LOUISVILLE, Colo., May 21, 2026 -- Infleqtion, a global leader in quantum computing and quantum sensing powered by neutral-atom technology,  announced it signed a Letter of Intent (LOI) with the U.S. Department of Commerce’s CHIPS Research and Development Office for $100 million in proposed funding contingent on achievement of certain development milestones to accelerate U.S. based quantum computing technologies. The investment will accelerate Infleqtion’s development of neutral-atom quantum systems as the United States expands domestic computing capabilities critical to economic competitiveness and national security.

“Quantum computing is emerging as a foundational technology for economic competitiveness, technological leadership, and national security,” said Matt Kinsella, Chief Executive Officer of Infleqtion. “This investment reflects the transformative potential of quantum innovation, and we’re honored to work with the Department of Commerce to accelerate U.S. leadership in quantum computing.”

Even with continued advances in AI and classical computing, many critical problems in chemistry, materials science, energy and national security remain beyond the practical limits of conventional computing architectures. Quantum systems are emerging as an important new computing approach for addressing these challenges, with the potential to unlock new advances in materials discovery, energy infrastructure, chemistry and national security.

Infleqtion has been an early leader in neutral-atom quantum systems, which operate at room temperature and are already supporting deployable quantum systems in operational environments. The company is developing quantum technologies designed to support national security, energy and advanced computing applications.

“With today’s CHIPS Research and Development investments in quantum computing, the Trump administration is leading the world into a new era of American innovation,” said Secretary of Commerce Howard Lutnick. “These strategic quantum technology investments will build on our domestic industry, creating thousands of high-paying American jobs while advancing American quantum capabilities.”

“The Department of Commerce’s incentives strengthen and accelerate U.S. quantum leadership and technological resilience,” said Bill Frauenhofer, Executive Director of Semiconductor Investment and Innovation. “Quantum computing has significant implications for national defense, advanced materials and biopharmaceutical discovery, financial modeling and energy systems.”

“NVIDIA and Infleqtion have long worked together to accelerate the capability of quantum computing through integration of quantum processors with GPU supercomputing,” said Timothy Costa, Vice President and General Manager for Quantum at NVIDIA. “This announcement is an important milestone for developing large-scale quantum computing systems in the United States, and we’re excited to continue supporting Infleqtion on this journey.”

The LOI proposes support for work focused on advancing neutral-atom quantum systems in the United States, including quantum hardware, photonics and quantum system development. The program is expected to support the continued expansion of quantum engineering, workforce, hardware, software and infrastructure capabilities across Infleqtion’s U.S. operations, strengthening domestic quantum computing capabilities critical to economic competitiveness and national security. Infleqtion operates quantum innovation centers in Boulder, Chicago and Madison supporting the development and deployment of quantum technologies in the United States.

The LOI contemplates a portion of the award being funded up front and the remainder funded on a milestone-based award structure tied to eligible project costs and technical progress. The LOI also contemplates taxpayer upside through the issuance of Infleqtion common stock to the Department on the award date with a value of $100 million at a 15% discount to market based on the closing price on the execution date of the LOI or the definitive agreement, whichever is lower. The securities are expected to be held on a passive basis. Final terms remain subject to definitive award documents and required approvals. The proposed funding is contingent on completion of diligence and definitive award documents and internal approvals of the U.S. Government.

Recent Milestones

• Expanded Infleqtion’s quantum software programs across defense, energy and research customers, including participation in DARPA’s HARQ program
• Selected for multiple U.S. Department of Energy programs supporting quantum computing applications in chemistry, materials science, and energy-grid optimization
• Ongoing collaboration with NVIDIA through the integration of NVIDIA AI models for quantum processor calibration and error-correction workflows on the Company’s Sqale neutral-atom quantum computer
• Achieved industry-leading technical milestones, including 1,600 physical qubits, 99.73% entangling fidelity, and becoming one of only a few companies to demonstrate a real-world application using logical qubits, with a roadmap targeting 30 logical qubits in 2026.