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The governor joined IBM Chairman and CEO Arvind Krishna at South
by Southwest in Austin Tuesday.
Pritzker said his administration spends state taxpayer funds on
quantum computing to gain federal dollars.
“I think what we did is the right thing. We made our own
investment, but it’s a kind of matching investment, so that the
federal government understands we’re not just raising our hand
and saying, ‘Great, toss some money this way.’ We’re actually
making the commitment," Pritzker said. "We have the institutions
that are appropriate to carry that research forward. We’re a
good bet, because you know we’re a long-term investor.”
In December, Pritzker and IBM officials announced the National
Quantum Algorithm Center featuring IBM’s next generation modular
quantum computer. The project includes the Illinois Department
of Commerce and Economic Opportunity’s $25 million grant to
deploy an IBM Quantum System Two at the Illinois Quantum and
Microelectronics Park on Chicago’s Southeast Side.
According to the company’s annual report, IBM generated $62.8
billion in revenue and $12.7 billion in free cash flow in 2024.
The quantum park development on a former U.S. Steel site will
take $700 million, including tax incentives, from state
taxpayers and $280 million from federal taxpayers via DARPA, the
Defense Advanced Research Projects Agency.
PsiQuantum was selected to anchor the site. The company said in
a statement that the package of incentives from Illinois, Cook
County and Chicago is worth more than $500 million over 30
years.
PsiQuantum’s estimated valuation is $3.15 billion.
Krishna was asked in Austin Tuesday if federally-funded research
and development was still happening with the Trump
administration’s focus on cutting wasteful spending in
Washington.
“Absolutely. I always say, you know, just chill. There’s a lot
of ups and downs, but I think federally funded [research and
development] is still very much a thing,” Krishna said.
Krishna mentioned that he is a graduate of the University of
Illinois Urbana-Champaign.
“As I was listening to Arvind, I have to compliment IBM, because
they bring the best talent in the world,” Pritzker said. |
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