Investing in the next revolution in computing technology

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Quantum computing stocks are working toward creating and selling quantum computers and other quantum products. These technologies are based on principles of quantum mechanics. This includes superposition and entanglement to perform operations that a classical processor cannot. These stocks provide a way to enter a field expected to transform many industries.

Thus, investing in quantum computing stocks is quite promising, considering the development of the industry. Some of the breakthroughs in quantum computing hardware include the creation of superconducting qubits and error correction software for larger quantum computers. There has been progress in increasing the qubit coherence times and combining classical and quantum computing to solve real-life problems.

Many of these quantum computing stocks trade at reasonable valuations. Now is a great time for investors to consider these options to grow their wealth. So here are three quantum computing stocks to consider.

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IBM (NYSE:IBM) is one of the leading companies in the race toward quantum computing. Its constantly pushing forward to create efficient quantum systems. The companys delivery of the first 1,000-qubit quantum chip in 2023 proved incredible advancements are being made in this field.

Whats more, IBMsapproachhas changed significantly since the company decided to focus on the miniaturization of quantum chips and their increased accuracy rather than increasing the number of qubits. While quantum computing still has a long way to go before it is practically usable, it has the potential to be used in fields such as cryptography, optimization, and simulation. This is where computing accuracy is paramount.

Thanks to its technical competence, cooperation with other industries, and conceptual approach to the development of quantum computing, IBM has the potential to lead the way forward.

Financially and technically, IBM pays a solid and growing dividend and has a low beta, making it a defensive pick in ones portfolio.

Intel (NASDAQ:INTC) has become one of the frontrunners in the race to build quantum computers through the application of transistor-based design and semiconductor manufacturing. Thus, by transferring the methods for creating and verifying conventional chips to silicon-based quantum computers, Intel has made a significant leap forward in its creation.

This is because the company is using silicon spin qubits, which are somewhat similar to the familiar semiconductor transistors. This allows the company to use its advanced CMOS fabrication facilities to place millions or even billions of these qubits on a single chip.

Intels progress in developing a 12-qubit silicon chip on a 300mm wafer with an impressive 95% yield rate proves its capacity to meet the stability standards of quantum computers. Also, Intel has perfected the cryogenic wafer probing technique. This allows it to test its quantum devices and make necessary adjustments faster.

INTC could be one of the top quantum computing stocks to consider to include an award-winning brand your portfolio.

IonQ (NYSE:IONQ) is a leading developer of quantum computing systems using trapped ions. This approach could potentially enhance the reliability of its quantum computations.

IonQ has a strong technological advantage and owns 74 US-issued patents and 163 pending applications covering its quantum computing solutions. It is also engaged in the process of developing its quantum hardware for the commercial market, through which is available on the major cloud platforms and has signed several strategic partnerships,

One of the best things about IONQ is its financials are in good shape. This is more than what can be said for other companies that are exploring more experimental strategies.

As per its Q1 results, IonQ has high gross margins and increasing orders for quantum systems. The company expects to achieve net income before seeking more capital and thus prepare for long-term development. These factors make IONQ one of those quantum computing stocks to buy.

On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Matthew started writing coverage of the financial markets during the crypto boom of 2017 and was also a team member of several fintech startups. He then started writing about Australian and U.S. equities for various publications. His work has appeared in MarketBeat, FXStreet, Cryptoslate, Seeking Alpha, and the New Scientist magazine, among others.

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3 Quantum Computing Stocks That Could Grow Your Wealth - InvestorPlace

Quantum component manufacturer Infleqtion is to install a neutral atom quantum computer at the National Quantum Computing Centre (NQCC) in Harwell, UK.

Infleqtion will be the first company to deploy hardware at the NQCC, as part of the centers quantum testbed program.

Founded in 2007 and with offices in the US, the UK, and Australia, Infleqtion develops and designs instruments and systems for quantum technology applications.

