PsiQuantum announces landmark $620m investment for quantum computing

PsiQuantum has revealed plans to build the world’s first utility-scale quantum computer near Brisbane Airport in Brisbane, Australia, marking a significant leap in the quantum computing industry. Supported by a substantial $620 million USD investment from the Australian Commonwealth and Queensland Governments, the facility is expected to be operational by the end of 2027. This project represents a major commitment to advancing global industries through quantum computing, with potential applications in renewable energy, healthcare, and transportation sectors.

Leveraging a photonics-based approach to encode qubits into particles of light, PsiQuantum aims to overcome traditional barriers in quantum computing such as error-correction and scalability. The company plans to employ a modular architecture capable of supporting 1 million physical qubits, integrating seamlessly with existing semiconductor manufacturing processes. This strategy not only accelerates production but also utilizes current cryogenic cooling technologies, enhancing the system’s efficiency.

Prof. Jeremy O’Brien, CEO of PsiQuantum, emphasized the transformative potential of the project: “A utility-scale quantum computer represents an opportunity to construct a new, practical foundation of computational infrastructure and in so doing ignite the next industrial revolution.” He highlighted the critical role this technology will play in solving complex problems and designing sustainable solutions for the future.

Stratton Sclavos, Chief Business Officer at PsiQuantum, also noted the significance of government support in reaching this milestone, stating, “Today’s endorsement from the Australian government establishes another critical milestone in PsiQuantum’s mission to deliver the world’s first useful quantum computers.”

Founded in 2015 and headquartered in Palo Alto, California, PsiQuantum’s mission is focused on building and deploying the world’s first useful, fault-tolerant quantum computing systems. Their unique photonic approach benefits from high-volume semiconductor manufacturing and existing infrastructure, promising rapid scaling and deployment.