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Originally Posted by sentinel
Amazing. This is legit a huge coup for the City and State.
Here’s hoping some alderpersons don’t fuck it up.
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A couple interesting tidbits:
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The state will provide $200 million to PsiQuantum in grants, workforce development assistance, a low-interest loan and other incentives in exchange for a minimum investment of $1 billion by the company. Psi is a startup that has raised more than $700 million.
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PsiQuantum chose Illinois after a search that lasted more than a year and included 15 states. Pritzker’s team won out with a proposal that went beyond the usual tax breaks, featuring a quantum “campus” anchored by a giant cryogenic facility that can be used by Psi and others, creating a cluster of technology companies. The state said additional tenants will be announced in the coming months.
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So - Just for accounting (according to the article):
- $200 million from Pritzker for the Quantum Exchange
- $250 in grants towards research labs in the area from feds
- $500 million Pritzker got passed into his budget earlier this year
- $1 billion from Psi to ultimately buildout this campus
- $140 million from DARPA
That's nearly $2.1 billion in investment towards the local economy. Great work all around from leaders to pull this together.
I'm going to a tech event later over the LY area and will be curious to see how this announcement will tie into the local tech scene. This is great, but we need to see the innovation spiral out into companies that can tap into this technology. That's where the real economic impact will start to take hold.