Owning the Future of Quantum Computing

On October 23, The Wall Street Journal reported that the Trump administration was exploring equity stakes in U.S. quantum computing companies like IonQ, Rigetti Computing, and D-Wave Quantum. The story surfaced just days before President Trump’s meeting with Chinese President Xi Jinping, which took place on the sidelines of the APEC Summit amid heightened tensions between Washington and Beijing over trade and tech restrictions.

The Commerce Department denied they were “currently” in talks with quantum companies, careful phrasing that neither addressed prior discussions nor ruled out future ones. Quantum stocks rose and remained up, even after the denial.

Quantum and National Security

Quantum computing has become a national security flashpoint. The technology promises to eventually solve problems classical computers can't and accelerate advancements in areas like healthcare, energy, and climate. But those same capabilities could one day be used for military purposes or to break encryption. The U.S. has already moved to regulate the industry, imposing export controls and restricting U.S. investment in Chinese quantum companies.

Pattern of Ownership

The government’s purported interest in acquiring equity in quantum companies is not a one-off. As China has tightened export controls on rare-earth minerals and lithium-processing technology and continued its push for chip self-sufficiency, Washington has acquired stakes in MP Materials — which operates the country’s only operational rare-earth mine — Lithium Americas, and Intel.

What’s emerging is clear: the Trump administration is pursuing ownership in critical sectors where the U.S. and China compete. Expect similar plays in biotech and other strategic industries. As technology and national security continue to converge, the pattern is worth watching. Quantum may be the latest example — but it won’t be the last.

The views expressed here are Candice's and not those of any organization she is affiliated with.