Elevate Quantum Funding FAQ
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Elevate Quantum Funding FAQ
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After an extensive review process, Elevate Quantum and its consortium was awarded $127m from the Federal and State Governments with the mission to secure the US’ lead in quantum technology for generations to come. That is led by the DOC’s EDA with significant backing from the states of Colorado and New Mexico.
Specifically, the Economic Development Administration (EDA) has awarded $40.5 million to Elevate Quantum, activating $77m from the State of Colorado and $10m from the State of New Mexico. A portion of these state funds are dedicated to a loan guarantee program, which is expected to deploy $1bn in private capital to the region.
The EDA prioritized funding three of Elevate Quantum’s four development pillars, focusing on hardware deployment and fabrication, workforce training, and EQ governance.
Our initial proposal was for $70 million in federal support, focused on four component projects. Three of the four received funding:
- ‘CREATE’ ($22m/$22m funded): dedicated to rapid prototyping, low-volume manufacturing, and deployment of quantum technologies in New Mexico and Colorado;
- ‘INCLUDE’ ($13.5m/$18.5m funded): dedicated to whole ecosystem workforce development ranging from K-12 to career development; and
- ‘UNITE’ ($5m/$12m funded): dedicated to EQ governance and operational management.
While our ‘ACCELERATE’ pillar did not receive EDA funding, Elevate Quantum remains committed to achieving that program’s objectives, namely startup incubation and acceleration, through other avenues.
New Mexico capabilities proposed as separate in our original application were combined into the CREATE pillar described above.
On 10 July, we will convene the Elevate Quantum Consortium as we work to turn blueprints into brick and mortar.
These funds aim to build a self-sustaining engine for regional and national quantum leadership and will be directed towards programs and entities approved by the EDA. Specific budget allocations will be detailed upon approval from the EDA.
The $40.5 million EDA award has activated $84 million in combined matching state funds from Colorado and New Mexico, with an additional $1 billion in private capital injection. Even though the amount for the federal award is lower than the initial $70 million proposal, we will retain the full amounts committed from the states, detailed as follows:
- The State of Colorado has committed $77 million in total, with $44 million earmarked for the Rapid Prototyping and Low-Volume Manufacturing Lab and the R1 Incubator (a translational research space partnership between EQ, CU, CSU, and Mines). The remaining $30 million will establish the State Loan Guarantee Scheme.
- The State of New Mexico has committed an additional $10m to support the construction of a photonics packaging facility and local workforce development.
Alongside the EDA award, Elevate Quantum announced The Quantum Commons campus – 50+ acres of centrally located working space dedicated to facilitating the growth and success of our regional quantum ecosystem. Additional EQ activities will take place in Boulder, New Mexico, and Wyoming.
We expect to announce new members and directives for our Industry and Scientific Advisory Board over the coming weeks.
All programs under this section of the Tech Hub award will be completed by 2030, with significant relevant work already underway.
The EDA prioritized programs that align with the United States’ national strategic objectives and have the potential for high-impact results. While we don’t know the details of their evaluation process, the agency’s stated goal for this grant was to promote innovation, governance, and workforce development.
Yes. After conducting an independent evaluation, the EDA chose not to allocate funds for Elevate Quantum’s Accelerate pillar and certain infrastructure projects out of New Mexico. Read more about our goals for these projects below.
The state of New Mexico remains a close supporter of this initiative, committing $10 million and continuing leadership from the governor of New Mexico and its federal delegation. We seek to build upon eight decades of collaboration between Colorado and New Mexico as leaders in the quantum space and honor the latter’s profound legacy in atomic physics. Through this award, Elevate Quantum aims to complement world-class fab capabilities in New Mexico with the construction of a state-of-the-art packaging facility – helping to galvanize the local entrepreneurial and translational ecosystem. New Mexico has also taken a leading role in national quantum workforce planning, with workforce development activities focused on city, rural, and tribal communities.
Yes. EQ will continue to support quantum entrepreneurs across the Mountain West through state-level efforts such as tax incentives and loan guarantees. EQ also plans to pursue additional funding opportunities, including an ongoing application for a significant National Science Foundation grant.
We look forward to finalizing board meeting details and other engagement opportunities for the EQ Workforce Collaborative pending EDA feedback.
