IonQ President and CEO Peter Chapman, Lt. Gov. Aruna Miller, Gov. Wes Moore, University of Maryland College Park President Darryll J. Pines and Peter Maunz, senior scientist for IonQ at IonQ's headquarters. [Image: Office of the Governor]
On 14 January, the state of Maryland unveiled an ambitious plan for investing in quantum science via a new public-private partnership with quantum-computing developer IonQ and the University of Maryland, USA, a recognized center of expertise in quantum research and development. The state’s “Capital of Quantum” initiative aims to raise US$1 billion in funds that would establish Maryland as a leading quantum hub in the country.
A race among states
With quantum technology playing a pivotal role in artificial intelligence and information security, the global quantum market is projected to reach US$1.832 billion in 2029, according to a report from Yole Group. In the United States, numerous states—and companies—are racing to compete for quantum supremacy within the country. Colorado and Illinois were among the first states to invest public funds into the burgeoning field last year.
“Quantum has the potential to transform every part of our economy and society, from national security to health care,” said Maryland Governor Wes Moore in a press release. “With extraordinary assets and partnerships, Maryland can—and should—lead in this new emerging sector, and we are moving forward with a clear strategy to make that vision a reality. Together, we will make Maryland the quantum capital of the world."
Moore’s FY 2026 proposed budget includes US$27.5 million as the state’s initial investment in the Capital of Quantum initiative, which is anticipated to spur more than US$200 million worth of investments from the University of Maryland and partners, according to Maryland’s media announcement. The state has committed US$185.4 million for a new facility featuring quantum labs on the university’s campus.
IonQ’s possible future …
IonQ, a spinoff of the University of Maryland that was founded in 2015, will be the “anchor partner” under the initiative. Pending budget approval and available incentives, the company will expand its corporate headquarters into a 100,000-square-foot facility with a data center, laboratories and office space at the university. In addition, it plans to double its headquarters workforce to at least 250 people in the region over the next five years.
IonQ will work with the University of Maryland and others to help build the next generation of computing and create quantum-related course materials for Maryland high school students. “Investing in quantum computing is investing in Maryland's future,” said Peter Chapman, President and CEO of IonQ.
… And recent past
In early November 2024, IonQ announced a series of partnerships intended to put the company in a growth position. These included collaborations with Belgium-based R&D center imec and laser manufacturer NKT Photonics, Denmark, to advance optical elements of IonQ’s hardware, along with a partnership with software company Ansys, USA, to integrate quantum computing into the computer-aided engineering industry.
That same month, IonQ also acquired California-based quantum-networking company Qubitekk, Inc., USA—a deal it says will expand its expertise and technology portfolio with 118 US and international patents.
In September 2024, IonQ signed a US$54.5 million deal with the US Air Force Research Laboratory (AFRL), accelerating its expansion into the US$15 billion quantum-networking market. And a month earlier, the University of Maryland’s Applied Research Laboratory for Intelligence and Security (ARLIS) selected IonQ to design and install a system researchers will use to advance the use of quantum computers in national security.
Pluses and minuses
Although IonQ’s most recent quarterly financial performance (ending 30 September) indicates significant losses of US$52 million relative to income of US$12 million, the company has a half billion dollars in assets to draw on for its losses and acquisitions, and it recently promised investors it will be profitable with revenues approaching US $1 billion by 2030.
On the public stage, the new initiative isn’t Maryland’s first indicator that it intends to become the nation’s premier quantum hotbed. Last year, Moore signed an executive order identifying quantum computing as an industry his administration will prioritize through state investment and support.
Clearly, the Capital of Quantum’s US$1 billion goal is aspirational and subject to numerous contingencies. Still, with the University of Maryland’s established quantum expertise and close proximity to various federal entities, the initiative’s partners are taking a calculated risk that could bolster the Maryland economy, bring numerous jobs to the region and spur exciting scientific developments in the field. Will it pay off?