The contest for leadership in frontier scientific and technological progress is widely agreed to be a foremost element of the U.S.-China rivalry. China’s leadership is investing massively across many areas, viewing science and technology as primary engines of development and innovation tied to national rejuvenation goals. The United States has begun responding with investments, policies, and export controls. A proposed strategy calls for large-scale, high-risk experiments to achieve transformative breakthroughs and leapfrog current-generation technologies, with multilateral collaboration among leading industrial democracies.