Trump admin reportedly close to gobbling up stakes in key growing industry

Several quantum computing firms have reportedly been having discussions with the Commerce Department to offer equity stakes in return for federal funding.

Companies such as IonQ, Rigetti Computing, and D-Wave Quantum are having talks about allowing the government to take equity stakes as part of deals to secure funding designated for auspicious technology firms, the Wall Street Journal (WSJ) reported on Wednesday, citing anonymous sources familiar with the matter. Other technology firms, including Quantum Computing and Atom Computing, are also exploring similar arrangements, according to the outlet.

The Commerce Department, Quantum Computing, Atom Computing, D-Wave Quantum, Rigetti Computing and IonQ did not immediately respond to the Daily Caller News Foundation’s request for comment.

Deputy Commerce Secretary Paul Dabbar, who the Senate confirmed in June, is spearheading the funding discussions with the technology companies, the anonymous sources told the WSJ. Though, any potential deals with the quantum computing companies have yet to be finalized and are subject to change, the WSJ noted.

The report comes after the White House announced in August that the U.S. will take a 10% ownership stake in Intel under a deal with the U.S.-based chipmaker. Moreover, Commerce Secretary Howard Lutnick said on Aug. 26 that the Trump administration was weighing taking equity stakes in defense companies.

Quantum computers can be used to solve highly complex statistical problems that are far beyond the capabilities of today’s conventional computers, according to a March report from McKinsey & Company. These computers can be used in a variety of applications across several key industries, such as finance, transportation, pharmaceuticals and “green” technology, according to the report.

Quantum computing could account for almost $1.3 trillion in value by 2035, an April 2023 report from McKinsey & Company found. Shares in U.S. quantum computing firms jumped in premarket trading on Thursday following the release of the WSJ’s report, according to Reuters.

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