The Trump administration appears to be exploring investments in quantum computing. The Wall Street Journal (WSJ) reported Wednesday that officials are in talks with several quantum computing firms about granting the Commerce Department equity stakes in exchange for federal funding.
WSJ, citing anonymous sources familiar with the matter, said the companies include IonQ, Rigetti Computing and D-Wave Quantum. Other firms, such as Quantum Computing Inc. and Atom Computing, are considering similar arrangements, it added.
The stakes in quantum computing companies would come with minimum funding awards of $10 million each, according to WSJ, citing people familiar with the matter. Other technology companies are also expected to compete for the grants.
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Quantum computing is an advanced field of computing that uses the principles of quantum mechanics to process information. It holds promise for solving complex problems in cryptography, materials science, drug discovery, and optimization that are difficult for classical computers. However, building stable quantum systems remains challenging because qubits are highly sensitive to their environment. Despite these difficulties, ongoing research and technological progress continue to bring us closer to realizing the full potential of quantum computing.
This latest venture by the Trump administration is the latest in a string of investments in private companies. In 2025, the Trump administration took significant steps to promote private-sector investments in the U.S., focusing heavily on manufacturing, technology, critical minerals, and infrastructure.
A key initiative was the creation of the United States Investment Accelerator, designed to streamline and expedite investments exceeding $1 billion by cutting red tape and improving government coordination. This move aimed to attract large-scale private investments into the domestic economy.
However, the Trump administration will not take stakes in nonstrategic industries, Treasury Secretary Scott Bessent told CNBC in an exclusive interview on Oct. 15. “We do have to be very careful not to overreach,” he said.
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One notable example of government involvement in private companies was the federal government acquiring roughly a 10% equity stake in Intel Corporation, valued at about $11 billion. This unusual approach, converting unutilized grant funds into equity, was intended to support the semiconductor industry and boost U.S. technological independence. The administration also invested approximately $540 million in a private rare-earth mining company and secured a 5% stake in Lithium Americas Corp., emphasizing the importance of securing critical mineral supply chains.
The administration claimed that over $3 trillion in private investment commitments had been secured during Trump’s second term, highlighting large-scale infrastructure and manufacturing projects. However, many of these figures represent pledges rather than actual expenditures, and some analysts view the announcements as more aspirational than concrete.
Additionally, some investment activities involved firms linked to the Trump family, such as 1789 Capital, which reportedly raised about $1 billion for technology and real estate projects. This overlap between public policy and private business raised questions about transparency and conflicts of interest.