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U.S. commits ~US$2bn of CHIPS Act funding to quantum — for equity.

The Commerce Department will take direct stakes in quantum companies, as IonQ becomes the first to exceed US$100m in GAAP revenue.

May 2026QuantumSolomon Partners Briefing

The U.S. Department of Commerce announced approximately US$2bn in funding for the quantum industry under the CHIPS and Science Act — with several companies set to receive direct funds in exchange for equity stakes, extending the government-as-shareholder model from semiconductors into quantum.

The sector backdrop has firmed considerably: IonQ became the first quantum company to exceed US$100m in GAAP annual revenue, and Q4 2025 set a quarterly venture funding record of US$1.5bn — more than any full year before 2021.

Running in parallel is the security race: post-quantum encryption deadlines are pulling enterprise and government spending forward regardless of when fault-tolerant machines arrive, giving the sector a revenue stream independent of the hardware timeline.

Our read.

Federal equity is simultaneously validation and a new kind of competitor in the cap table. The post-quantum-cryptography migration is the cash-generative side of the industry today — often the better risk-adjusted exposure while hardware timelines remain honest guesses.

Source: this briefing summarizes reporting by PR Newswire, May 2026. Prepared by SOLOMON PARTNERS for general information only; not investment advice. Figures as reported at the date shown.

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