After locking down $1 billion in deals from Australian governments, quantum tech start-up PsiQuantum has announced its next big move—building a quantum computer in Chicago, backed by a hefty $500 million in incentives. This comes as part of a broader $1 billion investment plan from the State of Illinois, Cook County, and Chicago, which aims to position the U.S. at the forefront of quantum computing.

The goal? To create the country’s first utility-scale, fault-tolerant quantum computer, and PsiQuantum is the main player in the game. The company will be the key tenant of the Illinois Quantum and Microelectronics Park, which has already received $500 million from the Illinois state government. A major chunk of this—$200 million—will go towards building a state-of-the-art cryogenic plant to meet PsiQuantum’s cooling needs. While other quantum companies might tap into this resource down the line, PsiQuantum will be the exclusive user for now.

The incentives package for PsiQuantum includes a range of benefits, such as workforce development assistance, utility-tax exemptions, job creation credits, and investment tax breaks, amounting to over $500 million spread across 30 years.

Despite this ambitious U.S. expansion, PsiQuantum’s operations in Australia remain on track. The company is set to start construction in Brisbane by 2025, with the site expected to be fully operational by the end of 2027. The Chicago quantum computer is scheduled to be ready for use in 2028.

PsiQuantum’s U.S. project has gained additional traction with the announcement that the U.S. Defense Advanced Research Projects Agency (DARPA) will establish its new “quantum proving ground” at the same site. This could give PsiQuantum a key role in defense-related quantum research, expanding its influence beyond commercial applications.

However, PsiQuantum’s rise has not been without controversy. Its substantial Australian government backing drew criticism, with other players in the tech sector raising concerns about the fairness of the funding process. Science and Industry Minister Ed Husic defended the decision, stating that PsiQuantum’s presence would help kickstart Australia’s local quantum industry and potentially give the country a head start in the global quantum race.

Jeremy O’Brien, PsiQuantum’s co-founder and CEO, celebrated the recent U.S. developments, saying, “This is an exciting step for PsiQuantum and our partners, including the Australian and Queensland governments. Working with strong international allies ensures we can maximize quantum computing’s impact on major global challenges, from climate change to healthcare.”

Earlier this year, PsiQuantum also secured a $17 million investment from the U.K. government, further cementing its international presence.

PsiQuantum is positioning itself at the heart of the global quantum revolution, with support from key governments and institutions worldwide. With projects set for both Australia and the U.S., the company’s next-generation quantum computers could be game-changers for industries ranging from energy to pharmaceuticals, and even national defense.