U.S. Denies Taking Equity Stakes in Quantum Computing Firms

The U.S. Department of Commerce denied reports that the Trump administration is negotiating equity stakes in American quantum computing firms, including IonQ, Rigetti Computing, and D-Wave Quantum. The denials followed a Wall Street Journal report suggesting the government considered investments of at least $10 million per company to maintain a technological lead over China and ensure a return for taxpayers.

Shares in quantum computing firms surged up to 16% on October 23, 2025, after news broke that the administration might convert federal grants into equity. While the Commerce Department clarified it was not currently negotiating such deals, investors speculated that the specific phrasing of the denial left room for alternative structures, such as loans or warrants. Rigetti Computing stated it remains in continuous engagement with the government regarding funding opportunities to protect national security.

This reported strategy aligns with previous federal actions to secure strategic supply chains, such as taking a 10% stake in Intel Corporation and investing in MP Materials and Lithium Americas Corp. Treasury Secretary Scott Bessent cautioned against overreach in nonstrategic industries, while Commerce Secretary Howard Lutnick emphasized the administration's commitment to reinforcing dominance in artificial intelligence and national security.