Editor’s Note:
We published a story last year examining the massive public investment aimed at developing the quantum industry in South Chicago. This week, we begin a three-part explainer series with a data-driven look at public and private investment in the 128-acre Illinois Quantum and Microelectronics Park, or IQMP. Next week, we will examine the project’s potential for job creation. We’ll wrap up the series with a focus on projected water use and environmental impacts.
A lot is riding on IQMP – particularly for a South Side community that has been searching for a new economic engine since steel manufacturing collapsed in the region more than 30 years ago.
How much money has been raised?
More than $1 billion has been committed since the site was announced in 2024.
How much of that is public money?
The state of Illinois is the project’s largest funder, committing roughly $700 million.
That funding includes environmental remediation, construction of a cryogenic plant and direct support for organizations intended to anchor the hub in South Chicago.
Cook County has also committed $20 million.
The size of the public investment raised eyebrows and left some residents questioning whether quantum technology can deliver tangible benefits for the surrounding community.
Still, experts say heavy government investment is common in emerging technologies like quantum, particularly in early stages when private capital is limited.
Read more: What is Quantum Computing?
“There’s not really a commercial market for basic research and development,” said Mark Brunner, executive vice president of public sector operations at PsiQuantum, during a December meeting of the IQMP Board of Managers. “…That’s where we need the government to continue to step up and provide this funding.”
Most of IQMP’s public funding is going toward infrastructure
Of the roughly $960 million of public money so far dedicated to the IQMP 89% will pay for equipment and infrastructure around the
site. About 11% is allocated to long-term tax incentives for companies like PsiQuantum.
Hover over the bars to see more details.
Is there any private funding for IQMP?
Blue Owl Capital, a private equity firm, funded the land purchase and construction of the $200 million PsiQuantum facility, according to sources familiar with the project.
Blue Owl is a major investor in artificial intelligence, data centers and other digital infrastructure. Private equity firms typically play an active role in the projects they fund and seek returns on their investments.
In addition to the PsiQuantum building, the site includes plans for two University of Illinois facilities. The National Quantum Facility will house the cryogenic plant and shared research infrastructure. And Quantum Works, which is a part of Discovery Partners Institute, will be a research and workforce development space.
Developers have not yet been announced for those buildings.
Is more investor interest expected?
Private investment in quantum remains limited.
In 2024, the global quantum industry attracted about $2.4 billion in venture capital, according to market research company Global Quantum Intelligence. That figure that would represent a weak week for industries such as artificial intelligence, said André König, the firm’s chief executive officer. He said that private funding increased to $3.5 billion in 2025.
König has advised on the Chicago project but is not an investor.
“It’s relatively difficult for startups – if you’re not PsiQuantum – to find venture capital,” König said. “Every vendor and startup is struggling to find end users and clients. We’re entering the commercial era, but very slowly.”
That reality makes some traditional investors cautious.
“Being focused on quantum computing can be good or bad, it depends on an investor’s profile,” König said. “Are you investing $100,000, $100 million or a couple billion? And what’s your time horizon, five years, 10 years, 15 years?”
Why supporters say it’s worth the cost
Supporters call the project a long-term investment in an emerging industry that has yet to reach broad commercial adoption. They 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, political leaders have said, is for IQMP to grow into another Silicon Valley, a global center for emerging technology.
That idea has the strong backing of Gov. JB Pritzker, a former investor who funded startups and early-stage industries, said Nick Farina, the CEO of Humboldt Park-based quantum computing startup EeroQ.
“He saw there was an opportunity,” he said.
Supporters also point to the range of potential applications for quantum computing, including drug discovery, cybersecurity and logistics, as a reason for the investment. Project leaders say the park’s strategy is not to back a single company or technology, but to recruit firms using different approaches to building quantum computers.
Industry analysts note there are multiple competing methods, and it remains unclear which will ultimately prove commercially viable.
What kind of quantum companies are committing to IQMP?
Companies committed to or associated with IQMP collectively represent about half of the major quantum computing approaches currently being pursued worldwide.
The firms reflect a wide cross-section of the quantum landscape:
- Photonic qubits (using light to process information): PsiQuantum
- Superconducting qubits (materials that conduct electricity without resistance at ultra-low temperatures): IBM
- Neutral-atom qubits (using electrically neutral atoms): Pasqal; Infleqtion
- Electron-based qubits (using semiconductor materials such as silicon): Diraq
“It’s not as if Chicago is putting all of its funding or all of its support into just one company working on one type of technology,” said Emily Easton, who leads workforce development for IQMP.
Chicago’s quantum tech ecosystem revolves around a few hubs — and IQMP is at the center
Funding for these hubs comes from just a few sources. While the University of Chicago took an early role in managing the Chicago Quantum Exchange and
Bloch Quantum Tech Hub, the state of Illinois and other government entities provide almost all of the funding and logistics management for IQMP.
Explore IQMP tenants, funding and partnerships: Red lines indicate IQMP tenants, green lines indicate funding or oversight, while gray lines are partnerships which may not include funding.
Toggle the buttons to highlight the funding flows for IQMP’s major backers.
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. Come back next week for a detailed look at the project’s potential to create good-paying jobs.
