Molecular Gas in the z=2.8 Submillimeter Galaxy SMM 02399-0136

We report the detection of CO(3-2) emission from the submillimeter-selected hyperluminous galaxy SMM 02399-0136. This galaxy is the brightest source detected in the recent SCUBA surveys of the submillimeter sky. The optical counterpart of the submillimeter source has been identified as a narrow-line AGN/starburst galaxy at z=2.8. The CO emission is unresolved, theta < 5 arcsec, and is coincident in redshift and position with the optical counterpart. The molecular gas mass derived from the CO observations is 8x10^{10} h_{75}^{-2} M_{sun}, after correcting for a lensing amplification factor of 2.5. The large CO luminosity suggests that a significant fraction of the infrared luminosity of SMM 02399-0136 arises from star formation. The high inferred star-formation rate of 10^{3} M_{sun}/yr and the large gaseous reservoir may suggest that we are seeing the formation phase of a massive galaxy. Future CO observations of other galaxies detected in deep submillimeter surveys will test the generality of these conclusions for the bulk of the faint submillimeter population.