqtion shares surged on May 21 after the company received a letter of intent for $100 million in CHIPS Act funding for quantum computing. The stock rose 18% in midday trading, outpacing the broader market.
The Funding Letter
Infleqtion, a quantum computing company, announced it received a letter of intent from the U.S. Department of Commerce for $100 million in CHIPS and Science Act funding. The award is intended to support the construction of a quantum foundry in Colorado. The letter is non-binding and subject to final negotiations.
Market Reaction
Shares of Infleqtion surged 18% to $24.50 by midday on May 21, giving the company a market capitalization of approximately $1.2 billion. Trading volume was more than triple the 30-day average. The broader Nasdaq Composite rose 0.3% on the same day.
What's Next
Infleqtion and the Commerce Department are expected to finalize the award terms over the next 90 days. It remains unclear whether the foundry will meet the CHIPS Act's domestic production requirements.
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Infleqtion surges after $100 million CHIPS quantum funding letter
