Quantum computing stocks surged after the Trump administration announced more than $2 billion (€1.7bn) in federal support for the sector. IBM received the largest investment and shares rose over 12% adding more than $27 billion (€23.

Half of the Administration’s $2 billion investment is going to tech giant IBM to build an American quantum chip foundry. To helm the research and development efforts, IBM said it will form a new subsidiary called Anderon that will be headquartered in Albany, New York.

Quantum computing stocks rallied on Thursday after news of a major investment from the White House. Infleqtion, Rigetti, and IBM shares spiked.

The report said IBM will receive the largest share of the package, with nearly $1 billion in grants expected to go to the tech giant.

IBM Stock: The Trump administration is awarding $2 billion in ​grants to nine ​quantum-computing companies in deals.

The Commerce Department will award over $2 billion in federal incentives to two domestic quantum foundries and seven quantum computing companies.

Today, IBM (NYSE: IBM) and the U.S. Department of Commerce (DoC) announced a Letter of Intent (LOI) to build an American quantum chip foundry, securing the nation's global quantum leadership and fueling the country's growing quantum ecosystem.

This article is part of a package on the future of quantum computing. Read about the most promising applications of these machines here and see an illustrated field guide to qubits here. Inside a low-slung building in an office park near the southeastern edge of the San Francisco Bay,