Particle.news

Download on the App Store

PsiQuantum Breaks Ground at Chicago Quantum Park Following $1 Billion Series E

State backing with federal benchmarking positions the South Works redevelopment as a catalyst for a quantum hub.

Overview

  • Construction began at the former U.S. Steel South Works site on Chicago’s South Side, where PsiQuantum will anchor the Illinois Quantum and Microelectronics Park.
  • The first phase adds roads and power infrastructure and an approximately 80,000-square-foot PsiQuantum building with offices, computing space and a cryogenic facility, with later phases requiring City Council approvals.
  • Illinois officials say the state has committed $700 million to the effort, while developers completed the land purchase this month using financing from funds managed by Blue Owl Capital.
  • PsiQuantum’s Blue Owl-backed $1 billion Series E will support the Chicago buildout and related development, as the company pursues a photonic approach toward large-scale, fault-tolerant systems it describes as a long-term goal.
  • DARPA will evaluate systems at the site under its Quantum Benchmarking Initiative, and additional firms including IBM, Infleqtion and Diraq are slated to establish operations, with local leaders projecting thousands of jobs and community groups pressing for a benefits agreement.