In a significant development for the field of quantum computing, the Chicago Plan Commission has approved plans to transform a former steel mill site on Lake Michigan’s Southeast Side into a cutting-edge quantum computing park.
Palo Alto-based PsiQuantum will construct a 300,000-square-foot facility at the site, aiming to develop a one-million-qubit utility-scale quantum computer. The company, founded in 2015 and backed by prominent investors, partners with the U.S. Department of Energy and DARPA to achieve its mission of creating the first useful quantum computers.
The project has secured $1 billion in incentives from state and local governments, with Related Midwest developing the Illinois Quantum and Microelectronics Park. The park will affiliate with the University of Illinois and partner with institutions like the University of Chicago, Northwestern University, and Fermilab to harness advanced computing power for industries such as agriculture, pharma, and finance.
Revitalizing a Historic Site: The Rise of a Quantum Computing Park
The former South Works steel mill site on Chicago’s Southeast Side is set to undergo a transformation like no other. After lying vacant for over three decades, the 300,000-square-foot facility will be reborn as a quantum computing park, courtesy of Palo Alto-based PsiQuantum. This ambitious project has received the green light from the Chicago Plan Commission and is poised to anchor a high-tech campus that could potentially become the next big thing in emerging technology.
The site’s rich history dates back to the 19th century when it was home to the largest steel mill in the country, operated by U.S. Steel. Since its closure in 1992, several redevelopment projects have been proposed, but none have come to fruition. However, with PsiQuantum at the helm, the site is expected to be revitalized and become a hub for innovation.
PsiQuantum’s mission is to develop the first useful quantum computers, and their plans for the facility are nothing short of impressive. The company aims to construct a one-million qubit utility-scale quantum computer, which will provide advanced computing power to various industries such as agriculture, pharma, energy, financial services, materials, and manufacturing.
A Billion-Dollar Investment in Emerging Technology
The state and local governments have thrown their weight behind this project, offering a staggering $1 billion in incentives to bring the quantum computer to the site. This significant investment is a testament to the potential of quantum computing and its ability to drive growth and innovation.
PsiQuantum’s commitment to diversity and inclusion is also noteworthy. The company has awarded $395 million to minority-owned and women-owned companies, demonstrating its dedication to promoting equal opportunities. Furthermore, it has hired 530 people from local communities across 29 previous projects, offered 20 first opportunity contracts for local startups, and helped 42 small businesses secure small business loans.
A Hub for Collaboration and Innovation
The Illinois Quantum and Microelectronics Park (IQMP) will be developed by Related Midwest, and it’s expected to become a hotbed of collaboration and innovation. The park will be affiliated with the University of Illinois but will also have partners like the University of Chicago, Northwestern University, UIC, Chicago State, Fermilab, the Chicago Quantum Exchange, and the Argonne National Laboratory.
This diverse range of partners will provide unparalleled opportunities for knowledge sharing, research, and development. The IQMP is poised to become a Silicon Valley-like hub, attracting top talent from across the country and driving growth in the region.
A New Era for Quantum Computing
PsiQuantum’s project marks a significant milestone in the development of quantum computing. The company’s mission to develop the first useful quantum computers has the potential to revolutionize various industries and drive innovation on a global scale.
As the world moves towards an increasingly digital future, the need for advanced computing power will only continue to grow. PsiQuantum’s project is well-positioned to capitalize on this trend, providing a platform for businesses and researchers to harness the power of quantum computing.
With its commitment to diversity, inclusion, and innovation, the IQMP has the potential to become a beacon for emerging technology in the region. As the project takes shape, it will be exciting to see how it transforms the former South Works steel mill site and drives growth in the region.
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