Zohran Mamdani Says Quantum Is Poised to Become a ‘Multi-Trillion Dollar Industry’ and New Yorkers Should ‘Share in That Profit’
Key takeaways
- NYC is securing a 15% cut of future quantum IP profits and board influence in a facility that could drive $2.7 trillion of economic value by 2035.
- NYC contribution: $29.2 million
- NYU contribution: $255 million
- Total QFab investment: $284 million
What happened
New York City Mayor Zohran Mamdani announced that the city will receive a 15% share of intellectual property proceeds from a new quantum facility, QFab, at New York University. NYU will receive $255 million of a $284 million total investment, with the city contributing $29.2 million. The facility is slated to open in 2030 and will grant the city three seats on its Executive Advisory Board.
Why it matters
The deal positions New York City as a stakeholder in a sector projected to generate up to $2.7 trillion in economic value by 2035. By securing board seats and a 15% IP royalty cut, the city aims to capture a share of future quantum‑related profits and foster local innovation. The agreement also signals a broader…
Short-term and longer-term
Short-term. Over the next few weeks, watch for NYU’s QFab progress reports and any updates on the city’s board role.
Longer-term. For investors, the deal highlights a growing trend of public entities taking equity in high‑tech ventures.