TECHNOLOGY
Quantinuum secures $1.5 million in public funds as company details Albuquerque expansion
State and city are each contributing $750,000 in Local Economic Development Act money
The Albuquerque City Council voted Monday to give Quantinuum Inc. $750,000 in economic development funds, advancing the quantum computing company鈥檚 planned local expansion.
The Local Economic Development Act, or LEDA, grant for Quantinuum will be matched by the state 鈥� giving the company about $1.5 million for a roughly 13,000-square-foot research and development facility at 5501 Wilshire NE that is under construction.
Quantinuum went live on the Nasdaq in June, raising in its initial public offering. The company trades under the ticker QNT.
鈥淥ur goal is to be the undisputed leader in quantum computing,鈥� CEO Rajeeb Hazra said on the company鈥檚 first earnings call last week. 鈥淎nd our strategy is entirely focused on bringing that outcome.鈥�
The company plans to complete the first phase of an integrated photonics lab and office space by the end of 2026, a Quantinuum spokesperson said. A second lab is expected to be built out in 2027. Quantinuum is spending $32.5 million on the expansion, according to state and city officials.
Monica Mitchell, deputy director of the city鈥檚 Economic Development Department, told city councilors Monday that the project is expected to create 25 new high-wage jobs with average salaries of $150,000. She said the investment will generate approximately $86.4 million in economic impact over 10 years.
Mitchell described Quantinuum as 鈥渙ne of the world鈥檚 leading quantum computing companies 鈥� and exactly the kind of globally significant technology company Albuquerque should be competing for.鈥�
鈥淨uantum technology is not simply another emerging industry 鈥� it will help shape the future of computing, national security, scientific discovery and advanced manufacturing,鈥� Mitchell said. 鈥淭his project gives Albuquerque the opportunity to turn New Mexico鈥檚 world-class research strengths into high-wage careers 鈥� and long-term economic growth.鈥�
Quantinuum鈥檚 LEDA funding, aimed at businesses that are expanding or looking to relocate, comes about a year and a half after Gov. Michelle Lujan Grisham announced the company鈥檚 plans to expand into New Mexico.
It鈥檚 also part of a larger push by the Lujan Grisham administration to make New Mexico a hub for quantum technologies. Already more than a dozen quantum companies have committed to moving at least some of their operations to the state or are exploring doing so. The state has committed more than $450 million in the process.
Mitchell told councilors that the Quantinuum expansion 鈥渂rings global credibility to the state鈥檚 growing quantum ecosystem鈥� and creates promising career opportunities. She pointed to the federal laboratories, the University of New Mexico and Central New Mexico Community College as institutions that can help train the next generation of quantum scientists.
Len Romano, an economic development coordinator for the New Mexico Economic Development Department, agreed. He said Albuquerque in particular is fast becoming a hub for several industries, from aerospace and defense to advanced computing.
鈥淭hat鈥檚 exciting because it wasn鈥檛 so long ago that many of our young people felt like they had to leave New Mexico to pursue careers in these fields,鈥� Romano said.
Justin Horwath covers tech and energy for the Journal. You can reach him at jhorwath@abqjournal.com.
