Introduction

The U.S. government is making a series of moves that could reshape American technology for years to come. Over the past few months, Washington has announced billions in quantum computing investments, released its first National Security Science and Technology Strategy in more than 30 years, and taken direct equity stakes in dozens of companies across semiconductors and quantum technology.

This isn’t just incremental policy-making. It’s a fundamental shift in how the U.S. government supports emerging technology—moving from handing out grants to becoming an active investor with a seat at the table.

The $2 Billion Quantum Investment: A Portfolio Approach

In May 2026, the Department of Commerce signed letters of intent with nine companies to provide $2.013 billion in federal incentives under the CHIPS and Science Act . This is the largest single investment in quantum computing in American history.

The Winners

The investments are split between foundry incentives and quantum computing companies :

Foundry Incentives:

• IBM – $1 billion to establish a standalone quantum foundry subsidiary in Albany, New York, focused on quantum-grade superconducting wafers. The company is contributing an additional $1 billion in cash and intellectual property.
• GlobalFoundries – $375 million to establish a secure, domestic quantum foundry supporting multiple quantum modalities. The award was finalized in September 2026 and will support R&D in cryogenic CMOS process design kits, advanced packaging, and heterogenous integration .

Quantum Computing Companies:

• Atom Computing – $100 million for neutral-atom quantum computing
• Diraq – Up to $38 million for silicon spin quantum computing
• D-Wave – $100 million for superconducting quantum systems
• Infleqtion – $100 million for neutral-atom quantum systems
• PsiQuantum – $100 million for photonic quantum computing
• Quantinuum – $100 million for trapped-ion quantum computers 
• Rigetti – Up to $100 million for superconducting quantum technologies

The Equity Condition

What makes these deals different from traditional government funding is the structure. The Commerce Department is receiving minority, non-controlling equity stakes in each company as a condition of the awards . This approach, which the administration calls the “Investment Fund Path,” contrasts with the Biden-era approach of handing out grants without equity requirements .

The government now holds stakes in approximately 30 companies across semiconductors, quantum computing, steel, nuclear energy, and rare earth minerals, according to the Cato Institute .

The GlobalFoundries Partnership

One notable partnership is emerging from the quantum investments. Quantinuum, which received $100 million for trapped-ion quantum computing, is partnering with GlobalFoundries to fabricate next-generation ion traps and control electronics using 300mm wafer technology. The company is also working with Monarch Quantum to develop scalable lasers and optical components .

As Quantinuum CEO Rajeeb Hazra put it: “Together with our domestic partners, we are building the technology and supply-chain foundation needed to scale fault-tolerant systems and strengthen America’s leadership in this strategically important field” .

The National Security Science and Technology Strategy

On August 17, 2026, the White House released the National Security Science and Technology Strategy—the first document of its kind since 1995 . The 24-page strategy establishes a new framework for how the U.S. government approaches technology competition.

The Four Pillars

The strategy organizes U.S. technology policy around four pillars :

1. Focused – Directing technology competition toward areas where the U.S. has structural advantages.

2. Resilient – Reducing vulnerabilities in critical supply chains.

3. Agile – Accelerating innovation by removing regulatory hurdles.

4. Secure – Preventing foreign exploitation of U.S. intellectual property.

The Priority Pyramid

The strategy establishes a clear hierarchy of technology priorities . At the top are three areas where the U.S. needs “clear technological superiority”:

• Undersea superiority – submarines and anti-submarine warfare
• Space – from low Earth orbit to the area around the Moon
• Artificial intelligence and autonomy – where the strategy calls for “competitive advantage” rather than decisive superiority

Supporting these are “other critical areas”: airpower (stealth, electronic warfare, air defense), long-range strike, and C5ISR (command, control, communications, computers, cyber, intelligence, surveillance, and reconnaissance) .

Below those are the “key enabling technologies”: advanced manufacturing, hypersonics, nuclear energy, and semiconductors .