Our recent installation is part of Infleqtions dedication to leading facility logistics in partnership with our colleagues at the NQCC. said Tim Ballance, president of Infleqtion UK. Together, we are establishing crucial infrastructure components such as network infrastructure, safety protocols, and security measures.

He added that primary lasers and optical, vacuum, and electronic subsystems all equipment necessary to support the functionality of the quantum computer have been included in this installation.

Infleqtion is also working with NQCC researchers and its partners at Oxfordshire County Council, Riverlane, and QinetiQ, using its Superstaq software to apply quantum optimization to tackle challenges such as traffic management in Oxfordshire.

The company says its principal goal is to demonstrate the practical applications of quantum technology on both a regional and national scale, particularly in areas such as national security and defense.

These system-level prototypes will help the NQCC and its collaborators to understand the unique characteristics of different hardware approaches, establish appropriate metrics for each qubit architecture, and explore the types of applications that benefit most from each technological approach, said NQCCs director, Dr. Michael Cuthbert.

This will directly feed into the NQCCs ongoing engagement with organizations across academia, industry, and government to develop use cases for early-stage quantum computers and to identify the innovations needed to accelerate the development and adoption of this transformative technology.

The NQCC is the UK's national lab for quantum computing, jointly delivered by two research councils within UK Research and Innovation the Engineering and Physical Sciences Research Council and the Science and Technology Facilities Council.

The center works with partners across industry, government, and the research community, with its core funding provided by the Engineering and Physical Sciences Research Council, the main funding body for engineering and physical sciences research in the UK.

Quantum computing firm Rigetti has previously said it will deliver a QPU to the NQCC. The company aims to develop and deploy a 24-qubit quantum computer based on the Companys Ankaa-class architecture, to the NQCCs Harwell Campus.

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Infleqtion to install quantum hardware at UKs National Quantum Computing Centre - DatacenterDynamics

The Superposition Guys Podcast, hosted by Yuval Boger, CCO at QuEra Computing

Kathrin Spendier, the technical prize director of XPRIZE Quantum Applications, is interviewed by Yuval Boger. Kathrin discussed her role in driving the quantum applications competition. The competition aims to discover quantum algorithms that demonstrate quantum advantage for real-world problems, with a $5 million prize purse divided over three years. She explained the application process, the types of problems targeted, and the importance of collaboration among participants, and much more.

Listen on Spotify here

Yuval Boger: Hello, Kathrin. Thank you for joining me today.

Kathrin Spendier: Thanks for having me, Yuval. Im very excited to be here and looking forward to our conversation.

Yuval: Wonderful. So who are you and what do you do?

Kathrin: So I am currently the technical prize director of XPRIZE Quantum Applications. I started this role about two months ago. Before that, I was a quantum technology evangelist at Quantinuum. My focus was on TKET, Quantinuums open source quantum SDK. I was traveling around universities and telling people about the SDK and how it works. I was very much involved in university outreach. And that pretty much aligns with where I came from before because I was at the University of Colorado Colorado Springs for 10 years. I was a tenured faculty in the physics department and although I wasnt in quantum computing at that time, I actually was a biophysicist. running a research lab on optical microscopy and how to apply it to study live cells. so my background is physics and Im from Austria. and now Im here and Im working with XPRIZE to push the boundaries of quantum applications.

Yuval: What is XPRIZE?

Kathrin: XPRIZE is a nonprofit foundation and its existed for about 30 years. So this year we celebrated our 30-year anniversary. Our main goal is to find challenges we have as humanity. And then in order to overcome these challenges, the idea is that you have a competition in order to get more people involvedscientists, entrepreneurs, individualsto solve these really hard problems that you need to solve in order to make sure that humanity is moving forward. And were not getting stuck in certain areas that might not be good. we have a lot of different prizes. Some of them are about how to achieve clean water. How can we, for example, protect our rainforests, our biodiversity. we have a lot of different prizes that are ongoing right now. And you can learn about them on XPRIZE.org. But pretty much the idea is you have a competition, you have very tough problems, and XPRIZE is trying to make the competitions audacious. So something that pushes you to do more than you normally would do in everyday life. theres a lot of information out there you can read. I think over the 30 years, theres like 10,000 innovators that have joined XPRIZE. So the community is quite big and its growing.

