Quantum computing firm PsiQuantum has secured a substantial investment, with reports indicating a funding round of at least $750 million, potentially reaching $1 billion. This investment round, led by BlackRock, values the company at approximately $6 billion. Other notable investors include Temasek and Baillie Gifford.
PsiQuantum is focused on developing a commercially viable, fault-tolerant quantum computer using photonics. Unlike competitors exploring exotic materials, PsiQuantum leverages established semiconductor manufacturing techniques at GlobalFoundries to produce quantum chips. The company aims to deploy utility-scale quantum computers by 2029, targeting applications in drug discovery, materials science, and financial modelling.
This funding round underscores the increasing interest and investment in quantum computing as practical applications emerge. PsiQuantum is also constructing quantum computing facilities in Brisbane and Chicago, supported by government funding. These facilities signify a move towards commercial-scale quantum computing, positioning PsiQuantum against major tech players like Google, Microsoft, Amazon and Nvidia.
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