Quantum computing stocks surged after the Trump administration announced more than $2 billion (€1.7bn) in federal support for the sector. IBM received the largest investment and shares rose over 12% adding more than $27 billion (€23.

The business is receiving funding from the United States government.

This article is part of a package on the future of quantum computing. Read about the most promising applications of these machines here and see an illustrated field guide to qubits here. Inside a low-slung building in an office park near the southeastern edge of the San Francisco Bay,

Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced that it has signed a letter of intent (“LOI”) with the U.S. Department of Commerce (the “Department”) for an award of up to $100 million in funding over three years to accelerate superconducting quantum computing R&D.

Investors are jumping aboard D-Wave Quantum (NYSE: QBTS) stock this week. D-Wave shares drifted lower after it reported first-quarter earnings on May 12, even though the company announced record quarterly bookings and outlined a roadmap to scale its quantum technology.

Quantum computing could lead to revolutions in cryptography, materials design and telecommunications. But fulfilling those promises could be many years away

IBM will receive half the award, while companies such as D-Wave and Rigetti will also get a piece. In return, the government will take equity stakes.

The new era of quantum computing will happen, IBM says, as it sees nothing fundamentally to stop it.