US government funds quantum startup PsiQuantum under CHIPS Act

PsiQuantum has signed a final agreement with the US Department of Commerce to receive a $100 million grant under the CHIPS and Science Act. The funding will support research and the domestic production of hardware components, such as optical switches and photon detectors. This grant is part of a broader $2 billion government initiative to develop the domestic quantum industry, involving companies like IBM, GlobalFoundries, Atom Computing, and D-Wave. In exchange for subsidies, the US government will acquire minority stakes in the funded firms.