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PsiQuantum has begun construction of a major quantum computing facility in Chicago following a USD 1 billion Series E funding round led by Blue Owl Capital. The site at Illinois Quantum and Microelectronics Park will develop the company's largest intermediate-scale quantum test system, monitored by the Defense Advanced Research Projects Agency. PsiQuantum's photonic-based approach aims to overcome technical bottlenecks faced by competitors. The funding will also support development in Australia and advances in quantum photonic chips, while the project is expected to generate thousands of jobs and attract substantial economic investment.
U.S.-based quantum computing startup PsiQuantum has started construction of a significant facility at Chicago's Owl Capital. The site, located on the former U.S. Steel South Works property, will serve as IQMP's anchor tenant and focus initially on developing PsiQuantum's largest intermediate-scale quantum test system. Advertisement
The test system will be evaluated by the Defense Advanced Research Projects Agency under the Quantum Benchmarking Initiative, showing that government agencies will closely follow the project's progress. PsiQuantum is pursuing a photonic-based approach, relying on semiconductor manufacturing processes and conventional telecom fiber. The company believes this method addresses technical bottlenecks that have slowed other quantum computing efforts, positioning it ahead of many competitors.
Illinois Governor JB Pritzker emphasized that the project would strengthen the state's position as a hub for quantum innovation, attract significant economic investment, and create thousands of jobs. The company said that if the facility proves successful, it could eventually house the country's first million-qubit, fault-tolerant quantum computer, a landmark achievement in quantum technology.
Earlier this month, PsiQuantum disclosed its Series E funding round, one of the largest U.S. investments in the quantum technology sector. Beyond the Chicago facility, the funding will support development at a partner site in Australia and further research on its quantum photonic chips, reinforcing the company's global expansion and technical development plans.
Source Reuters
5th Jun, 2025
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