PsiQuantum Raises $1 Billion to Accelerate Quantum Computing Race
PsiQuantum, a U.S.-based quantum computing startup, has raised $1 billion in its largest funding round ever , pushing its valuation to $7 billion . The round was led by major investors including BlackRock, Temasek, Baillie Gifford , and Nvidia’s venture capital arm, reflecting growing interest in the quantum computing sector.
The funding will help PsiQuantum pursue its ambitious goal of building a quantum computer with one million qubits by 2028 , a scale far beyond current machines from companies like Google and IBM. Unlike most other quantum systems that rely on electrons or atoms, PsiQuantum uses photonic qubits , encoding information in particles of light. This approach is designed to be easier to manufacture and requires less extreme cooling, potentially giving the company a technological advantage.
PsiQuantum plans to start construction of a full-scale quantum facility in Australia later this year , supported by government funding of A$940 million . While the company still faces technical hurdles such as error correction and missed previous deadlines, the record funding highlights growing confidence from investors that quantum computing may soon move closer to commercial reality.
The round comes amid a surge in investments across the quantum computing sector, with rivals like Quantinuum and IQM also raising hundreds of millions, and publicly traded companies such as IonQ, Rigetti, and D-Wave seeing their combined market value rise sharply. PsiQuantum’s new funding marks another step in the global race to build powerful quantum machines capable of tackling problems that classical computers cannot solve.
Source:
A.M.
