Zohran Mamdani Says Quantum Is Poised to Become a ‘Multi-Trillion Dollar Industry’ and New Yorkers Should ‘Share in That Profit’

New York City Mayor Zohran Mamdani said Thursday that the city will receive a 15% share of the intellectual property proceeds from a new quantum facility, adding that New Yorkers should benefit from an industry he expects to be worth trillions.

New York Gets Board Seats and a Cut of the Profits

Mamdani said on X that quantum is “poised to become a multi-trillion dollar industry in the next few years” and that “New Yorkers should share in that profit.”

Quantum is poised to become a multi-trillion dollar industry in the next few years. We think New Yorkers should share in that profit.

That’s why we negotiated that New Yorkers get board seats and a 15% stake of intellectual property that comes out of NYU’s Quantum Fabrication… https://t.co/KDwwBaHPtI

— Mayor Zohran Kwame Mamdani (@NYCMayor) October 15, 2026

The city announced Wednesday that it will award New York University (NYU) $29.2 million to build the Quantum Fabrication Facility, known as QFab, in Manhattan.

NYU is contributing $255 million of a $284 million total, and the lab is expected to open in 2030.

The city will receive three seats on QFab’s Executive Advisory Board.

It will also take 15% of NYU Central Administration’s proceeds from intellectual property created at QFab using city-funded tools, including equity, royalties, milestone payments, and patent licenses.

Google Says It Has ‘Opened Up’ a Key Quantum Bottleneck

Alphabet Inc‘s (NASDAQ:GOOGL) (NASDAQ:GOOG) Google Quantum AI said Thursday it had “opened up” a key bottleneck in quantum computing.

Producing the “magic states” needed for advanced computations might consume up to 95% of a quantum computer’s capacity, according to the company.

The team’s technique reduced errors on the Willow chip by 40-fold and produced T-states with a “record logical fidelity of 99.99%,” though it still needs to be demonstrated at a larger scale.

Quantum technology could generate up to $2.7 trillion in economic value by 2035, according to the NYC statement.

Washington Has Been Taking Stakes Too

The Trump administration has made government equity stakes a recurring tool, holding 9.9% of Intel Corp. alongside stakes in companies such as MP Materials Corp. and Lithium Americas Corp.

In May, the Commerce Department committed $2 billion to nine quantum computing companies in exchange for an equity stake.

Price Action: Alphabet’s Class A stock closed 0.45% higher on Thursday at $349.22 and fell 0.35% in extended trading. Its Class C stock rose 0.37% to $344.91 and fell 0.38% in after-hours.

Benzinga Edge rankings indicate Alphabet’s Class A stock has a Momentum score in the 82nd percentile and a Growth score in the 84th percentile.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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