Think you missed it? Look at when that happened. Before the President signed
two executive orders launching a national quantum program. Before the
government committed $2 billion for direct ownership stakes.




Thursday, September 10, 2026 | View in Browser
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Сⅼіϲkhеrе and I'll reveal the shocking details.
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Last year, quantum stocks were the best performers on Wall Street.

IonQ ran roughly 700%. D-Wave jumped 2,000%. Some names posted gains as high
as 6,200%.

Think you missed it? Look at when that happened.

Before the President signed two executive orders launching a national quantum
program.

Before the government committed $2 billion for direct ownership stakes.

Before the world’s central banks went public about the threat to the
financial system.

The first move ran on promise alone. The next one runs on federal mandate.

And one $20 company, part-owned by Washington itself, sits directly in the
path of the money.

Ticker revealed here. The second wave is starting >>
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“The Buck Stops Here”
Kelly Maguire
Behind the Markets


Capital Flux Review Two publicly traded quantum companies just handed Uncle
Sam a stake in their stock. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The Power Ledger · Investigation

Washington Just Became a Quantum Computing Shareholder — Twice

The Commerce Department finalized $200 million in CHIPS Act awards this week
to two publicly traded quantum computing firms, taking equity in both.

On September 8, 2026, the U.S. Department of Commerce finalized $100 million
funding agreements each with Rigetti Computing (NASDAQ: RGTI) and D-Wave
Quantum (NYSE: QBTS). Both deals carry the same condition: the federal
government receives a minority, non-controlling equity stake in the company as
a term of the award. This is not a loan, a grant with reporting requirements,
or a tax credit. It is the U.S. government becoming a shareholder in a publicly
traded corporation — confirmed by the companies’ own statements and reported
directly by The Quantum Insider and 24/7 Wall St.

The Public Story
The stated purpose, per the Commerce Department, is to “accelerate solving the
most critical technology challenges in the race to develop utility scale,
fault-tolerant quantum computers” and to “enhance the return for the U.S.
taxpayer.” Rigetti CEO Subodh Kulkarni: “The overall goal of this $100 million
is to accelerate our roadmap.” D-Wave CEO Alan Baratz described it as
strengthening “domestic quantum capabilities” and the “underlying supply
chain.” On its face, this reads as straightforward industrial policy.

The Evidence Record


1. May 21, 2026 — Commerce announces letters of intent with nine quantum
computing companies for a combined $2.013 billion in CHIPS Act incentives, with
equity stakes attached as a condition of every award. Quantum stocks rally
broadly.

2. May 21, 2026 — NIST publishes the full breakdown: IBM ($1 billion, quantum
foundry subsidiary), GlobalFoundries ($375 million, domestic quantum foundry),
and seven technology-focused firms at roughly $38–100 million each — Atom
Computing, Diraq, D-Wave, Infleqtion, PsiQuantum, Quantinuum and Rigetti.

3. September 8, 2026 — The letters of intent convert into finalized, binding
agreements for Rigetti and D-Wave, each at $100 million, each carrying the same
minority equity condition disclosed in May. Rigetti shares rose 6% and D-Wave
shares rose 5% on the news, despite both stocks remaining down sharply for the
year — Rigetti off 26% YTD, D-Wave off 33% YTD.

What the Sequence Suggests
Our interpretation: the four-month gap between the May letters of intent and
the September finalization suggests the equity terms were the harder part of
the negotiation, not the funding amount, which was set in May and did not
change. Companies down 26–33% for the year got only a 5–6% one-day pop on
confirmed, binding federal capital — a comparatively muted reaction. That gap
suggests the market had already priced in most of the benefit back in May, and
September’s move mainly reflects the removal of deal-completion risk.

Follow the Capital
Both companies disclosed healthy cash positions heading into these deals —
Rigetti held approximately $541 million and D-Wave approximately $546 million
as of Q2 2026. That raises a fair question this publication believes deserves
scrutiny, though we do not have direct evidence of the answer: why does a
company holding roughly five times the size of its federal award still need
government equity financing, rather than pursuing private capital on its own
terms?

Clearly LabeledThis is a reported fact (the cash balances) paired with an open
question (the rationale) — not a claim of wrongdoing.

Who Benefits
Confirmed beneficiaries include existing shareholders of Rigetti and D-Wave,
who saw one-day price gains on deal certainty; the companies themselves, which
secured non-dilutive-in-cash-terms funding (the government took equity rather
than requiring loan repayment); and the broader domestic quantum supply chain,
which Commerce states is the intended target of the $2.013 billion program.
Whether “the U.S. taxpayer” — the stated beneficiary — sees a positive return
is a reported claim, not a confirmed fact: it depends on outcomes years away.

What Remains Unknown
The exact percentage equity stake the government received in either company
has not been disclosed in the sourcing available to us. Neither company’s SEC
filings on this transaction were independently reviewed line-by-line for this
edition; our account relies on company statements as reported by The Quantum
Insider and 24/7 Wall St. Readers who want warrant strike prices, vesting terms
or governance rights should consult the companies’ forthcoming 8-K filings
directly.

The Investor Consequence
If you hold, or are considering, shares in any of the nine CHIPS Act quantum
recipients, you now own a stock where the federal government is also a
shareholder, with its own incentives around disclosure, oversight and future
funding rounds. That is a structural change in the cap table, not merely a
financing event — and it sets a precedent that investors in AI infrastructure,
semiconductors or defense electronics should not assume their sector is exempt
from.

Next Verifiable Checkpoint
Watch for the 8-K filings from Rigetti and D-Wave disclosing the specific
equity instrument (warrants versus direct shares), the strike price or
valuation used, and any board observation or governance rights granted to
Commerce. Also watch whether the remaining seven letters-of-intent recipients —
including IBM’s $1 billion award — convert to finalized agreements on a similar
timeline.

Primary Record
NIST — Commerce Announces Letters of Intent With 9 Companies for $2 Billion
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Additional Sources
The Quantum Insider — D-Wave Finalizes $100M U.S. Government Agreement
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24/7 Wall St. — Quantum Stocks Rally as Commerce Takes Equity Stakes
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CNBC — Quantum stocks soar as U.S. plans $2 billion funding incentives
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At Capital Flux Review, we write for people who think for themselves. Nothing
here replaces your own judgment — regulations prevent us from making it
personal, but that was never the point anyway.

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