A recent Wall Street Journal report has sparked major renewed interest in the quantum computing sector, claiming that President Trump is pushing for the U.S. government to acquire ownership stakes in several key players.
According to the Journal, discussions involve Rigetti Computing (NASDAQ:RGTI), D-Wave Quantum (NYSE:QBTS), IonQ (NYSE:IONQ), and Quantum Computing (NASDAQ:QUBT), with each company potentially receiving federal funding in exchange for equity. The report suggests this move aims to bolster U.S. leadership in quantum technology amid global competition.
This morning, all four stocks surged by double-digit percentages in premarket trading—RGTI up 18%, QBTS climbing 22%, IONQ gaining 15%, and QUBT rising 14% — reversing a week of steady declines amid broader market pressures on tech stocks. However, Reuters cited a Commerce Dept. statement denying any current negotiations, calling the talks speculative. Still, if true, it could mark a shift in how Washington supports emerging tech.
This year, the U.S. government has taken the rare step of acquiring ownership stakes in private firms, an action which has typically been reserved for crises or to protect vital interests. In the 2008 financial meltdown, it acquired significant equity in General Motors (NYSE:GM) and American International Group (NYSE:AIG) as part of bailouts, later selling them off for profits. Banks like Citigroup (NYSE:C) also saw temporary government holdings.
More recently, the Trump administration purchased a 10% stake in Intel (NASDAQ:INTC) for $8.9 billion, converting CHIPS Act grants into equity to secure domestic semiconductor production. This was framed as essential for national security amid tensions with China. The Defense Dept. subsequently acquired a stake in rare earths miner MP Materials (NYSE:MP) and metals miner Trilogy Metals (NYSEAMEX:TMQ); the Energy Dept. acquired an equity stake in Lithium Americas (NYSE:LAC); and the government has a non-equity “golden share” in U.S. Steel.
These interventions often target sectors deemed critical to economic or defense priorities. Semiconductors, as with Intel, highlight a focus on supply chain resilience. Quantum computing fits this mold, offering breakthroughs in cryptography, drug discovery, and AI that could redefine global power dynamics.
The government views it as a “critical industrial” area, similar to rare earth minerals or advanced manufacturing, where foreign dominance — particularly by China — poses risks. Past stakes in energy firms during wartime or airlines post-9/11 underscore this pattern: intervene to ensure U.S. innovation leads.
