(Updates with stock movement in the last paragraph.)

IBM (IBM), GlobalFoundries (GFS) and D-Wave Quantum (QBTS) are among the companies set to receive billions in US government backing as the Trump administration ramps up efforts to boost the quantum computing industry.

IBM and the US Commerce Department said they signed an LOI to launch Anderon, America's first pure play quantum chip foundry, backed by $1 billion in CHIPS incentives and another $1 billion from IBM.

The proposed awards are not final and remain subject to definitive agreements, diligence, regulatory or internal approvals, and milestone requirements, according to the companies and a The Wall Street Journal report.

GlobalFoundries plans to build a domestic quantum manufacturing ecosystem with $375 million in proposed funding, while D-Wave and Infleqtion (INFQ) also signed LOIs for proposed $100 million awards under the CHIPS and Science Act, according to separate statements.

The investments aim to accelerate quantum hardware development, expand US-based manufacturing, create high-paying jobs and strengthen national security as Washington races to scale next-generation computing technologies, they said.

Rigetti Computing (RGTI) said it has signed a letter of intent with the Commerce Department for up to $100 million in funding over three years.

The Wall Street Journal report said the total package is worth $2 billion.

Shares of IBM, GlobalFoundries, D-Wave Quantum, Infleqtion and Rigetti Computing were up 4.3%, 10.3%, 19.5%, 35% and 19.7% respectively in premarket activity.