A historic, record-breaking donation has arrived at U.S. higher education. Billionaire Ken Griffin, CEO and founder of the hedge fund Citadel, has pledged $3 billion to Carnegie Mellon University.

Conceptual rendering of the planned CMU Miami campus, subject to necessary regulatory approvals. Photo: CMU

This is the largest private gift ever given to an institution of higher learning in the U.S. The gift is intended not only to expand Carnegie Mellon but also to invest in research in artificial intelligence and computer science while reimagining the path to a 21st-century workforce for students at the institution.

Two Cities, One Big Idea

$1 billion of the donation will go to Carnegie Mellon University in Pittsburgh. $500 million of that will go toward the university’s highly regarded computer science program, which will be named the Kenneth C. Griffin School of Computer Science. The other $500 million will be allocated to other areas within the university, such as student aid, faculty expansion, research infrastructure, and more.

The other $2 billion of the donation will go towards establishing a new campus in Wynwood, in Miami, Florida.

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“Together, we have an opportunity to extend the very qualities that have long distinguished Carnegie Mellon — our agility, creativity, interdisciplinary culture and relentless focus on impact — to build a new model for higher education that meets the urgency of this moment,” noted Carnegie Mellon President Farnam Jahanian in a statement regarding the gift.

Rethinking the University

The new CMU campus in Miami (first students expected in 2028, with construction starting in 2027) will be structured differently from a traditional university.

Instead of focusing on traditional fields of study, the new campus will be centered on addressing large societal problems. Students will work across disciplines to address issues related to biological research and human health, national security, climate and energy adaptation, and advanced manufacturing. The new Miami campus will house hundreds of faculty members and over 3,500 students when fully realized on its 35 acres.

Griffin relocated Citadel’s international operations to Miami in 2022. He envisions the new university campus as a hub for innovation and job creation in South Florida while also fostering direct connections between researchers and startups and businesses.