Yes! We welcome outside contributions and collaborations. There are several ways to get involved – attend an event, become a member of our Quantum Consortium, or engage with our professional support programs.
Tag us at
- #ElevateQuantum
- #mountainwest
- #QuantumColorado
- #GoWestGoQuantum
- #QuantumsBiggerInTheWest
- Quantum is the most important technology of the 21st century. What the internet and semiconductors were to the last 50 years of technological progress, quantum will be to the next half century. Quantum will unlock $3.5 trillion in value and revolutionize nearly every sector of the economy. It will accelerate progress in AI, climate tech, and healthcare and address national security challenges from cyber to stealth.
- The US government has already bought into the quantum revolution, with the past two administrations earmarking billions of dollars for quantum development; these investments have largely focused on building America’s strategic quantum capabilities.
- Elevate Quantum’s Tech Hub designation is the first large-scale, place based investment in US quantum by federal and state governments. It has directed over $127m into establishing the Mountain West as the global capital of quantum. This funding breaks down as follows:
- $40.5m in Department of Commerce EDA funding;
- $77m in Colorado state incentives; and
- $10m in New Mexico state funds.
- Today’s award is just a down payment on the quantum future, with up to $960m in additional potential funding available from the federal government alone.
- The Mountain West was the clear choice for this award. New Mexico has an unparalleled legacy in groundbreaking atomic science and Quantum is at home in Colorado, with 4 Nobel laureates in quantum sciences and more quantum organizations (and quantum jobs) than any other US state outright.
- This award further establishes the Mountain West as the essential ecosystem for American quantum leadership in the next 50 years.
- This is a victory 80 years in the making. It builds off the advanced industry strategy pioneered by the State of Colorado for the past 20 years, and would not have happened without the personal drive of Governor Polis and Eve Lieberman at the State of Colorado, Senators Bennet and Hickenlooper, Governor Lujan Grisham and Alex Greenberg at the State of New Mexico, CU Boulder including – already – their new Chancellor Justin Schwartz, Wendy Lea, Corban Tillemann-Dick at Maybell and a Co-founder of this effort, the Colorado School of Mines, the EQ Board, and the entire quantum ecosystem and its supporters across the region.
After an extensive review process, Elevate Quantum and its consortium was awarded $127m from the Federal and State Governments with the mission to secure the US’ lead in quantum technology for generations to come. That is led by the DOC’s EDA with significant backing from the states of Colorado and New Mexico.
Specifically, the Economic Development Administration (EDA) has awarded $40.5 million to Elevate Quantum, activating $77m from the State of Colorado and $10m from the State of New Mexico. A portion of these state funds are dedicated to a loan guarantee program, which is expected to deploy $1bn in private capital to the region.
The EDA prioritized funding three of Elevate Quantum’s four development pillars, focusing on hardware deployment and fabrication, workforce training, and EQ governance.
Our initial proposal was for $70 million in federal support, focused on four component projects. Three of the four received funding:
- ‘CREATE’ ($22m/$22m funded): dedicated to rapid prototyping, low-volume manufacturing, and deployment of quantum technologies in New Mexico and Colorado;
- ‘INCLUDE’ ($13.5m/$18.5m funded): dedicated to whole ecosystem workforce development ranging from K-12 to career development; and
- ‘UNITE’ ($5m/$12m funded): dedicated to EQ governance and operational management.
While our ‘ACCELERATE’ pillar did not receive EDA funding, Elevate Quantum remains committed to achieving that program’s objectives, namely startup incubation and acceleration, through other avenues.
New Mexico capabilities proposed as separate in our original application were combined into the CREATE pillar described above.
On 10 July, we will convene the EQ Consortium as we work to turn blueprints into brick and mortar.
These funds aim to build a self-sustaining engine for regional and national quantum leadership and will be directed towards programs and entities approved by the EDA. Specific budget allocations will be detailed upon approval from the EDA.
The $40.5 million EDA award has activated $84 million in combined matching state funds from Colorado and New Mexico, with an additional $1 billion in private capital injection. Even though the amount for the federal award is lower than the initial $70 million proposal, we will retain the full amounts committed from the states, detailed as follows:
- The State of Colorado has committed $77 million in total, with $44 million earmarked for the Rapid Prototyping and Low-Volume Manufacturing Lab and the R1 Incubator (a translational research space partnership between EQ, CU, CSU, and Mines). The remaining $30 million will establish the State Loan Guarantee Scheme.
