The Facility for Antiproton and Ion Research (FAIR) in Darmstadt will provide unique research opportunities for the investigation of fundamental open questions related to nuclear physics and astrophysics, including the exploration of QCD matter under extreme conditions, which governs the structure and dynamics of cosmic objects and phenomena like neutron stars, supernova explosions, and neutron star mergers. The physics program of the Compressed Baryonic Matter (CBM) experiment is devoted to the production and investigation of dense nuclear matter, with a focus on the high-density equation-of-state (EOS), and signatures for new phases of dense QCD matter. According to the present schedule, the CBM experiment will receive the first beams from the FAIR accelerators in 2025. This article reviews promising observables, outlines the CBM detector system, and presents results of physics performance studies.
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