Chicago Invests Over $1 Billion in Quantum Tech Hub

The Illinois Quantum and Microelectronics Park aims to become a global center for emerging quantum technology.

Jan. 27, 2026 at 10:47am

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More than $1 billion has been committed to the development of the 128-acre Illinois Quantum and Microelectronics Park (IQMP) in South Chicago since the site was announced in 2024. The state of Illinois is the project's largest funder, committing roughly $700 million for environmental remediation, construction of a cryogenic plant, and direct support for organizations intended to anchor the hub. Cook County has also committed $20 million. While the public investment has raised eyebrows, experts say heavy government funding is common for emerging technologies like quantum computing, particularly in the early stages when private capital is limited.

Why it matters

The IQMP project is seen as a long-term investment in an emerging industry that has yet to reach broad commercial adoption. Supporters argue that establishing the park now could position Illinois to attract research institutions, startups, and investment as quantum technology develops, at a time when relatively few regions have dedicated large-scale hubs focused on the field. The hope is for IQMP to grow into another Silicon Valley, a global center for emerging technology.

The details

Of the roughly $960 million of public money so far dedicated to the IQMP, 89% will pay for equipment and infrastructure around the site, while about 11% is allocated to long-term tax incentives for companies like PsiQuantum. The private equity firm Blue Owl Capital funded the land purchase and construction of the $200 million PsiQuantum facility. In addition to the PsiQuantum building, the site includes plans for two University of Illinois facilities: the National Quantum Facility, which will house the cryogenic plant and shared research infrastructure, and Quantum Works, a research and workforce development space.

  • The IQMP site was announced in 2024.
  • More than $1 billion has been committed to the project since the site was announced in 2024.

The players

Illinois

The state of Illinois is the project's largest funder, committing roughly $700 million.

Cook County

Cook County has committed $20 million to the IQMP project.

Blue Owl Capital

A private equity firm that funded the land purchase and construction of the $200 million PsiQuantum facility.

PsiQuantum

A company that is building a $200 million facility at the IQMP site.

University of Illinois

The university has plans for two facilities at the IQMP site: the National Quantum Facility and Quantum Works.

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What they’re saying

“There's not really a commercial market for basic research and development. That's where we need the government to continue to step up and provide this funding.”

— Mark Brunner, Executive Vice President of Public Sector Operations, PsiQuantum (IQMP Board of Trustees Meeting)

“Being focused on quantum computing can be good or bad, it depends on an investor's profile. Are you investing $100,000, $100 million or a couple billion? And what's your time horizon, five years, 10 years, 15 years?”

— André König, Chief Executive Officer, Global Quantum Intelligence (illinoisanswers.org)

What’s next

As construction continues, residents are pressing officials for answers about jobs for local residents, environmental remediation, long-term water use, and the project's potential impact on Lake Michigan — questions that remain central to community support for the project.

The takeaway

The massive public investment in the Illinois Quantum and Microelectronics Park highlights the growing importance of quantum technology and the desire of states and regions to position themselves as global hubs for this emerging industry. However, the project's success will depend on its ability to address community concerns and deliver tangible benefits to the surrounding South Chicago neighborhood.