The Moore-Miller Administration has also committed continued funding for the construction of Zupnik Hall, a new $244 million facility that will feature quantum labs on the University of Maryland campus. The project has secured more than $58 million in private investments and $185.4 million from the state.

IonQ (NYSE:IONQ) shares ended more than 6% higher on Tuesday after the company and the state of Maryland unveiled a $1B initiative to make the state the home of quantum computing. As part of the announcement,

IonQ (NYSE: IONQ), a leader in the quantum computing and networking industries, today announced a landmark partnership with the University of Maryland and the State of Maryland with the aim to establish Maryland as the "silicon valley" of the quantum computing industry.

Gov. Moore is pledging to make Maryland the “quantum capital of the world,” proposing a significant investment into the industry of super-fast computing amid a budget crisis in the state.

The initiative aims to generate $1 billion in investments over the next five years and push advancements in quantum research, workforce development and industry collaboration.

A $27.5 million effort on quantum computing is part of the Democratic governor’s plans to spur more economic activity in the state, particularly in emerging industries.