New Mexico is putting $315 million into building a new quantum industry, with Albuquerque at its center. The package includes direct support for companies, funding for labs, and money for a statewide quantum network. The goal is to create a hub that can attract startups and expand existing research in the state.
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A large share of the plan comes from New Mexico’s sovereign wealth fund. Officials said $185 million will be sent to private venture firms that agree to invest in quantum businesses operating inside the state. Additionally, $60 million from the state and $60 million from the Defense Advanced Research Projects Agency will be allocated for joint work. Together, that pool of $120 million will support projects under the federal Quantum Benchmarking Initiative.
This new move comes as New Mexico is aiming to become a new U.S. center for quantum technology.
Quantum Frontier Project and economic aims
Meanwhile, New Mexico has launched the Quantum Frontier Project with DARPA. The program is set up to test and confirm claims from companies that say they are making progress on quantum systems. The broader target is to see if useful, utility level quantum computing can be reached by 2033. Sandia National Laboratories and Los Alamos National Laboratory are already part of this federal program, and now state resources will be added to expand the testing base.
State leaders said the appeal of New Mexico rests on its mix of strong science talent, lower land costs, and lower power rates. The region is already home to Los Alamos, Sandia, and a branch of the U.S. Air Force Research Laboratory. By adding new money, leaders hope to link public labs with private firms across the state through the new network that is planned to be online by the middle of next year.
Officials also pointed to jobs as a major aim. New Mexico’s Economic Development Secretary said the initiative will be used to bring in both new employment and new capital. Venture firms will be tasked with finding startups that can scale in areas such as processors, secure links, and quantum software.
The push adds to recent moves in the state. Last month, Roadrunner Venture Studios was chosen to deploy $25 million into quantum projects. This week, Albuquerque is hosting IEEE Quantum Week, which brings together experts and firms from around the world.
We used TipRanks’ Comparison Tool to line up some of the top quantum stocks and other tickers mentioned in this piece. It’s an easy way to see how they compare and get a sense of where the space might be headed.