- The State of New Mexico has committed an additional $10m to support the construction of a photonics packaging facility and local workforce development.
All programs under this section of the Tech Hub award will be completed by 2030, with significant relevant work already underway.
The EDA prioritized programs that align with the United States’ national strategic objectives and have the potential for high-impact results. While we don’t know the details of their evaluation process, the agency’s stated goal for this grant was to promote innovation, governance, and workforce development.
Yes. After conducting an independent evaluation, the EDA chose not to allocate funds for Elevate Quantum’s Accelerate pillar and certain infrastructure projects out of New Mexico. Read more about our goals for these projects below.
The state of New Mexico remains a close supporter of this initiative, committing $10 million and continuing leadership from the governor of New Mexico and its federal delegation. We seek to build upon eight decades of collaboration between Colorado and New Mexico as leaders in the quantum space and honor the latter’s profound legacy in atomic physics. Through this award, Elevate Quantum aims to complement world-class fab capabilities in New Mexico with the construction of a state-of-the-art packaging facility – helping to galvanize the local entrepreneurial and translational ecosystem. New Mexico has also taken a leading role in national quantum workforce planning, with workforce development activities focused on city, rural, and tribal communities.
Yes. EQ will continue to support quantum entrepreneurs across the Mountain West through state-level efforts such as tax incentives and loan guarantees. EQ also plans to pursue additional funding opportunities, including an ongoing application for a significant National Science Foundation grant.
Alongside the EDA award, Elevate Quantum announced The Quantum Commons campus – 50+ acres of centrally located working space dedicated to facilitating the growth and success of our regional quantum ecosystem. Additional EQ activities will take place in Boulder, New Mexico, and Wyoming.
We expect to announce new members and directives for our Industry and Scientific Advisory Board over the coming weeks.
We look forward to finalizing board meeting details and other engagement opportunities for the EQ Workforce Collaborative pending EDA feedback.
Yes! We welcome outside contributions and collaborations. There are several ways to get involved – attend an event, become a member of our Quantum Consortium, or engage with our professional support programs.
Tag us at
- #ElevateQuantum
- #mountainwest
- #QuantumColorado
- #GoWestGoQuantum
- #QuantumsBiggerInTheWest
- Quantum is the most important technology of the 21st century. What the internet and semiconductors were to the last 50 years of technological progress, quantum will be to the next half century. Quantum will unlock $3.5 trillion in value and revolutionize nearly every sector of the economy. It will accelerate progress in AI, climate tech, and healthcare and address national security challenges from cyber to stealth.
- The US government has already bought into the quantum revolution, with the past two administrations earmarking billions of dollars for quantum development; these investments have largely focused on building America’s strategic quantum capabilities.
- Elevate Quantum’s Tech Hub designation is the first large-scale, place based investment in US quantum by federal and state governments. It has directed over $127m into establishing the Mountain West as the global capital of quantum. This funding breaks down as follows:
- $40.5m in Department of Commerce EDA funding;
- $77m in Colorado state incentives; and
- $10m in New Mexico state funds.
- Today’s award is just a down payment on the quantum future, with up to $960m in additional potential funding available from the federal government alone.
- The Mountain West was the clear choice for this award. New Mexico has an unparalleled legacy in groundbreaking atomic science and Quantum is at home in Colorado, with 4 Nobel laureates in quantum sciences and more quantum organizations (and quantum jobs) than any other US state outright.
- This award further establishes the Mountain West as the essential ecosystem for American quantum leadership in the next 50 years.
- This is a victory 80 years in the making. It builds off the advanced industry strategy pioneered by the State of Colorado for the past 20 years, and would not have happened without the personal drive of Governor Polis and Eve Lieberman at the State of Colorado, Senators Bennet and Hickenlooper, Governor Lujan Grisham and Alex Greenberg at the State of New Mexico, CU Boulder including – already – their new Chancellor Justin Schwartz, Wendy Lea, Corban Tillemann-Dick at Maybell and a Co-founder of this effort, the Colorado School of Mines, the EQ Board, and the entire quantum ecosystem and its supporters across the region.
