D-Wave's $100m federal quantum award starts with $53.6m and 7.1m shares

$53.6m comes first.

D-Wave's executed Commerce agreement makes that amount available shortly after the award date, its SEC filing says. Another $46.4m depends on milestones for equipment, prototypes and testing. The company plans to issue Commerce 7,095,721 shares at $14.093 each under a price formula carrying a 15 percent discount.

Rigetti filed a separate final agreement for up to $100m the same morning. Its initial tranche is $43.9m, followed by $29.9m and $26.2m if Commerce accepts the milestones. Rigetti will issue the department 7,739,938 shares at an implied $12.92 each.

Both awards run for as long as five years. The government equity carries limited voting and transfer rights.