Yuval: The Quantum Challenge of XPRIZE is probably not 30 years old. When did it launch and what is the challenge? Whats the challenge? Whats the prize? What can you tell us about the Quantum Challenge?

Kathrin: Yeah, so the Quantum Challenge launched in March of this year and its a three-year competition, and we have our sponsors who are Google Quantum AI and GESDA. So they came together to form this prize in a three-year competition. And the idea here is that in three years, we hopefully have teams that join and we are hopeful that we come up with an algorithm that actually has quantum advantage for real-world problems. So the idea here is that we have these global challenges which the XPRIZE competitions are all about. And we are trying to make sure that when quantum computing gets to a point where you have very good hardware where you can solve challenging problems, that we also have the algorithms that can support running very meaningful problems. But we are a little bit behind with the algorithm development. So the competition is about finding these algorithms that have quantum advantage and that also solve meaningful problems that help humanity to move forward.

Yuval: If a team is so lucky and so smart to win the prize, how much is the prize or what is the prize?

Kathrin: So the prize purse overall, for the three years is $5 million. And the way XPRIZE has been operating in this competition is that this prize purse is divided up over the competition period. So for XPRIZE quantum applications, the first million dollars, so $1 million out of the $5 million will be given out after phase one is completed sometime near the end of 2025. And up to 20 teams will share this $1 million. And then these 20 teams and possibly some wildcard entries will move forward to phase two. And at the end of phase two, which is completed after three years, so that will be in early 2027, you will have a prize purse of $4 million that is remaining. And up to three winning teams will share $3 million. And then were going to have some runner-ups, possibly two to five that will share $1 million.

Yuval: What does it take to apply? Do I need to select a problem or to suggest a problem? How would people know what they believe they can solve in three years with quantum advantage?

Kathrin: Yes, applications are open until the end of July of this month, so July 31st. And it has kind of three steps to it. Theres a registration form you have to fill out. As a team, you can pretty much be an individual competitor. You can come from a startup company. You can be at a university. You can have teams that have multiple people from different areas. And pretty much you sign up, you register a team, you share some information with us regarding what youre interested in, whats your background, what youre looking forward to in the competition. You can share with us what you would like to submit, but you can also say youre still thinking. So this is a registration form. It takes you five to 10 minutes to fill out. Then we have a registration fee, and then we have the competitor agreement. Thats kind of the legal structure that your team is forming. And then you have an exchange with XPRIZE. And that also has to be reviewed and signed by your entity, which could be a university, for example. And then once all of this is done, you are registered. At this point, you can still be in that initial, nascent phase if you wish.

Yuval: So I basically dont have to say what is the problem I want to solve, just that Im forming a team and agree to the terms of the competition.

Kathrin: So thats totally fine. So we do have three areas of submissions. We call them novel algorithms, where teams come up with a new algorithm that has quantum advantage and is applied to real-world problems. For example, material science, maybe youre developing something that can help in terms of carbon sequestration. Or you can enhance an already existing algorithm. So theres an existing algorithm out there that has been shown to have quantum advantage, but you can enhance it somehow and then also apply it to real-world problems. So imagine right now theres an algorithm out there, people say they have quantum advantage, but in order to apply it, you need to have 100 error-corrected qubits, for example. But if you can go in and you take this quantum algorithm and you can make a change to it, you can show actually that something was overlooked, and now you can bring it more near term, that will be very exciting for an application, for example. Or you can have an algorithm that was developed but initially not thought to be applicable to this problem space. So that could be another entry. But you dont have to be specifically stuck to novel algorithms, enhanced algorithms, or a new application type. You can also maybe have something else you can think of, or you can say, I dont know. I think one-fifth of the teams that have currently filled out the registration form indicated they dont know yet. So there are some, I would say the majority right now, almost a third, will work on novel algorithms.

