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I know its not directly linked, but trust me this is important – PsiQuantum has raised $1bn in what marks the largest ever funding round for a quantum computing start-up.
Record $1bn to accelerate quantum computing
This raise signals the intensifying competition to commercialise a technology long hailed as transformative for science and industry.
The investment, which values the Silicon Valley company at $7bn, underscores the heightened appetite among global investors for quantum technologies, even as some experts caution that workable machines may remain years away.
1 Million Qubits
The US company, originally founded in the UK, has set out one of the most ambitious targets in the sector: to deliver a quantum computer with 1 million qubits by 2028.
Today’s most advanced prototypes, built by the likes of Google and IBM, are still operating with only hundreds of qubits.
PsiQuantum’s leadership argues that scaling up to this level would enable calculations previously considered impossible, from designing new materials to accelerating pharmaceutical discovery.
The round attracted heavyweight backers including BlackRock, Temasek, Baillie Gifford and Nvidia’s venture capital arm.
For Nvidia, already the dominant force in AI chips, the move reflects its belief that quantum machines will complement supercomputers powered by its GPUs.
Chief executive Jensen Huang has previously suggested commercial quantum systems may be two decades away, but the company continues to cultivate close ties with leading start-ups.
Distinct Approach
PsiQuantum’s approach is distinctive in that it builds qubits from photons rather than electrons or atoms.
This design could provide significant manufacturing and operational advantages: the chips can be fabricated using existing semiconductor processes, and the systems do not require the extreme cryogenic cooling demanded by rivals.
That potentially lowers costs and accelerates scalability.
Still, technical hurdles remain formidable. Chief among them is error correction, the ability to manage the “noise” that disrupts quantum calculations as systems scale.
Google is so far the only company to have demonstrated meaningful progress in this area. PsiQuantum admits it has further to go, but points to recent breakthroughs across the industry as evidence that the physics is surmountable.
The fundraise follows a surge of interest across the sector.
Quantinuum, a rival formed from Honeywell’s quantum unit and Cambridge Quantum, recently raised $600mn at a $10bn valuation, while Finnish company IQM attracted $300mn.
On public markets, listed players IonQ, Rigetti and D-Wave have seen their combined value swell from under $5bn late last year to around $22bn today.
PsiQuantum has also secured strong government support. Australia has pledged A$940mn ($619mn) in equity and loans to host the company’s first large-scale facility, while discussions are under way for a system in Chicago.
For investors and technologists alike, the race is no longer theoretical.
Quantum computing has moved from physics labs into boardrooms and sovereign strategies — and PsiQuantum’s latest raise suggests the finish line is drawing closer.
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