Private investment in quantum technologies

The field of quantum information science and technology (QIST) is transitioning from a field focused on theoretical research to a burgeoning industry with practical market applications that have the potential to significantly advance the state of the art in computing, green energy, medical research, and national security. A range of technology companies are already poised to take advantage of quantum technology, acting as early adopters and developing initial use cases.

However, despite some recent growth, these efforts to expand the industry remain limited. Private investment in quantum technologies began modestly at $100 million in 2014, but surged to $2.4 billion in 2021 as confidence in the technology grew. Such investments then decline, dropping to $1.3 billion in 2023 and then to $1.1 billion in 2024. Globally, investments declined by 50%, from $2.3 billion in 2022 to about $1.3 billion in 2023. The United States saw an 80% decline, while the Asia-Pacific Economic Cooperation (APEC) region saw a 17% decline. In contrast, Europe, the Middle East, and Africa saw a modest increase in investments of 3%. This overall decline can be attributed to a variety of factors, including economic downturns, market corrections, geopolitical risks, and changes in investment strategies.

The U.S. government has supported the growth of the domestic quantum technologies industry through the National Quantum Initiative Act (NQIA), which nearly doubled federal spending on quantum information science (QIS) research and development to more than $900 million per year from FY 2019 to FY 2022. This investment has also spurred private investment in QIS research and development, which has increased by $6 billion since the establishment of the National Quantum Initiative.

Steady, long-term public and private investment is essential to scale research and development activities, expand business operations, attract talent, build infrastructure, and establish a strong quantum industry in the U.S. Reauthorization of the National Quantum Initiative Act, which expires in 2023, and full appropriation of the science portion of the CHIPS Act are necessary to ensure the future of this strategically important emerging industry in the United States.

Data Visualization by William Taylor

The authors also thank research intern Julia Yoon for her logistical support.

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