Yuval: The problems, it seems, have to be helpful to humanity, right? So if a team just found a way to make Shors algorithm run much better or with fewer resources, and the goal is to crack the worlds financial system, thats probably not a good fit for XPRIZE.

Kathrin: Oh, it depends. So we are suggesting that you should look at sustainability problems or other global challenges. But in any case, as a team, you make the argument of why its important. It really depends on the application you can think of, how many people are affected by it. And sometimes these applications may have a larger impact. The problem space is pretty wide and the judging criteria are fairly distributed. So in case you score high in one category, you may score less high in the other, but overall youre still very competitive. So I think you can really explore these things and you never know, maybe you come up with a new idea, a new application. So yeah, I wouldnt be worried about it.

Yuval: What can you tell me about the judges and the judging criteria? Who are they and what are they looking for?

Kathrin: Before the prize was launched, there was a lot of outreach to the current experts in the field. So we have a very diverse group of judges. Theyre also posted on our website if you go xprize.org and then choose the Quantum Applications prize and then scroll down to the Judges. Theres obviously support by Google Quantum AI as one of the sponsors besides GESDA. And then we also have people from Amazon Web Services, we have Harvard University, Microsoft. So we do have judges that are fairly distributed, the categories we thought we needed right now, but judges are still able to enter and help us. So we still have a need for judges and as the applications come in and as teams share more information about their entries, theres room for changing judges in the sense of adding more judges, and I think we will need more judges.

Yuval: If a team develops a new algorithm, do they continue to own that algorithm if they submit it to XPRIZE?

Kathrin: Yes, they own the IP. Yes, that stays with the team. So of course, it then depends on your internal agreement. If the entity youre working with is, for example, a university entity, then you have different rules internally, or if you work for a national lab, for example. So, but in principle, whoever the entity entering the agreement with XPRIZE is, that entity will own the IP.

Yuval: What is the role of a technical director? When should people reach out to you? What kind of questions can you help with?

Kathrin: Thats a good technical question. So if you are in academia, think about the technical director being the same as your NSF program director. I am the point of contact for you. You reach out with the questions, something is not clear, going through a registration process. You have questions about the competitor agreement, you reach out to me. Im your point of contact in that sense. I am here to help you to be most successful in this competition. So there are no barriers to reach out to me. So please do. Thats my role. Im managing the everyday schedule. Im helping, for example, develop the guidelines. Im in contact with judges and advisors to make sure that they give the input. Then Im also helping, for example, to get the word out. So Im doing active outreach as well at the moment. The role will change a little bit as we move forward.

Yuval: Does the team need to show that the algorithm works on an actual computer? So for instance, if theres this new breakthrough algorithm and it requires 500 logical qubits and at the time of judging, there is no computer that can run 500 logical qubits, does that still qualify?

Kathrin: So thats a good question. I have gotten this question a couple of times. So really what were looking for is a quantum algorithm that can be applied at one point where we can apply it on a quantum computer. what the competition is about is how near-term your application is. It doesnt have to be run right now on a quantum computer or in three years. If we get to a point where the hardware is at the stage where you can run your algorithm and where you show advantage, that would be just amazing. But in principle, it doesnt have to be applicable right now. So how near-term, how high-impact, how much of a thought delta is there in your submission.

Yuval: You mentioned that you get this question a lot. What other questions do you get a lot? What is frequently asked that you want to share?

