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Elevate Quantum, of which CU Boulder is a key partner, announced today that it has received a Tech Hub Phase 2 implementation award from the Department of Commerce, unlocking more than $127 million in new federal and state funding.听

The award is expected to drive more than $2 billion in additional private capital and cement the Mountain West as a global leader for quantum innovation.听

鈥淚t is truly extraordinary to be joining Elevate Quantum and the vibrant quantum community it represents at a pivotal time like this,鈥� said CU Boulder Chancellor Justin Schwartz, who began his post as CU Boulder鈥檚 12th chancellor a day earlier. 鈥淚鈥檓 eager to help drive innovation and impact on campus and across the regional quantum ecosystem as we collectively cultivate a next-generation economy and workforce.鈥�

In 2023, the U.S. Department of Commerce鈥檚 Economic Development Agency (EDA) designated Elevate Quantum as one of 31 regional Tech Hubs out of nearly 400 applicants, making it eligible for up to $1 billion in federal investments over the next decade. With $40.5 million in initial EDA funding from the Department of Commerce and matching funds from baby直播app ($77 million) and New Mexico ($10 million), today鈥檚 investment represents a down payment on the next 50 years of U.S. quantum leadership.听

Developed under the CHIPS and Science Act, Tech Hub designation is a novel tool to direct domestic investment to globally competitive innovation centers within the U.S. The award marks the first large-scale, place-based federal investment in quantum.

鈥淭he Mountain West is home to the largest regional coalition of quantum leaders in thworld; this funding cements our status as the capital of quantum and supports us in building a thriving future for all Americans,鈥� said Zachary Yerushalmi, CEO of Elevate Quantum.

鈥淲e are honored to be acknowledged as a driving force in the global race for quantum innovation, and this funding marks a critical milestone in securing U.S. quantum leadership.鈥�

Combined, these federal and state investments will enable the following milestones by 2030:

• Activation of over $2 billion in private capital for quantum: This investment will support quantum startups and scale-ups, driving baby直播app growth and technological advancement in the region.
• Creation of over 10,000 quantum jobs: Filling critical roles across the听Mountain West quantum ecosystem, up to 80% of these jobs will be for听non-advanced degree holders and offer a median salary of $125,000 per year.
• Establishment of world-class open-access quantum facilities: Access to hardware and fabrication capabilities is a major obstacle to quantum innovation. This funding will ensure that researchers and entrepreneurs in the region will have unmatched access to world-class hardware and services. These facilities will include a university quantum incubator in Boulder funded by up to $29 million in state investment through refundable tax credits.
• Development of a first-class workforce: Our goal is to ensure that the听quantum century is diverse, inclusive听and just; we鈥檙e filling a growing share of听key roles with individuals from historically underserved populations, reflecting听our commitment to activating talent from all communities in the region.

The EDA鈥檚 decision has been met with enthusiasm from key supporters across the region in baby直播app, Wyoming and New Mexico.

鈥淭his decision shows that America is serious about being a leader in quantum technology,鈥� baby直播app Gov. Jared Polis said. 鈥渂aby直播app is the center of the quantum technology ecosystem, and we are thrilled that the Biden Administration is supporting our work to produce the best minds, research听and innovation in the country.鈥�

Mountain West quantum ecosystem

The Mountain West is at the vanguard of quantum discovery; the region is home to four Nobel laureates affiliated with CU Boulder in quantum physics, three national labs and more than 40 federally funded research labs.听

Regional leadership in fundamental research has translated to commercial success.听

Today, about 3,000 baby直播app workers power dozens of leading-edge quantum companies鈥攎aking baby直播app the largest cluster of quantum businesses in the nation. Local quantum companies have already attracted over $1 billion in venture capital investment, with five of the top 20 VC-backed quantum companies located in baby直播app鈥攎ore than any other state. That number is projected to skyrocket over the next decade, adding tens of thousands of quantum careers across the region. Quantum jobs have a median wage of听 more than $125,000 and the majority do not require advanced degrees.

The quantum revolution isn鈥檛 confined to labs and research centers. It鈥檚 creating thousands of high-paying jobs for welders, fabricators and technicians. The EDA鈥檚 investment in Elevate Quantum is an investment in widespread baby直播app prosperity, ensuring that as America leads in quantum technology, it is also building a robust, inclusive economy for the Mountain West and beyond, Elevate Quantum leaders say.

"This Phase 2 Quantum Tech Hub award will provide unprecedented opportunities for CU Boulder and other baby直播app research institutions and businesses to translate cutting-edge quantum research into real-world impact for baby直播app鈥檚 people and economy,鈥� said Massimo Ruzzene, CU Boulder vice chancellor for research and innovation and dean of the institutes.听听

What they鈥檙e saying

鈥淚鈥檓 thrilled our state is receiving this quantum award, and the University of baby直播app, through the efforts of the Boulder campus, is truly at the forefront of advancements being made in quantum research; the work is extraordinary.鈥� 鈥揅U President Todd Saliman听

鈥淲e passed the bipartisan CHIPS and Science Act to revive our advanced manufacturing capacity...This funding makes it clear that baby直播app and the Rocky Mountain West are at the core of America鈥檚 quantum future.鈥� 鈥揝en. Michael Bennet

鈥渂aby直播app is the Silicon Valley of the quantum era, and Elevate Quantum is going to lead us there...This is baby直播app's next great success story.鈥� 鈥揝en. John Hickenlooper听

鈥淚n being named the nation鈥檚 leading quantum Tech Hub, Elevate Quantum, baby直播app, and the Rocky Mountain West have solidified their position as the leaders of the quantum revolution. Today鈥檚 designation will have a tremendous impact on our state and will propel our innovation economy to the next level.鈥� 鈥揜ep. Joe Neguse听

鈥淎s an entrepreneur who has built three tech decacorns, what excites me most is that this success is built on determination, scrappiness, and vision鈥攖he ingredients that have shaped the most historic ecosystems and companies of our time.鈥澨�鈥揇an Caruso, Caruso Venture

Title image:听Scott Diddams (Electrical Engineering, Physics) and graduate students Pooja Sekhar and Molly Kate Kreider (Frequency Combs & Quantum Metrology Group) manipulate an optical frequency comb in the Engineering Center lab at CU Boulder.听