The third pioneering supercomputer project in the early 1960s was the Atlas at the University of Manchester, built by a team led by Tom Kilburn. He designed the Atlas to have memory space for up to a million words of 48 bits, but because magnetic storage with such a capacity was unaffordable, the actual core memory of the Atlas was only 16,000 words, with a drum providing memory for a further 96,000 words. The Atlas operating system swapped data in the form of pages between the magnetic core and the drum. The Atlas operating system also introduced time-sharing to supercomputing, so that more than one program could be executed on the supercomputer at any one time. Atlas was a joint venture between Ferranti and the Manchester University and was designed to operate at processing speeds approaching one microsecond per instruction, about one million instructions per second.