Kathrin: So one question I do get is from young scientists. From students that enter the workforce and are still studying or starting their graduate degrees, for example, theyre asking, Am I even competitive for this kind of competition? And I point out that XPRIZE is a little bit different. XPRIZE Quantum Applications is different than a normal proposal you write. So normally you write a proposal, you get the money and you work on your idea. But for XPRIZE Quantum Applications, you kind of get the award afterwards. So you get the prize after you submit and complete it. And we actively want teams to collaborate. So even though you as an individual dont have all the experience needed, for example, you are not an error correction expert or youre not a classical compute expert. But if you join, theres a possibility of matching up with other teams. So you become an addition to a team. As a team together, you then come up with a very competitive idea. So its about networking as well. Its about starting at a certain level and then throughout the competition, you will develop more experience. You want to get more insights. Youre going to have a better network. And you will contribute with your background. So thats why I tell them, Dont be discouraged. Join. And you dont know who youll find and who you can team up with. So we really want to make sure that people talk to each other. And thats one thing about the competition itself. There was this initial opinion in the field, and especially by the sponsors too, that sometimes quantum algorithm developers, they think about an algorithm, but theyre not necessarily thinking about the application. And if you are, for example, you are a material scientist. You know a problem doesnt work well. And you think maybe quantum computing applies, but you dont really talk to a domain expert or an expert in quantum algorithms. So there is not a good conversation right now. We hope with XPRIZE Quantum Applications, we can overcome that. An algorithm expert would say, Oh, look at this algorithm. It can do this given these bounds. And then the domain expert can say, Oh, cool. Now I know the bounds. So possibly this could be an application. And then theres this exchange that we hope to be able to amplify more. We need more of that in order to push quantum algorithm development forward. And that was one of the reasons why we have this competition right now.

Yuval: If I heard correctly, there are three grand prizes of a million dollars at the end of the event, and then additional teams might share some additional prizes. Could you remind us when is the deadline for registration and how many teams would you hope that show up?

Kathrin: Yeah. Thanks. the registration deadline is July 31st of this month, but we also have something called wildcard entries. So for example, youre working on something, you havent heard about the competition. Or you forgot about it, you forgot to sign up, and then you can have an entry afterward. So, for example, the judges will look at your idea and then you can enter the competition at a later time as well. The earlier you can join, the better it is because we have these team formation events where you can exchange ideas. So thats one part of it. And then I forgot the other question you asked.

Yuval: The other question was how many teams do you think might show up?

Kathrin: Yes. So at the moment, we have over 450 teams that showed interest. So its hard to say, they have to fill out the registration form and the registration fee and the competitor agreement. So in my personal opinion, anything between 100 and 200 teams will be amazing. Thats a big delta, but I think were going to get there. Anything above that number would be stellar. And I dont know, it would be difficult to find a lot of judges for this, but we will do our best. So yes, thats where we are right now.

Yuval: As a former tenured faculty, you will have to grade or initially grade many, many applications to begin with, I think. So you have, I think, a lot of work coming your way.

Kathrin: Thats a lot of work coming my way. My role is to really help the judges develop very well-defined judging criteria so that they can go over the applications and are able to judge them. So theres going to be some review, but really the hard work is done by the judges. So well try to make the role as streamlined as possible.

Yuval: One last, perhaps unrelated to XPRIZE, I wanted to ask you a hypothetical question. If you could have dinner with one of the quantum greats, dead or alive, who would that person be?

Kathrin: Oh, that is a really good question. I think for me, its definitely Einstein. I would love to have dinner with him. Of course, obviously, in his career, there were many, many things he developed, and he was very experienced in, and he pushed a lot of boundaries and new ideas and such. But for me personally, the conversation I would like to have is how did he interact with young minds? How did he inspire them to follow his footsteps? I think this is really something that personally drives me still, being in this field, because I think we need young minds, we need more people that take the torch, that keep pushing forward. And I think its more and more difficult for a very specific field sometimes to get young people excited in what youre doing. Because sometimes they dont see the big purpose, or you get kind of distracted by other things that come your way. And some people come in later in life to find their path in science. So anyways, I would like to know what experience he had and how he would circumvent that in order to push science forward and big discoveries. So that would be great to have this conversation.

