The government has begun taking direct equity positions in publicly traded companies as part of industrial policy rather than only during recessions or national emergencies. After investments in rare earths and Intel, a new quantum computing push announced $2 billion across nine companies, increasing the government’s stock portfolio by about 150%. Pure-play quantum firms such as Rigetti Computing and D-Wave Quantum are expected to receive about $100 million each. Other beneficiaries include GlobalFoundries and Infleqtion, while IBM is projected to receive roughly $1 billion. IBM’s existing profitable enterprise business, established relationships, and large-scale quantum operations make it a central recipient of funding.
"The stock market has spent decades operating under a simple assumption that, absent some national calamity such as after the 9-11 attacks or during the financial crisis, governments regulate industries, but private investors allocate capital. During Trump's second term, that line is rapidly blurring. Over the past 10 months, the Trump administration has taken direct equity stakes in six publicly traded companies - not during a recession or national emergency, but as a matter of industrial policy."
"Now Trump is doing it again, extending the strategy into quantum computing by announcing $2 billion in investments across nine companies and effectively expanding the government's stock portfolio by 150%. International Business Machines ( ) is emerging as the big quantum computing winner. According to a report from The Wall Street Journal , pure-play quantum companies including Rigetti Computing ( NASDAQ:RGTI ) and D-Wave Quantum ( NASDAQ:QBTS ) will reportedly receive about $100 million each."
"Other beneficiaries include GlobalFoundries ( ) and Infleqtion ( NASDAQ:INFQ ), but IBM is getting the lion's share - reportedly around $1 billion. This actually makes strategic sense. Unlike many quantum startups generating little revenue, IBM already operates a profitable enterprise business with decades of government and commercial relationships. It generated $67.5 billion in 2025 revenue and $14.7 billion in free cash flow."
"Its quantum division already operates more than 100 quantum systems through the IBM Quantum Network. Surprisingly, IBM may be the safest way for taxpayers to fund quantum development. The compa"
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