OPINION: The Quantum State: A generational opportunity for national and economic security in NM

New Mexico currently stands on the precipice of a global technology revolution as important to the next 50 years as semiconductors were to the last half century. In the coming years, quantum technology has the potential to unlock $3.5 trillion in value. This is an enormous number, equal to roughly the size of today’s health care and financial services sectors. In the all-important years ahead, New Mexico must build on its decades of pioneering quantum research to grasp a historic chance to secure an outsized share of an industry that should drive progress and job opportunities in the 21st century.

While quantum technologies already make up components for technologies like the internet and GPS, the realization of quantum computers — systems able to accurately model the dynamics of atoms and molecules that make up the world around us — will do more than create thousands of jobs. It puts us on a credible path to modeling custom-tailored drugs, stabilizing financial markets, and developing the fuels and batteries that will power the next phase of the energy revolution. Full-scale quantum computing could solve some of the largest societal challenges facing humanity today.

The investments that determine the leaders in this technology are being made right now by those companies and geographies with the right assets, capital and strategy. If lasting leadership was only determined by good ideas, New Mexico’s undisputed research position would make the state the home for quantum for decades to come. Unfortunately, the semiconductor era alone — where the state gave birth to innovations like the clean room — shows that “just” inventing the future doesn’t guarantee one’s right to cash the checks. Establishing and profiting from New Mexico’s leadership in quantum will take bold investments to ensure the state isn’t just a fountain of good ideas, but big companies and good jobs for all New Mexicans.

The organizations partnering with Elevate Quantum represent the largest regional consortium in the world. We formed to ensure that New Mexico, Colorado and our partners remained leaders in quantum technology — work that got us designated by the U.S. government as the U.S. Quantum Tech Hub. Our mission is to secure lasting prominence for the Mountain West and the U.S. more broadly. However, to realize the economic potential of this industry for the state, New Mexico must right-size its industry presence with its R&D leadership.

With the state considering a special legislative session this summer, we see this as an opportunity to make the investments needed to secure a generation of good jobs that afford all New Mexicans a safe, healthy and thriving future. The playbook for industry success is well-worn, and has succeeded in the state to foster the oil and gas and film and television industries. For the quantum industry, three key investment areas stand out: incentives for capital investments and job creation, shared-use infrastructure beyond the scope of private companies for rapid iteration and low-volume production, and integration of the research ecosystem with access to quantum systems for algorithm, HPC integration and application development.

New Mexico is not the only region hungry to take the mantle of quantum. There are countries outspending the U.S. at least 5-to-1. Closer to home, places across America have undertaken economic development initiatives over 10 times the size of what has been deployed in this state. The price of waiting to establish this leadership is likely only to increase — and if we wait too long, the ship may sail completely.

Charlie Munger of Berkshire Hathaway famously quipped: “Be fearful when others are greedy, and be greedy when others are fearful.” With a $3 billion budget surplus and a $59 billion sovereign wealth fund set against a national economy in flux, New Mexico finds itself in a unique position in America and the world to secure its position in the most important technology revolution of the next 20 years. Now is the time for this Land of Enchantment to be known by a new nickname — the Quantum State.