(Bloomberg) —
Illinois Governor J.B. Pritzker has scored an investment of more than $1 billion in quantum computing, a major coup before he welcomes fellow Democrats to the party’s convention in Chicago next month.
PsiQuantum Corp. will become the anchor tenant at the state’s new quantum and microelectronics park that will be built at a former US Steel plant on Chicago’s South Side, the governor’s office said in a statement. As part of the agreement, the Palo Alto-based company agreed to invest a minimum of $1.09 billion, creating at least 154 full-time jobs.
The announcement comes amid reports that Pritzker, an heir to the Hyatt Hotel fortune who has often been seen as a potential presidential candidate in 2028, is being considered as a possible running mate to Kamala Harris. In an interview with CNN, the billionaire dodged a question about whether he had been asked to be vice president, but said it would be “hard to resist a call and consideration” if he was asked to.
“We’re leading the charge with this first-of-its-kind quantum park to unite stakeholders, experts, and future generations of quantum leaders,” Pritzker said in the statement. “PsiQuantum choosing Chicago cements our status as a global hub for quantum computing.”
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Illinois is trying to position itself as a center for new technologies from electric vehicles and batteries to quantum computing. The Democratic National Convention taking place in Chicago from Aug. 19-22 will allow Pritzker to showcase his political achievements, including bringing the convention to the third-largest US city.
Just in the past year, the governor has secured a $2 billion investment from Chinese battery maker Gotion High-tech Co. and a $1.5 billion commitment from Rivian Automotive Inc., which will expand its electric-vehicle plant in Illinois after halting work on a separate facility in Georgia.
Pritzker set aside $500 million for quantum investments as part of the state’s budget passed this year. PsiQuantum will get $200 million to build a cryogenic cooling plant that will meet the company’s needs and that of other potential users, the company said in a separate statement.
Powerful Computers
Quantum computers — which rely on “qubits” and can store data in multiple forms: ones, zeros, both, or something in between — are exponentially more powerful than their binary counterparts. Companies including International Business Machines Corp. are trying to crack the technology, but skeptics have cast doubt over whether it will ever replace silicon semiconductor-based computers.
Many believe the development of practical quantum systems may still be decades away.
PsiQuantum says it will build the first utility-scale, fault-tolerant quantum computer in the US at its 300,000 square-foot site at South Works, the old US Steel plant that closed in 1992. The company has pledged to invest much more than the amount required under the agreement over the 30-year lifespan of the project, according to a spokesman.
The Chicago area already has one of the country’s longest quantum networks — 124 miles (200 kilometers) connecting the US Department of Energy’s Argonne National Laboratory to the University of Chicago and the Chicago Quantum Exchange. The city is currently hosting TechChicago Week, an event organized by P33, a nonprofit co-founded by former Secretary of Commerce Penny Pritzker, the governor’s sister.
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Just this month, the governor announced a partnership with the Defense Advanced Research Projects Agency, or Darpa, to test quantum computing prototypes at the same quantum park. Under the governor, the state has already invested $200 million in the Chicago Quantum Exchange, a hub for advancing quantum technology.
“What we’re seeing is a big bet on a site that will be a proving ground for quantum computing as a technology,” Pete Shadbolt, PsiQuantum’s chief scientific officer and co-founder, said in an interview.
(Updates with Pritzker comment on CNN in third paragraph, adds DNC dates in fifth paragrapgh.)
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