Ken Griffin, CEO of Citadel, committed $3 billion to Carnegie Mellon University to establish a new campus in Miami, the university announced Wednesday. This donation is the largest ever by an individual to a higher education institution. Of the total, $1 billion will support CMU’s Pittsburgh campus, while $2 billion will fund the launch of CMU Miami, marking a major expansion for the university.
Griffin, a Florida native who relocated Citadel’s headquarters and his family to Miami in 2022, has been investing heavily in the city. After spending over 30 years in Chicago, he cited Miami’s safe and clean environment and quality schools as reasons for the move. Citadel now employs around 500 people in Miami and is constructing a 54-story headquarters on Brickell Bay, expected to be completed by 2030 at a cost of $2.5 billion.
This $3 billion gift surpasses recent large donations to higher education, such as the $1 billion from Nike cofounder Phil Knight to the University of Oregon and $150 million from oil tycoon Harold Hamm to the University of Oklahoma. Griffin’s contribution is distinct not only for its size but also for establishing an entirely new campus, signaling a significant investment in Miami’s educational landscape and economic development.
Carnegie Mellon University’s announcement on Wednesday confirmed the $3 billion commitment, which will accelerate the development of CMU Miami. The new campus aims to expand academic and research opportunities in the region, aligning with Griffin’s broader vision for Miami as a growing hub for finance and technology.