Insider Brief
- New Mexico announced a $315 million package to develop a quantum industry, including investments in companies, fabrication facilities, and a statewide quantum network.
- The initiative includes $185 million from the state’s sovereign wealth fund for venture capital and up to $120 million in matching contributions with DARPA under the Quantum Benchmarking Initiative.
- The state also launched the Quantum Frontier Project with DARPA, aiming to test and validate quantum technologies as part of a national effort to determine if utility-scale quantum computing is achievable by 2033.
PRESS RELEASE — Fresh off of news that New Mexico initiated a multimillion dollar project to boost quantum tech in Albuquerque, the state’s leaders revealed another big — as in nine-figure big — bet on this potentially era-defining technology. State leaders on Tuesday announced a $315 million package of investments in companies, fabrication facilities, and infrastructure designed to seed a quantum industry with Albuquerque as its hub, Reuters reported.
The plan includes building a quantum network to connect laboratories and businesses across the state, with some projects expected to be operational by the middle of next year. Governor Michelle Lujan Grisham told Reuters that New Mexico’s appeal stems from its blend of scientific talent, affordable land, and relatively low energy costs. With a population of about two million, the state is already home to Los Alamos and Sandia national laboratories and a U.S. Air Force Research Laboratory branch.
A key portion of the package is $185 million from the state’s sovereign wealth fund, which will flow to private venture capital firms tasked with investing in quantum businesses that establish or expand operations in New Mexico. The goal, according to officials, is to create a pipeline for start-ups and scale-ups to develop technologies ranging from quantum processors to secure communications.
Reuters also reported that another $60 million each from the state and the Defense Advanced Research Projects Agency (DARPA) will support efforts to evaluate projects and prepare them for commercial viability. The governor’s office described the same arrangement as matching contributions of up to $120 million over four years, part of a broader federal initiative to test the claims of quantum developers.
Separately, Gov. Lujan Grisham announced that New Mexico has signed an agreement with DARPA to establish the Quantum Frontier Project, a new partnership under DARPA’s Quantum Benchmarking Initiative (QBI). The program’s aim is to determine whether utility-scale quantum computing can be achieved by 2033.
“Quantum computing may prove to be the most consequential technology of this century for national security and breakthrough innovations,” Gov. Lujan Grisham said in the statement. “New Mexico, having once pioneered applied physics, is excited to partner with DARPA on the QBI program to stay at the forefront of frontier technology and bring our world-class research, development, and entrepreneurial ecosystem into the fold.”
DARPA officials said the state’s role will be critical to evaluating progress in the sector.
“New Mexico is the latest state to enter into partnership on QBI, and we are eager to leverage new facilities and expertise as we test and evaluate claims from a number of quantum computing companies about their progress in building a useful quantum computer,” said Joe Altepeter, QBI program manager. “World-class national laboratories in New Mexico, such as Sandia and Los Alamos, are already a part of QBI’s independent verification and validation team, and we look forward through the Quantum Frontier Project to tapping into more of the state’s quantum R&D and testing infrastructure to help us determine whether quantum computers will work or not.”
Economic Development Secretary Rob Black framed the effort as both a technology and jobs strategy. “This agreement makes it clear: New Mexico is stepping up to lead in the industries of tomorrow,” he said. “Quantum computing means jobs, innovation, and a stronger economy for our state, and we intend to seize this moment in the global race.”
The investment comes as momentum builds in the state’s quantum sector. Last month, the Economic Development Department selected Roadrunner Venture Studios to deploy $25 million to accelerate quantum innovation and commercialization. This week, Albuquerque is hosting IEEE Quantum Week, bringing together scientists, engineers, and entrepreneurs from around the world.
