GlobalFoundries stock jumped +11.4% in pre-open trading to $78.88 today. The company unveiled a new quantum computing division and secured a major U.S. government funding commitment.
The new unit is called Quantum Technology Solutions. It aims to scale manufacturing for the quantum industry. The U.S. Department of Commerce issued a letter of intent for $375 million and a strategic equity stake.
The grant is part of a $2 billion package for nine quantum-computing companies. GlobalFoundries has over a decade of partnership with the U.S. government. It has expertise in cryogenic CMOS, advanced packaging, and materials science.
Analysts are optimistic. Evercore ISI raised its price target to $85. Susquehanna increased it to $125. The broader market is also up: S&P 500 +1.1%, Dow Jones +1.3%, NASDAQ +1.5%.
Q1 revenue was $1.634 billion. The company announced its first-ever $0.12 dividend. The Communications Infrastructure and Data Center segment grew 32% year-over-year to $230 million.
These factors pushed GlobalFoundries stock above its previous 52-week high of $76.98.