Yuval: Wonderful. Kathrin, thank you so much for joining me today.

Kathrin: thank you, Yuval, for having me and looking forward to your next podcast as well. Thank you.

To subscribe to the audio podcast, please Spotify here

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Superposition Guys Podcast Kathrin Spendier, technical prize director of XPRIZE - The Quantum Insider

Jeremy OBrien, CEO of PsiQuantum, is developing the worlds first utility-scale, fault-tolerant quantum computer. At the Third Annual Commercialising Quantum Global event hosted by The Economist, OBrien discussed quantum computing, detailing the path PsiQuantum is taking and the exciting potential of their technology.

OBrien explained that fault-tolerant quantum computers are essential because errors are inevitable in quantum systems.

Things go wrong in a regular computer as well, but they go wrong at a rate thats so low that we typically dont have to worry about error correction, OBrien said.

In quantum computing, however, the error rates are higher, necessitating robust error correction methods to ensure useful computations. PsiQuantums approach diverges from many in the field by focusing on building a large-scale, fault-tolerant system from the outset.

OBrien underlined this: We took that approach because it was our belief that all of the utility, all of the commercial value, would come with those large-scale systems with error correction. He added: There will be no utility in those small noisy systems that we have back then and indeed today.

PsiQuantum is leveraging photonics and the existing semiconductor manufacturing industry to achieve their ambitious goals. OBrien described their strategy: We spent 20 years in the University Research environment trying to figure out if there was a path whereby, we could use the semiconductor industry and the computer systems industry in full to make a quantum computer. He noted that their conviction is based on the extraordinary manufacturing capabilities developed over decades, which produce a trillion chips a year, each containing billions of components.

The companys first major project is the development of a fault-tolerant quantum computer in Brisbane, scheduled for completion in 2027. OBrien detailed the setup: Its a system with of order 100 cabinets, each filled with hundreds of silicon chips, half of them photonic, half of them electronic, all wired up electrically as well as optically using conventional telecommunication fibers. This system, when operational, is expected to address significant problems across various industries, particularly in sustainability.

OBrien highlighted the potential impact on battery technology.

Although everyone as far as I can tell has a lithium-ion battery in their hand right now, we dont understand how those things work, he said, while explaining that understanding and simulating the chemistry of these batteries is beyond the capability of conventional computers. Quantum computers, however, could unlock new insights, leading to the design of better batteries and other advanced materials.

The pharmaceutical industry is another area poised to benefit.

We have drugs that we consume which we dont know how they work, OBrien said, pointing out the limitations of current simulation capabilities. Quantum computers could revolutionize drug development by accurately simulating molecular interactions, significantly speeding up the discovery process and improving drug efficacy.

PsiQuantums use of photonics on silicon chips is a key factor in their accelerated timeline. OBrien explained: Photonics is an approach that enables you to scale in large part because of the leverage of the manufacturing but also the connectivity and the cooling and control electronics. This innovative approach allows for rapid development and deployment of their quantum systems.

As PsiQuantum moves towards their 2027 goal, OBrien is already looking ahead.

We have plans for the next generation of systems that will be bigger and more capable, he said, which indicates a future of continuous improvement and expansion in quantum computing capabilities.

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Quantum Computings Next Frontier, A Conversation with Jeremy OBrien - The Quantum Insider

July 18, 2024 The US Department of Defense and the State of Illinois will develop a national proving ground for quantum technologies in the Chicago region, Illinois Governor JB Pritzker announcedTuesday morning.

The Defense Advanced Research Projects Agency(DARPA) a Defense Department agency that invests in breakthrough technologies for national security and the State of Illinois are partnering to test quantum technology prototypes on the states soon-to-be-built quantum campus, leveraging Illinois recent $500 million quantum budget outlay and the regions deep bench of world-leading scientists to strengthen national security. The location of the campus, which will include shared cryo facilities, equipment labs, and research spaces for both private companies and universities, has not yet been announced.

