Emerging Quantum Computing Hotspots: The Next Tech Capitals
As we stand at the brink of a quantum computing revolution, five cities are emerging as potential tech hubs capable of fueling economic growth akin to what Silicon Valley achieved for the Bay Area in the 1970s.
Business Wire/Associated Press
During the 1970s, Silicon Valley emerged as the epicenter of the computing industry, leading to the creation of a regional economy valued in trillions of dollars in the San Francisco Bay Area. Today, with quantum computing gaining traction, several cities across the United States are gearing up to take on similar roles.
Quantum computing harnesses the principles of quantum mechanics to tackle challenges far more complex than what classical computers can handle. With exciting advancements anticipated to bring transformation across fields like medicine and data security, the quantum sector has attracted substantial investments from industry titans such as IBM, Google, and Microsoft, alongside innovative smaller firms including D-Wave, IonQ, and Rigetti.
In 2023 alone, the quantum industry garnered $1.2 billion from venture capitalists, despite a broader 50% decline in tech investment for that same year, as reported by the Boston Consulting Group. Furthermore, a recent Resonance report forecasts that the global quantum computing market may contribute upwards of $1 trillion to the global economy over the next decade.
The tech industry is a critical driver of economic growth. The regional think tank Joint Venture Silicon Valley highlighted that by 2024, the Bay Area achieved a market cap of an unprecedented $14.3 trillion, further underscored by an unemployment rate significantly lower than the state average. “When people centralize in a region, their various needs stimulate growth across multiple sectors which fosters shared prosperity,” said Russell Hancock, President and CEO of Joint Venture Silicon Valley, to Business Insider.
This flourishing dynamic around tech innovation has expanded beyond Silicon Valley. Here, we outline five cities that are well-positioned to emerge as the new quantum capitals of the United States.
1. Santa Barbara, California
Santa Barbara boasts the presence of Google’s Quantum AI Campus and Microsoft’s Station Q research facility located at UC Santa Barbara. The university also houses a cutting-edge foundry for developing materials essential for quantum technologies. Less than two hours away, UCLA researchers are also making strides in quantum science, bolstered by California’s $200 million investment to develop a comprehensive research facility.
2. Chicago, Illinois
Chicago is home to the Chicago Quantum Exchange, a partnership rooted at the University of Chicago, bringing together a large consortium across academia and industry. An ambitious multibillion-dollar project, the Illinois Quantum and Microelectronics Park (IQMP), is in the pipeline, aiming to establish shared facilities dedicated to advancing quantum technology. With state support of $500 million, the initiative projects an economic impact of $20 billion and thousands of job opportunities.
3. Boston, Massachusetts
Boston is poised for significant quantum advancements, particularly with Nvidia planning a new quantum research lab to collaborate with heavyweights like MIT and Harvard. The city is already home to startups like QuEra Computing and has seen $40 million allocated for a quantum innovation hub in the Pioneer Valley—positioning itself as a center for quantum innovation, according to industry leaders.
4. College Park, Maryland
With IonQ headquartered in Maryland, the state is positioning itself as the “capital of quantum” through partnerships with the University of Maryland. This strategy mirrors the collaborations of Silicon Valley entrepreneurs with local academic institutions. Maryland’s comprehensive initiative includes a $1 billion public-private partnership to enhance its global stance in quantum information science and technology.
5. Boulder, Colorado
Boulder’s ecosystem is expanding with a new 13,000-square-foot quantum incubator launched in collaboration with the University of Colorado Boulder, Colorado State University, and the Colorado School of Mines. Recognized as one of only two designated tech hubs promoting quantum tech, Elevate Quantum has already secured substantial federal funding to bolster Colorado’s burgeoning quantum sector, with projections indicating the creation of over 10,000 jobs in the coming years.
As state and local governments nurture these ecosystems, the evolution of a nationwide quantum capital looks promising, with cities like Chicago and Colorado rising as potential frontrunners, according to industry experts.
