IBM Rallies on Quantum Bet — Is the Rally Just Getting Started?

International Business Machines IBM shares moved higher again Friday after the company said it will help fund a new quantum foundry with the U.S. Commerce Department, extending a rally that lifted the stock 12% in the prior session.

IBM said the project, called Anderon, will be a stand-alone quantum foundry. IBM and the Commerce Department will each contribute $1 billion in cash to the effort, which adds to growing interest in quantum computing stocks.

The move also helped keep smaller quantum names in focus. D-Wave Quantum QBTS rose 2%, Rigetti Computing RGTI climbed 4% and Infleqtion jumped 6% in premarket trading Friday.

The Commerce Department is also expected to provide funding to several quantum companies, including D-Wave, Infleqtion and Rigetti. IBM’s latest move comes as investors continue to rotate into quantum names after a run of policy support and deal activity across the sector.