The future of quantum is here, and its in Illinois, Pritzker said.With the support of our federal partners, Illinois quantum campus will generate the sort of competitive research that has driven our most important American innovations, all while injecting billions of dollars into our states economy and creating hundreds of local jobs.

Through the groundbreaking DARPA-Illinois Quantum Proving Ground (QPG), the State of Illinois aims to fuel innovation, drive economic growth, and attract leading quantum technology companies to the state. DARPA plans to request proposals from quantum companies through its new Quantum Benchmarking Initiative.

We urge small and large companies and research institutions across the country who are developing quantum computing hardware to come and work with DARPA and our partners,said Dr. Joe Altepeter, the DARPA program manager leading the Quantum Benchmarking Initiative.We just issued a special notice on the federal governmentsSAM.gov website as a heads up that the QBI solicitation is coming soon. Any company or institution that thinks they can prove they are on the path to industrial quantum,we want to hear from you.

Illinois will commit $140 million in co-investment for the Quantum Proving Ground and DARPAs level of investment in the Quantum Benchmarking Initiative will be determined by the quality of proposals, evaluation results, and availability of federal funding. The campus is projected to generate up to $60 billion in economic impact and create thousands of jobs.

Illinois has long held the spirit of invention, innovation, and influence. The quantum computing campus further establishes Illinois as a global hub for technology and innovation, said Senator Dick Durbin, who was among state and federal leaders at a morning news conference. Through the combined efforts of Illinois national labs, world-class universities, industry leaders, and now our growing partnership with the Department of Defense with this Quantum Proving Ground, our state will continue to champion technologies and industries of the future.

Chicagolands place at the forefront of quantum innovation was driven in part by the deep partnerships the Chicago Quantum Exchange has fostered among academia, government, and industry in the region.

Our collection of top talent, long history of cross-sector collaboration, and unparalleled levels of government support for quantum technologies make the Chicago region an ideal location for an initiative of this magnitude, said David Awschalom, the Liew Family Professor of Molecular Engineering and Physics at the University of Chicago and the director of the Chicago Quantum Exchange. With this commitment, DARPA is investing not only in our region but in the security of our nation.

The Chicago region has already attracted more than $1 billion in government investment in recent years, including the half billion FY2025 Illinois budget allocation and a previously announced $200 million for quantum technology facilities. In addition, Pritzker recently announced a business development package that includes quantum tax incentives.

The Chicago area also received $280 million for four of the 10 National Quantum Initiative Act research centers, more than any other region. The CQE community has also attracted significant corporate investment, including $100 million from IBM and $50 million from Google to the University of Chicago and University of Tokyo in two separate plans to advance quantum computing.

The CQE, which is based at the University of Chicagos Pritzker School of Molecular Engineering, includes seven member institutions the University of Chicago, the US Department of Energys Argonne National Laboratory and Fermi National Accelerator Laboratory, the University of Illinois Urbana-Champaign, the University of WisconsinMadison, Northwestern University, and Purdue University and about 50 corporate, international, nonprofit, and regional partners. The CQE also leads two projects aimed at strengthening the regional quantum ecosystem: The Bloch Quantum Tech Hub and the NSF Engine Development Award: Advancing quantum technologies in the Midwest.

The CQE and The Bloch Quantum are already at work on quantum technology projects aimed at bolstering national security. The FBIs Chicago office and The Bloch recently parnered to secure the regions quantum technology assets, holding a first-of-its-kind symposium in May to build communication channels between law enforcement and technology developers an effort aimed at creating a national model for cooperation between the quantum ecosystem and the government agencies that protect the nation and its assets. The Bloch community is also rallying quantum technologists and the financial sector to develop quantum technology solutions to financial fraud, a pressing challenge with national security implications.

Source: Becky Beaupre Gillespie, CQE

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Illinois to Lead Quantum Computing Advancements with New National Proving Ground - HPCwire