On September 17, D-Wave Quantum Inc. rose 5.04% in regular trading, trading around $17.135 per share, with turnover of approximately $69.05 million. The stock advanced alongside a sector-wide rally in quantum computing names, with Rigetti Computing and IonQ up over 6%, Infleqtion up over 5%, and Quantum Computing up over 4%.

On the news front, D-Wave recently finalized an agreement with the U.S. Department of Commerce to receive up to $100 million in CHIPS and Science Act funding. The capital will support research and development of D-Wave's annealing and gate-model quantum technologies, targeting a 100,000-qubit annealing system and a 10,000-qubit gate-model system. As a condition, the Commerce Department will receive a minority, non-controlling equity interest in D-Wave. Additionally, BMO Capital recently initiated coverage on the stock with an outperform rating, while analysts polled by FactSet assign a mean price target of $35.73.

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