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President Donald Trump's administration is accelerating its push into the quantum frontier with reports that the federal government is in talks to take equity stakes in several leading quantum computing firms.
The Trump administration is in discussions with companies including IonQ, Inc. (NYSE:IONQ), Rigetti Computing, Inc. (NASDAQ:RGTI) and D-Wave Quantum, Inc. (NYSE:QBTS), according to the Wall Street Journal, exploring funding in exchange for partial government ownership.
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The proposed framework would see each participating company receive at least $10 million in federal funding in exchange for giving up a portion of its equity.
The quantum computing initiative aligns with Trump's broader push for strategic investments in critical industries, following recent government investments in Intel Corp. (NASDAQ:INTC) and MP Materials Corp. (NYSE:MP) among others.
Oversight of the program is led by Deputy Commerce Secretary Paul Dabbar, a former quantum computing executive who co-founded Bohr Quantum Technology, His prior company is excluded from participation.
The Trump administration's Deputy Secretary of Defense Steve Feinberg adds another layer to this story.
Before joining the Trump administration, Feinberg co-founded and led Cerberus Capital Management for over 30 years, stepping down in March 2025.
Cerberus holds a $100 million position in IonQ, linking one of America's most politically connected private equity firms to one of the beneficiaries of Washington's emerging quantum agenda.
Critics warn that taking stakes in quantum companies risks entangling policymaking with private financial interests, especially given how deeply connected administration officials are to the quantum investment landscape.
Yet to supporters, Trump's bold approach represents a necessary "quantum leap" in economic statecraft—an attempt to keep the U.S. ahead in a field that could define global power in the 21st century.
Quantum stocks reacted sharply on Thursday with IonQ, Rigetti and D-Wave up between 13% and 20%. Quantum Computing, Inc. (NASDAQ:QUBT) shares climbed 10% and the Defiance Quantum ETF (NASDAQ:QTUM) was up 2.4%.
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