Quantum computing startup PsiQuantum is seeking to raise at least $750 million in a funding round led by BlackRock BLK, aiming to double its valuation to $6 billion, San Francisco Business Times reports.
The Palo Alto-based company is developing a fault-tolerant quantum computer using photonic qubits, leveraging traditional semiconductor manufacturing techniques. According to PsiQuantum’s website, the company’s approach involves using photons as qubits, allowing for scalability through existing chip fabrication processes.
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PsiQuantum Secured Global Expansion and Government Partnerships
PsiQuantum is collaborating with the governments of Australia and the U.S. to build quantum computing facilities in Brisbane and Chicago, respectively, Reuters reports. According to the Australian Financial Review, the company has secured $617 million in funding in Australia from federal and Queensland governments to construct a commercial quantum computer.
In the U.S., PsiQuantum plans to build a 300,000-square-foot facility in Chicago’s Illinois Quantum and Microelectronics Park, supported by more than $500 million in anticipated public funding, The Quantum Insider says. The initiatives underscore PsiQuantum’s commitment to advancing quantum computing infrastructure globally.
Engineering the Future of Computing
PsiQuantum manufactures its quantum chips at GlobalFoundries’ facility in New York, utilizing photonic technology developed for fiber-optic communications, Reuters reports.
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According to The Quantum Insider, the company has introduced the Omega quantum photonic chipset, designed for utility-scale quantum computing, featuring high-performance photonic components. Additionally, PsiQuantum has developed high-speed optical switches and improved photon detectors to enhance quantum circuit performance.
To boost efficiency, PsiQuantum implemented a compilation technique known as active volume compilation, aiming to reduce application run times by approximately 50-fold, The Quantum Insider says.
Backed By Giants Like BlackRock, Microsoft, And Nvidia’s Quantum Reversal
BlackRock, which led PsiQuantum's previous $450 million round, is returning as lead investor, signaling sustained institutional confidence. According to San Francisco Business Times, other major backers include Microsoft's MSFT venture arm M12, Atomico, Founders Fund, Playground Global, Temasek Holdings, and FPV Ventures.
According to The Information, Nvidia NVDA is in advanced discussions to invest in PsiQuantum, signaling a strategic shift in its quantum computing approach. This potential investment follows Nvidia CEO Jensen Huang‘s announcement of a new quantum computing research lab in Boston, in collaboration with Harvard and MIT, Reuters reports.
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In January, Huang rocked the sector by suggesting quantum computers were at least 20 years from viability, sending quantum-related stocks tumbling. But just weeks later, during Nvidia's “Quantum Day” at its GTC conference in San Jose, California, Huang reversed course, admitting his earlier comments were off the mark, according to CNBC.
That shift helped reignite interest in companies like PsiQuantum, which now stand to benefit from the renewed optimism and visibility. While competitors such as Google, IBM IBM, Intel INTC, Honeywell HON, and Rigetti Computing RGTI continue to push their own quantum architectures, PsiQuantum's photonic approach is seen by many as a promising alternative, San Francisco Business Times says.
PsiQuantum’s funding round reflects growing investor confidence in the company’s photonic quantum computing technology. The company’s innovative approach may position it as a key player in the race to develop practical quantum computing solutions.
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