Check out the progress of the Commerce Department's funding incentives for manufacturing chips vital to national security and space.

The U.S. Commerce Department said on Monday it is finalizing nearly $60 million in government subsidies for BAE Systems to build chips used in jets and satellites, and for Rocket Lab to build compound semiconductors used in satellites and spacecraft.

The finalized awards come as the Biden administration tries to quickly roll out CHIPS funding ahead of Trump’s term.