Infleqtion (INFQ) stock was in focus after the quantum computing company announced a possible $100 million funding deal. This deal is tied to the U.S. Department of Commerce. The company said it signed a Letter of Intent (LOI) with the Commerce Department’s CHIPS Research and Development Office. If finalized, the funding would help speed up the growth of Infleqtion’s quantum computing systems in the U.S. The LOI also includes a term where the government could receive $100 million worth of Infleqtion stock at a 15% discount.
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Explore NVDS for 2X short leverage on NVDAThe deal centers on Infleqtion’s neutral-atom quantum systems. The company said its technology is already being used in real-world settings linked to national security, energy, and advanced computing. Infleqtion also noted that the funding would help expand work on quantum hardware, photonics, software, and engineering across its U.S. sites.
Infleqtion CEO Matt Kinsella said the proposed funding reflects the “transformative potential of quantum innovation.” He added that Infleqtion is honored to work with the Commerce Department to help speed up U.S. leadership in quantum computing.
Infleqtion Receives Support from a Computing Giant
Infleqtion also received support from Nvidia (NVDA). The two have worked on combining quantum systems with GPU-powered supercomputers. Nvidia Vice President Timothy Costa said the funding marks an important step toward building large-scale quantum computing systems in the United States.
Infleqtion Stock Movement Today
Infleqtion stock was up 38.01% on Thursday, but was still down 1.09% year-to-date. The stock has also risen 10.04% over the past 12 months.
Trading activity today saw some 13.93 million INFQ shares change hands. That is above the company’s three-month average daily trading volume of about 10.33 million shares.
Is Infleqtion Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Infleqtion is Moderate Buy, based on two Buy ratings over the past three months. This comes with an average INFQ stock price target of $21, which represents a possible 33.76% upside for the shares.