A Shift on Talent

One notable change: The strategy says the U.S. “will further strengthen its workforce by attracting and retaining top-tier global talent in critical national security S&T fields” . This is a departure from the previous National Security Strategy, which suggested that global talent “undercuts American workers.”

The Quantum and Biotech Angle

The strategy also identifies potentially transformative emerging technologies that could upset the strategic balance. Quantum and biotechnology are specifically called out as fields where the national security implications and timelines remain uncertain . This partly explains why the administration is investing so heavily in quantum computing—it wants to ensure the U.S. doesn’t get surprised by a breakthrough in a critical technology.

The Broader Portfolio: Intel and Beyond

The quantum and semiconductor deals are part of a larger pattern. The government’s equity portfolio now includes stakes in roughly 30 companies .

The Intel Precedent

The template was set in August 2025, when Intel agreed to give the U.S. government a roughly 10% stake in the company in exchange for $8.9 billion in federal subsidies . The government received 433.3 million shares at roughly $20.47 each. Intel’s stock has since surged, and the stake is now worth over $40 billion.

But the deal has drawn criticism. The libertarian Cato Institute argues that the government’s equity stakes have “already corrupted American businesses” . Policy analyst Tad DeHaven warned: “A government that owns the players cannot be trusted to call the game fairly” .

The “Investment Fund Path”

The Commerce Department created a new funding path called the “Investment Fund Path” for CHIPS deals. Under this path, companies “may be required to issue to the Department equity, warrants, licenses to intellectual property, royalties or revenue sharing, or other such instruments to ensure a return on investment to the Government” .

Critics argue this turns industrial policy into a money-making strategy rather than a push to promote domestic production . The Cato Institute warns that the approach could “weaken market discipline, steer private capital toward politically favored firms, and place competitors and startups at a disadvantage” .

A Diverse Portfolio

The government’s holdings are split across at least four federal agencies. Seventeen stakes are held through Commerce, seven through Defense, six through the Development Finance Corporation, and two through Energy .

The holdings include stakes in Intel, rare-earth miner MP Materials, a “golden share” in U.S. Steel, and stakes in several quantum computing companies .

The Quantum Hardware Push: Progress and Policy

The policy push comes as quantum hardware is showing real progress.

Quantinuum’s Helios

In June 2026, Quantinuum published in Nature its Helios system—a 98-qubit trapped-ion quantum processor featuring all-to-all connectivity and two-qubit gate fidelities averaging 99.92% . The system operates well beyond the classical simulation boundary—classically simulating what Helios can run would require exascale computing resources sustained over astronomical timescales.

Distributed Quantum Networks

Separately, researchers at the Duke Quantum Center and IonQ published a preprint reporting the first fully distributed three-node GHZ state of individual atomic qubits connected by photonic links . This matters because distributed quantum networks are the architecture through which a future quantum internet would function.

The Executive Orders

The policy architecture includes two executive orders signed by President Trump in June 2026 :

Order 1: Creates the Quantum Computer for Application Development and Discovery Science (QC-ADDS) effort, mandating the delivery of at least one research-grade quantum computer to a Department of Energy facility by 2028.

Order 2: Establishes deadlines for federal agencies to migrate to post-quantum cryptography by 2030 for key establishment and 2031 for digital signatures.

As National Cyber Director Sean Cairncross explained: “As quantum rolls forward, it will challenge public key cryptography, which is what secures everything” .

What This Means for the Future

The pattern across these developments is clear. The White House strategy provides the framework, identifying priorities and calling for faster innovation. The CHIPS Act’s investments target specific technical bottlenecks. Congress is moving on quantum reauthorization legislation. And the government’s equity stakes mean taxpayers have a financial interest in the outcome.

What makes this moment different is the coordination—and the willingness to take equity stakes rather than just hand out subsidies. The U.S. is not simply funding research and hoping for the best. It is building the infrastructure to support technology leadership for decades to come.

The question is whether this approach can be sustained without distorting markets or undermining public trust. But the direction is clear: the U.S. government is becoming an investor in American technology.