Ken Griffin has agreed to make a record $3bn donation to Carnegie Mellon University, the largest single gift to an American university. The billionaire Citadel founder aims to transform Miami into a business and cultural hub. The donation includes $1bn for the Pittsburgh campus and $2bn for a new 35-acre campus in Miami's Wynwood neighborhood.

Griffin's contribution incorporates real estate he purchased in Wynwood. Half of the Pittsburgh gift will rename the school of computer science the Kenneth C Griffin School of Computer Science. This pledge eclipses previous large donations, including Michael Bloomberg's $1.8bn to Johns Hopkins University.

Griffin, who moved to Miami from Chicago in 2022, hopes the new campus will create a virtuous ecosystem of top talent and companies, serving as the East Coast answer to Silicon Valley. The investment arrives as universities face financial strains and adapt to the age of AI. Carnegie Mellon president Farnam Jahanian noted the consequential moment for higher education.

The Miami campus will focus on societal challenges like national security instead of traditional disciplines.