  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.
