PsiQuantum Secures $1 Billion to Advance Quantum Computing Systems

The California-based startup PsiQuantum has successfully secured a remarkable **$1 billion** in its Series E funding round, aiming to bring fault-tolerant quantum machines into practical use. This investment, led by **BlackRock**, significantly boosts the company’s valuation to **$7 billion**, a substantial increase from **$3.2 billion** in **2021**. Notable contributors to this funding include **Nvidia’s** venture arm, NVentures, alongside other investors such as **Temasek**, **Baillie Gifford**, and the **Qatar Investment Authority**.

With this capital, PsiQuantum plans to expand its large-scale quantum facilities in **Brisbane** and **Chicago**, deploy prototype systems for design validation, and enhance the performance of its quantum photonic chips. Additionally, the company has announced a collaboration with Nvidia that will focus on algorithms, software, and integration with PsiQuantum’s silicon photonics platform.

Transforming Quantum Computing from Concept to Reality

Founded nearly a decade ago by **Jeremy O’Brien** and **Pete Shadbolt**, PsiQuantum emerged from academic backgrounds in photonics. They recognized early on that advancing the field required more than small experimental victories. Their vision aims to build quantum chips capable of mass production using standard semiconductor fabrication processes. This strategic shift has attracted significant public funding, including nearly **A$1 billion** from the government to establish the Brisbane site, with plans for a similar project in Chicago.

“Nearly nine years after we started, we have pushed the technology to an unprecedented level of maturity and performance,” Shadbolt stated. “We have the chips, we have scalable cooling, we can handle networking, and we have identified the sites. We’re ready to build utility-scale systems.”

Photonics as a Competitive Edge

Unlike competitors such as Google Quantum AI and IonQ, which explore superconducting qubits and ion-trap technologies, PsiQuantum is focused on using photons as qubits. These qubits are designed through silicon photonics and manufactured at scale in **New York** via a commercial foundry. This distinctive approach positions PsiQuantum as a strong contender in the quantum computing landscape.

Moreover, PsiQuantum has developed modular cryostats, which resemble data centre racks, capable of cooling hundreds of chips simultaneously. This innovation supports the scalability of its photonic quantum computing architecture while maintaining an emphasis on fault tolerance. The company argues that only million-qubit, fault-tolerant architectures will unlock practical applications in sectors such as materials research, finance, logistics, and drug discovery.

As PsiQuantum moves forward with this significant funding, its ambitions reflect a determined effort to transition quantum computing from theoretical potential to real-world applications, addressing longstanding scepticism about the technology’s viability outside laboratory environments.