Infleqtion confirms LOI with the U.S. Department of Commerce's CHIPS Research and Development Office for $100 mln in proposed funding

[출처/시간] Briefing.com - 6:51 AM ET, 05/21/2026

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.Infleqtion's quantum technologies are already supporting operational programs across national security, energy and scientific research, including DARPA, the U.S. Department of Energy, NASA and the U.S. Department of WarThe company has an ongoing collaboration with NVIDIA (NVDA) that includes demonstrating the industry's first logical-qubit-powered materials science application using Infleqtion's Sqale neutral-atom quantum computer.