CHIPS Incentive would advance quantum computing technologies critical to U.S. economic competitiveness and national security

Summary

Advances domestic quantum manufacturing, supply chain and workforce capabilities needed to support the next generation of computing technologies
Supports a milestone-based program designed to accelerate Infleqtion's neutral-atom technology roadmap across quantum hardware, photonics and full-stack system development, while further supporting the company's long-term government and national security initiatives
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 War
The company has an ongoing collaboration with NVIDIA that includes demonstrating the industry's first logical-qubit-powered materials science application using Infleqtion's Sqale neutral-atom quantum computer

Infleqtion (NYSE:INFQ), 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.

About Infleqtion

Infleqtion, Inc. (NYSE:INFQ) is a global quantum technology company built on a single neutral-atom platform spanning quantum computing, sensing, and software. Infleqtion's platform combines hardware and software to support multiple products and markets from a common quantum core. The company is already deploying quantum technologies in operational environments across government, defense, energy, and space. Infleqtion's technologies support programs and collaborations with the U.S. Department of War, NASA, the U.S. Department of Energy, the U.K. government, and NVIDIA. With operations in the U.S., Europe, and Asia, Infleqtion is advancing neutral-atom quantum technologies for computing, sensing, and software applications. For more information, visit Infleqtion.com or follow Infleqtion on LinkedIn, YouTube, and X.

Forward looking statements

This press release contains forward-looking statements within the meaning of federal securities laws, including the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "projects," "seeks," "will," and variations of these words or similar expressions that are intended to identify forward-looking statements. All statements, other than statements of historical facts, including without limitation statements regarding the ability of Infleqtion to successfully execute a definitive agreement with the Department on acceptable terms; the completion of due diligence to the satisfaction of the Department; the anticipated amount, timing, terms and conditions of any Department funding, including whether up to $100 million in Department funding will ultimately be made available; Infleqtion's ability to satisfy any conditions, milestones or other requirements associated with the receipt of funding, Infleqtion's development of its neutral-atom quantum computing technology, and any other statements regarding the Company's business outlook, customer demand, commercial opportunities, and market momentum, are forward-looking statements. These statements are based on Infleqtion's current expectations, assumptions and projections as of the date of this release and are subject to risks and uncertainties that could cause actual results to differ materially and adversely. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, without limitation, those related to Infleqtion's ability to recognize anticipated benefits of its business combination with Churchill Capital Corp X; the implementation, market acceptance, and success of Infleqtion's business model, growth strategy, and opportunities, and its ability to commercialize its quantum computing and quantum sensing technology; the expected benefits of and ability to maintain and enter into new contracts, awards, and other relationships, partnerships, or collaborations with governments, government entities, universities, or commercial partners; the ability to develop and deploy neutral-atom quantum computing products on anticipated timelines and at anticipated performance levels; the ability to achieve fault-tolerant and utility-scale quantum computing, including anticipated improvements in entangling gate fidelity; the ability of resource-superstaq and the Superstaq platform to achieve commercial and research adoption; the potential for quantum computing technology to achieve quantum advantage; the ability of Infleqtion's products to meet government counterparties' and customers' technical requirements and compliance and regulatory needs; Infleqtion's ability to obtain and maintain intellectual property protection and not infringe on the rights of others; and other risks and uncertainties described in Infleqtion's filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update these forward-looking statements except as required by law.

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Infleqtion Signs Letter of Intent with the U.S. Department of Commerce for $100 Million to Accelerate U.S. Leadership in Quantum Computing